The United Nations Development Programme (UNDP) has called for greater investment in inclusive insurance and innovative risk financing solutions to help protect households, businesses and communities from the growing impact of climate change, health emergencies and economic shocks.
The call was made at a seminar on Scaling Inclusive Insurance Innovation in Ghana, which brought together government officials, representatives of the National Insurance Commission, industry leaders, development partners, academics and innovators to discuss strategies for expanding insurance coverage across the country.
Dr Amina Sammo, the National Coordinator for Insurance and Risk Finance Facility (IRFF) at the United Nations Programme (UNDP) addressing participants, said inclusive insurance is not only a financial service but also a critical tool for sustainable development, noting that millions of people remain financially vulnerable when disasters strike.
She stressed that a single flood, illness or failed harvest can wipe out years of progress for many families, making financial protection essential to building resilience.
According to her, resilience is strengthened through sound institutions, effective policies, reliable data, early warning systems and financial mechanisms that enable people and governments to recover more quickly from crises.
She highlighted inclusive insurance as one of the key tools for protecting livelihoods, supporting small businesses, enabling farmers to invest with confidence and helping governments manage fiscal risks more effectively.
UNDP also noted that its Insurance and Risk Finance Facility(IRFF) has been working with countries worldwide to strengthen financial resilience through innovative insurance solutions.
In Ghana, UNDP has partnered with the National Insurance Commission since 2022 to improve the country’s risk financing architecture through policy support, regulatory reforms, technical assistance and innovation.
A key outcome of the collaboration, she explained has been the launch of the Inclusive Insurance Innovation Challenge (3iC), an initiative designed to identify practical solutions that make insurance more accessible, affordable and relevant to underserved populations.
UNDP commended local innovators, including Agricom, WellMax and Resolut, for developing market-driven insurance solutions tailored to the needs of farmers, workers, families and other underserved groups.
She expressed confidence that continued collaboration between government, regulators, the private sector and development partners will help expand insurance access and strengthen Ghana’s resilience to future economic and climate-related shocks.
