Ghana’s insurance industry is urging households and businesses to take up insurance cover after recent flooding led to claims worth millions of cedis, highlighting the growing financial risks posed by extreme weather.
Speaking at the 2026 Chartered Insurance Institute of Ghana (CIIG) Conference in Accra, the President of the Institute, Solomon Lartey, said, insurers had already paid claims amounting to millions of cedis following last week’s floods.
Lartey stated that the disaster had exposed the financial vulnerability of many people whose homes and businesses were uninsured.
He urged Ghanaians to insure their homes, businesses and other valuable assets to protect themselves against unexpected losses.
“When you plan your homes and businesses, make sure you set aside a little for insurance to give you peace of mind,” he noted.
The President of the Institute further stated that, policyholders with valid insurance cover would have their claims settled, while many uninsured victims would have to bear the cost of rebuilding on their own.
The Commissioner of Insurance, Dr Abiba Zakariah, called on insurers to respond to changing customer expectations by embracing innovation and improving service delivery.
“We are called to adapt to change because the industry we operate in is changing rapidly,” she noted.
The conference brought together insurers, brokers and regulators to discuss ways of increasing insurance penetration and strengthening the resilience of Ghana’s insurance industry.
The event also saw the induction of 132 new members into the Chartered Insurance Institute of Ghana, comprising 111 associates and 21 fellows.
Recent flooding across parts of Ghana has renewed calls for greater insurance coverage as climate-related disasters become more frequent and costly.
By Coffie Mawuedem Noel
