By Jibril Abdul Mumuni
Accra, Oct. 12, GNA – Fire remains Ghana’s leading insurance risk, with 41 per cent of respondents in a survey by the National Insurance Commission (NIC) identifying it as their most significant concern.
The findings also showed varying willingness among occupational groups to pay insurance premiums, with market traders indicating a readiness to pay GHS25 daily and drivers GHS30.
The survey, which involved more than 26,000 respondents, found that theft and robbery ranked second, cited by 36 per cent, representing approximately 9,450 people, while sickness ranked third, with 34 per cent.
Motor accidents accounted for 23 per cent of responses, while financial loss was ranked the least significant risk among those assessed.
The findings come against the background of recurring fires in major commercial centres, including Makola, Kantamanto and Kejetia markets, which have destroyed property, disrupted business operations and affected traders’ livelihoods.
Some affected traders and business owners have been uninsured or inadequately insured, making it difficult for them to recover from such losses.
On willingness to pay premiums, artisans indicated a readiness to pay GHS20 daily, while youth entrepreneurs were prepared to pay GHS15. Most respondents preferred to make their payments weekly.
Mobile money emerged as the preferred payment channel, selected by 61.4 per cent of respondents, followed by insurance agents at 48.4 per cent.
Rural banks were preferred by 15.4 per cent of respondents, while 14.2 per cent favoured payments through their employers.
The survey findings outlined respondents’ perceptions of major insurance risks, their willingness to pay premiums and their preferred payment channels, with mobile money recording the highest preference.
GNA
Edited by Kenneth Sackey