Fisherfolk to benefit from micro-insurance initiative

BY: Rebecca Quaicoe Duho
The partners exchanging pleasantries after signing the Letter of Collaboration. Picture: MAXWELL OCLOO
The partners exchanging pleasantries after signing the Letter of Collaboration. Picture: MAXWELL OCLOO

An agreement to establish a life micro-insurance initiative to benefit 135,000 individuals in the fishing community has been signed in Accra.

Spearheaded by the Ghana Sustainable Fisheries Management Project (SFMP) of the United States Agency for International Development (USAID), the project is to benefit 71,000 inland fishermen and 27,000 women involved in fish processing and marketing.

Being implemented in partnership with Millennium Insurance, UT Life, Vodafone Ghana and BIMA, a micro-insurance and health services provider, the project is aimed at supporting the Sustainable Development Goals (SDGs) for poverty and hunger reduction.

Speaking at the ceremony, the Chief of Party of the SFMP, Dr Brain Crawford, said the micro-insurance initiative was aimed at supporting the fishing communities with insurance packages.

Private initiative

Dr Crawford said the insurance policy, a private initiative was done in consultation with the Ghana National Canoe Fishermen Council (GNCFC) and the Fish Processors and Traders Association of Ghana (NAFPTA).

He said the insurance was a savings-linked life micro-finance product that made provision for permanent disability.

Dr Crawford said it would cover the life of the insured and provide a benefit when the insured died or suffered permanent disablement as a result of an accident during the duration of the policy.

According to him, the project would be on a pilot basis in some selected fishing communities in parts of the country. 

Withdrawal

The General Manager, Operations of Millenium Insurance, Mrs Mary Dove said the policy also offered the policy holders a once a year opportunity to withdraw up to 30 per cent of total annual contributions.

She said at maturity, the proceeds payable would be equal to the accumulated fund.

The Chief Executive Officer of Vodafone Ghana, Mrs Yolanda Zuleka Cuba, said the Vodafone cash platform would be used for premium collections and claims payments.

BIMA, on the other hand, would support the distribution and policy administration of the product which would be underwritten by Millennium Insurance and UT Life Insurance.

 

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