Market traders in Ghana are willing to pay an average of GH¢25 a week for insurance, as fire emerges as the leading risk threatening informal-sector businesses, according to a nationwide survey by the National Insurance Commission (NIC).
The findings point to an opportunity for insurers to expand coverage among informal businesses through affordable products tailored to their risks and payment capacity.
The NIC-YEA Insurance Awareness and Risk Perception Report found that fire was cited by 41% of respondents, equivalent to 10,850 people, making it the most frequently reported business risk.
Theft and robbery followed at 36%, while illness accounted for 34%.
The report analysed 26,493 complete responses collected across 10 regions by 218 Youth Employment Agency graduates between January and March 2026.
The willingness-to-pay analysis was based on 22,972 valid numerical responses.
Market traders recorded a median weekly willingness to pay of GH¢25, making them the second-highest-paying occupational group assessed, behind drivers at GH¢30.
Artisans were willing to pay a median of GH¢20 a week, matching the national figure, while store owners and youth entrepreneurs recorded GH¢15.
Nationally, the median willingness to pay was GH¢20 per week, with the middle 50% of responses ranging from GH¢10 to GH¢50.
Based on these findings, the NIC report recommends a three-tier pricing structure: GH¢10–15 a week for entry-level cover, GH¢20–30 for standard products and GH¢40–60 for comprehensive cover.
The regional data also indicate differences in stated payment capacity.
Respondents in Ashanti, Greater Accra and Bono recorded a median willingness to pay of GH¢30 a week, while those in the Northern and Volta regions recorded GH¢10.
For insurers, the findings suggest that expanding coverage will require products that reflect the risks informal businesses face and the premiums they can afford.
The report recommends weekly mobile money payments, simplified claims procedures and digital policy issuance to make insurance more accessible.
However, willingness to pay does not necessarily translate into actual purchases.
Insurers will need to demonstrate the value of coverage through affordable premiums, clear policy terms and reliable claims settlement if they are to turn the reported demand into sustained insurance uptake.
