In Ghana, insurance remains beyond the reach of most citizen. According to the National Insurance Commission (NIC), fewer than two in ten Ghanaians have any form of insurance coverage. For millions, a single health emergency, crop failure, or flood can erase livelihoods and push families and households deeper into poverty.

Without accessible and inclusive insurance, too many people remain exposed to shocks that threaten their health, income, and long-term wellbeing.

To address this gap, the National Insurance Commission (NIC), in partnership with the United Nations Development Programme (UNDP), has launched the Inclusive Insurance Innovation Challenge (3iC) which is a new platform designed to discover, develop and scale bold ideas that can transform Ghana’s insurance landscape for the better.

The new initiative aims to inspire solutions that make insurance work for everyone, especially those who are often excluded such as the informal sector workers, smallholder farmers, women, persons with disabilities, and communities most at risk from climate change.

Unlike conventional approaches, 3iC is seeking fresh perspectives from a diverse pool of innovators from insurtech startups and fintechs to local insurers civil society organizations, and academic institutions that can design, develop and underwrite insurance products and delivery channels tailored to the everyday realities of underserved populations.

At the launch event, Amina Sammo PhD, Inclusive Insurance Project Coordinator at UNDP Ghana, stressed the urgency of creating inclusive insurance models that reflect the needs of those underserved populations who have long been left behind.

“The Inclusive Insurance Innovation Challenge is a crucial step towards promoting financial inclusion and resilience in Ghana. We believe that innovative insurance solutions can play a vital role in addressing the unique challenges faced by Ghana's underserved populations”, she noted.