Activa International Insurance Company Ghana Limited (AIIG) and Invest in Africa (IIA) Ghana have signed a cooperation agreement to widen access to protection schemes for multiple SMEs.
The cooperation agreement, according to a statement issued by the two companies on Monday, March 15, 2021, will help provide an innovative and effective model to enhance knowledge of risk management and commercial protection solutions.
Below is the statement
Accra and London, 15th March 2021: Activa International Insurance Company Ghana Limited (AIIG) and Invest in Africa (IIA) Ghana have signed a cooperation agreement to widen access to protection schemes for multiple SMEs. With direct access to IIA Ghana’s membership network with over 2,000 cross sector businesses, AIIG aims to provide an innovative and effective model to enhance knowledge of risk management and commercial protection solutions. This is in line with IIA’s objective of ensuring the survival and continued development of Africa’s SMEs, maintaining its status as a key driver of economic growth and job creation.
At 2.8%, sub-Saharan Africa’s insurance penetration sits considerably below the world average of 6.8% highlighting the continent’s need to catch up. While motor insurance is the largest contributor to non-life insurance – driven by compulsory regulatory requirements – accident insurance, health insurance, and property insurance have all shown impressive growth in recent years.
The partnership represents an innovative strategic approach to accelerating insurance penetration, as well as promoting insurance growth in Africa through targeting unique customer segments. AIIG’s Activ’Lady Program, launched in October 2019 in partnership with the International Finance Corporation (IFC), a member of the World Bank Group, specifically targets female entrepreneurs with customised business protection packages, as well as offering other value-add opportunities such as networking, access to client bases and skills acquisition through training.
The advancement of female-led business is a priority in the scope of IIA’s work; further strengthened by its COVID-19 Recovery and Resilience programme being delivered with funding from the Mastercard Foundation. The programme will support Activ’Lady customers with access to online masterclasses, peer-to-peer sessions, a repository of practical guides and interventions enhancing their access to finance.
Benjamin Yamoah, Managing Director of AIIG said: “Available data shows most SMEs in Africa are owned or led by women, it is therefore important that women in business are supported to grow and expand their businesses for both economic and social development and this partnership will help create a platform that will make female entrepreneurs more resilient to personal and business shocks.
Carol Annang, Country Director IIA Ghana added, “SMEs are key drivers of African economies, accounting for more than 90% of businesses and employing about 60% of workers. We are committed to building a commercial ecosystem which supports their sustained survival and success, leveraging the power of effective partnerships to build on synergies and expand on reach.”