Accra and London, 15th March 2021: Activa International Insurance Company Ghana Limited (AIIG) and Invest in Africa (IIA) Ghana have signed a cooperation agreement to widen access to protection schemes for multiple SMEs. With direct access to IIA Ghana’s membership network with over 2,000 cross sector businesses, AIIG aims to provide an innovative and effective model to enhance knowledge of risk management and commercial protection solutions. This is in line with IIA’s objective of ensuring the survival and continued development of Africa’s SMEs, maintaining its status as a key driver of economic growth and job creation.
At 2.8%, sub-Saharan Africa’s insurance penetration sits considerably below the world average of 6.8% highlighting the continent’s need to catch up. While motor insurance is the largest contributor to non-life insurance – driven by compulsory regulatory requirements – accident insurance, health insurance, and property insurance have all shown impressive growth in recent years.
The partnership represents an innovative strategic approach to accelerating insurance penetration, as well as promoting insurance growth in Africa through targeting unique customer segments. AIIG’s Activ’Lady Program, launched in October 2019 in partnership with the International Finance Corporation (IFC), a member of the World Bank Group, specifically targets female entrepreneurs with customised business protection packages, as well as offering other value-add opportunities such as networking, access to client bases and skills acquisition through training.
The advancement of female-led business is a priority in the scope of IIA’s work; further strengthened by its COVID-19 Recovery and Resilience programme being delivered with funding from the Mastercard Foundation. The programme will support Activ’Lady customers with access to online masterclasses, peer-to-peer sessions, a repository of practical guides and interventions enhancing their access to finance.
Benjamin Yamoah, Managing Director of AIIG said: “Available data shows most SMEs in Africa are owned or led by women, it is therefore important that women in business are supported to grow and expand their businesses for both economic and social development and this partnership will help create a platform that will make female entrepreneurs more resilient to personal and business shocks.
Carol Annang, Country Director IIA Ghana added, “SMEs are key drivers of African economies, accounting for more than 90% of businesses and employing about 60% of workers. We are committed to building a commercial ecosystem which supports their sustained survival and success, leveraging the power of effective partnerships to build on synergies and expand on reach.”
About Activa Ghana
AIIG is the 8th largest general insurance company by premium income and also the founder of the Globus Network: a grouping of over 48 well-positioned and dynamic insurance companies in over 54 African countries which allow multinational, global and local clients to enjoy expert and world-class insurance services. A member of the Ghana Club 100, 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 it’s 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.
About Invest in Africa (IIA)
Invest in Africa (IIA) is a private sector-led initiative focused on growing local businesses in Sub-Saharan Africa to deliver positive economic impacts and create jobs, benefitting all stakeholders including governments and multi-national corporations who want to use their local buying power as a force for good. Launched in Ghana in 2012, IIA now operates in five African countries, with local offices in Ghana, Senegal, Kenya and Mauritania. IIA operates the African Partner Pool (APP), a network of SMEs to which it delivers a programme of business support designed to deliver economic growth and job creation. To date, IIA Ghana has enabled access to $2.1m of finance, provided 1200+ SMEs with business, technical and entrepreneurship training; and supported with the creation of 39,000 jobs.