Mr Simon Nerro K. Davor, Deputy Commissioner of Insurance, on Wednesday said Micro Insurance had recorded over GH?52 million premium incomes since the launch of the Regime in February 2013.

He said currently, there are 34 Micro Insurance Products available in the market being offered by 16 Insurance Companies, covering areas such as education, funeral, family, credit, accident, hospital, among others.

Mr Davor was speaking at a day’s workshop to educate stakeholders on the development of Micro Insurance, organised by the National Insurance Commission (NIC), to mark this year’s National Financial Literacy Week.

The Ministry of Finance set aside the fourth week of September every year for the various sectors under it to educate the public on Financial issues.

This year’s week celebration is on the theme, “Financial Literacy Key to a secured future”.

Mr Davor said the NIC decided to use the opportunity to create awareness for the public on the numerous opportunities available in the area of Micro Insurance.

He said the day was allocated to the Insurance Sector to reach out to the larger informal sector of the economy.

He said the various products are specifically targeted at the low income population and are designed to be affordable, accessible by low income people, designed and sold to target groups and policies written in clear language, readily understood and with no or few exclusions.

The Deputy Commissioner of Insurance explained that the NIC is determined to make things very simple and easy for the policyholders of Micro Insurance products.

“One such effort is the claims payment process. All Micro Insurance claims are supposed to be settled and paid within 10 days of receipt of claims information and details.

“The Commission is also desirous to protect the policy holders from fraud and other undesirable consequences. In view of this, all Micro Insurance policies would have one distinguishing feature or logo which every Micro Insurance provider will emboss on all policies,” he added.

Mr Davor said that feature would educate the public that such product is duly approved by the NIC and urged the public to always look out for the logo.

Mr Michael Kofi Andoh, Head, Supervision Department, NIC, said everybody was prone to one or two risks, which everybody needs to prepare in advance to help them face these risks.

He said Micro Insurance made way for low-income earners to pay some small money on a regular basis to be able to deal with such unexpected events.

“Risks and unexpected event can come upon us at any time and it is very important that we insure our life, Children’s education, businesses and properties to protect us from these risks,” he said.

Mr Andoh said, at first, insurance policies were structured to benefit only salary workers and those with bank accounts.

“But the truth remained that there are other segment of people like petty traders, hairdressers, drivers, garages, farmers, fishermen, caterers, among others to also save money to cater for future eventualities,” he added.

Mr Kwasi Offeh, Managing Director, Ghana Union Life and a member of the Ghana Insurer Association (GIA), urged the public to cost their businesses, the shop or container and the items in the shop when taking a policy.

He said the value of the business and the shop would depend on the claims that would be given in times of eventualities.

Mrs Efuah Donkoh, also a member of the GIA, advised the public to ensure that they have all the documents when putting in claims to facilitate the process.