NIC commends Tigo on contributing to insurance penetration

The National Insurance Commission (NIC) has commended mobile network operator, Tigo for its contribution to improving insurance penetration in the country.

According to the Head of Supervision at NIC, Kofi Andoh, the high mobile penetration rates in the country will be a major boost to insurance companies reaching out to the informal sector.

During a courtesy call on the management of Tigo in Accra, he hinted that by close of the year the regulator will conduct a survey on mobile micro-insurance in the country to get a full appreciation of the dynamics of the service. He urged stakeholders to support the activities of NIC to grow the sector.

In 2010 and 2013, Tigo introduced two innovative products - Tigo Family Care and Tigo Hospital - insurance which are uniquely designed for the informal sector boosts of over 1.3 million subscribers.
The Regulatory Manager for Tigo Ghana, Sylvia Owusu-Ankomah, said Tigo Ghana was excited to be a part of team pushing for financial inclusion in the informal sector.
“For example, the loss of a family member results in significant expenses to cover the cost of a funeral and with Tigo insurance,” she added.
According to her, without insurance, individuals are forced to take actions that could negatively impact their lives such as selling assets or withdrawing children from school.
She revealed that for 90 percent of Tigo insurance subscribers, it is their first private insurance product.
Tigo’s insurance policies are underwritten by Prudential Life and distributed by Bima, a micro-insurance agent that offers insurance products to millions of customers across Africa, Asia, Latin America and the Pacific.