The people of Ghana are embracing micro-insurance in order to reduce their financial risk, and Ghana's National Insurance Commission (NIC) is working hard to keep up.

In 2013, the NIC issued Market Conduct (Microinsurance) Rules that set out criteria for micro-insurance provision, stipulating that products must be suitable (in terms of contract design), affordable and accessible to the lower income earner demographic - to whom micro-insurance is aimed.

In 2014, the bad debt arisen from unpaid premiums compelled the NIC to apply another criterial layer, obligating providers to offer insurance on a "no premium, no cover" basis. 

Both measures speak to the increasing popularity of micro-insurance in this region and are precursors to the new Insurance Act. When this new act will be promulgated remains uncertain (I understand the NIC is hopeful for end-2017). What is certain, however, is the difference micro-insurance is making to the lives of ordinary Ghanaians.