NIC-YEA survey names fire as top business risk; median weekly premium put at GH¢20

Fire is the business risk most often named by respondents to a National Insurance Commission (NIC) survey, ahead of theft and illness, according to the NIC-YEA Insurance Awareness and Risk Perception Report. Citi Newsroom reported the findings on 19 October 2026.

The fieldwork ran from January to March 2026. It was carried out by 218 graduates of the Youth Employment Agency (YEA) across 10 regions and produced 26,493 complete responses. Of these, 22,972 contained valid figures for the analysis of what people would pay for cover.

Fire was cited by 41% of respondents, or 10,850 people. Theft and robbery followed at 36%, and illness at 34%.

Asked how much they would pay each week for insurance, respondents gave a national median of GH¢20, with the middle half of answers falling between GH¢10 and GH¢50. Drivers gave the highest median, GH¢30, followed by market traders at GH¢25. Artisans matched the national figure of GH¢20, while store owners and young entrepreneurs gave GH¢15.

• Ashanti, Greater Accra and Bono: median of GH¢30 a week

• Northern and Volta: median of GH¢10 a week

• Proposed pricing tiers: GH¢10–15 (entry), GH¢20–30 (standard), GH¢40–60 (comprehensive)

• Other recommendations: weekly mobile money payments, simpler claims procedures and digital policy issuance

Sources

• Citi Newsroom, 19 October 2026: Fire tops business risks; traders willing to pay GH¢25 weekly for insurance