The insurance penetration rate in Ghana has been around 1-2%, which is relatively low compared to the global average of approximately 6-7% and higher in developed markets where it can reach over 10%.

As at 2018, the highest level of insurance penetration was in the Southern part of Africa with South Africa having the highest with 16.99%. However, in West Africa, Ghana sits below 2%.

Insurance penetration according to Google, is a metric used to measure the development of a country's insurance sector. It's calculated as the percentage of total insurance premiums collected in a given year to a country's gross domestic product (GDP). High insurance penetration can indicate that insurance products are popular with citizens and that the insurance sector is developing.

Despite a conducive environment for insurance, a 2021 UNDP report revealed that over 70% of Ghanaians do not have access to insurance. The report emphasized the need to shift focus from post-disaster management to pre-disaster intervention.

Key recommendations included enhancing advocacy and knowledge management.

A well-informed population is better equipped to contribute to the economic stability and growth of the nation. By educating students about insurance, we are investing in a future where citizens are financially secure and can recover more effectively from unexpected events.

Understanding the principles of insurance, risk management, and the importance of financial protection can empower young individuals to make informed decisions as they grow older Introducing insurance concepts early can help students understand the importance of managing risks in their personal lives and future careers. This knowledge is invaluable in fostering a responsible and proactive approach to life's uncertainties.

By integrating insurance into the Ghanaian curriculum, students will have the foundational knowledge of insurance as to how insurance can provide financial security and peace of mind.

There should be a collaboration between the Ministry of Education, The Ghana Education Service and the insurance professional bodies such as the Chartered Insurance Institute of Ghana, The Insurance Brokers Association and the Ghana Insurance College, and curriculum developers to design an age-appropriate syllabus to satisfy the various levels in the Ghanaian educational ladder.