Accra, Ghana, October 31, 2019—IFC,
a member of the World Bank Group, helped launch an insurance program led
by Activa International Insurance Ghana (AIIG) that seeks to increase insurance
coverage among women and women in business in Ghana to protect them from
financial risks and provide them better control over their assets.
Under the Activ’Lady program, IFC and AIIG,
a member of the Globus Network, will raise awareness among women, specifically
entrepreneurs, about the benefits of insurance to help protect them against
unforeseen shocks in life or in their business operations. The program,
which aims to benefit 2 million women by 2022, will also help women access
financial and legal services to expand their businesses.
“As a leading provider of non-life insurance
in Ghana, AIIG realizes that women are the lifeline of the Ghanaian economy,”
said Solomon Lartey, Managing Director of AIIG. “Through the Activ’Lady
program, AIIG aims to improve the lives of women in Ghana regardless of
their social background or life stage by providing solutions that will
empower them as entrepreneurs, traders, and professionals.”
Marieme Esther Dassanou, Global Women’s
Insurance Program Lead of IFC’s Gender Business Group, said, “We know
Ghanaian women are entrepreneurial; however, many of them lack the insurance
coverage they need to protect and expand their businesses. This partnership
will help make Ghanaian women entrepreneurs more resilient and their businesses
An IFC-led study, SheforShield,
found that the insurance industry can earn up to $1.7 trillion globally
by 2030 if they focus on women alone, with 50 percent of this opportunity
coming from emerging markets such as Ghana. In 2018, a study led by IFC
and AIIG found most Ghanaian women lacked awareness about insurance or
what non-life insurers cover.
AIIG, which recently recruited about 50 agents—the
majority of whom are women—also launched a separate program to improve
the agents’ career opportunities.
The insurance initiative in Ghana is partly
funded by the
World Bank Group-hosted Women Entrepreneurs Finance Initiative
(We-Fi), which invests in programs and projects that help unlock financing
to address barriers facing women entrepreneurs.
Since 2016, IFC has been working with insurers
across emerging markets to develop specific approaches to address the needs
of women at various stages of their lives while creating income-generating
opportunities for women as insurance employees, advisors, and distributors.
IFC has established similar insurance partnerships
with insurers in Nigeria and in the Philippines.
IFC—a sister organization of the World Bank and member of the World Bank
Group—is the largest global development institution focused on the private
sector in emerging markets. We work with more than 2,000 businesses worldwide,
using our capital, expertise, and influence to create markets and opportunities
in the toughest areas of the world. In fiscal year 2018, we delivered more
than $23 billion in long-term financing for developing countries, leveraging
the power of the private sector to end extreme poverty and boost shared
prosperity. For more information, visit www.ifc.org.
Activa International Insurance Company Limited is rated in the A category
by Messrs Global Credit Rating (GCR). The Company was adjudged Insurance
Company of the year 2018 by the Ghana Business Awards and also by the Ghana
Accountancy and Finance Awards after thorough reviews of its financials
and other activities within the years 2017 and 2018. AIIG was also adjudged
insurance company of the year 2017 and 2018 consecutively, by the Chartered
Institute of Marketing Ghana (CIMG) at its 2018 awards ceremony in Accra
among other prestigious awards.
Activa provides world class insurance services
in over 48 out of the 54 African countries through its Globus Network.
The company grew its Gross Premium by 20%
in 2018; at a time when the entire industry grew by 3.4% making it the
6th largest insurance company on the market out of 29 non-life companies.
It grew profit by 47% from Ghs4.8 million in 2017 to Ghs7.1million in 2018.
The company grew its Gross Premium by 35% in 2017.
The company as part of its Corporate Social
Responsibility initiatives has presented Medical Equipment to the Children’s
Unit of the Korlebu Teaching Hospital, Sponsored and supported activities
of the Association of Ghana Industries (AGI), SME Ghana (SMEGA Awards)
and the Sports Writers Association of Ghana (SWAGG), among others.
Activa is the foremost insurer of Corporate
Ghana and the preferred partner and representative of some of the world’s
largest and best insurance groups e.g. Chubb, Zurich, IF etc.