GHANA — Activa International Insurance Ghana has partnered with International Finance Corporation (IFC) to launch an insurance program that seeks to increase insurance coverage among women in Ghana.
The insurance program according to the IFC aims protect women, particularly those in business from financial risks and provide them better control over their assets.
A 2018 joint IFC, AIIG study revealed that most Ghanaian women lacked awareness about insurance or what non-life insurers cover.
In response, IFC and AIIG developed this program which operates under the Activ’Lady brand name to raise awareness among women, specifically entrepreneurs, about the benefits of insurance to help protect them against unforeseen shocks in life or in their business operations.
“As a leading provider of non-life insurance in Ghana, AIIG realizes that women are the lifeline of the Ghanaian economy,” said Solomon Lartey, Managing Director of AIIG.
“Through the Activ’Lady program, AIIG aims to improve the lives of women in Ghana regardless of their social background or life stage by providing solutions that will empower them as entrepreneurs, traders, and professionals,” he added.
IFC said in a statement that the Activ’Lady program aims to benefit 2 million women by 2022. The program will also help women access financial and legal services to expand their businesses.
Marieme Esther Dassanou, Global Women’s Insurance Program Lead of IFC’s Gender Business Group, said, “We know Ghanaian women are entrepreneurial; however, many of them lack the insurance coverage they need to protect and expand their businesses.
“This partnership,” added Dassanou, “will help make Ghanaian women entrepreneurs more resilient and their businesses more sustainable.”
Active International Insurance Ghana is one of the leading insurance firms in Ghana that offers a wide range of insurance packages including Motor, travel, home and marine insurances.
The firm has been championing for women inclusion in the insurance sector and it recently recruited about 50 agents, majority of them being women and has subsequently launched a separate program to improve the agents’ career opportunities.
IFC on the other hand, has been working with insurers across emerging markets to develop specific approaches to address the needs of women at various stages of their lives while creating income-generating opportunities for women as insurance employees, advisors, and distributors.
The global finance firm that is part of the World Bank Group has established similar insurance partnerships with insurers in Nigeria and in the Philippines.