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Kantamanto market fire: we need stakeholder engagement to provide affordable microinsurance – Insurance Brokers Association


The President of the Insurance Brokers Association of Ghana, Shaibu Ali, is calling for a stakeholder engagement to tailor an affordable micro-insurance product for the wares of traders.

His comment is coming after fire gutted parts of the Kantamanto market in Accra in the Greater Accra region.

According to him, this has become necessary so as to afford traders the opportunity to insure their wares against fires and associated perils.

Mr. Ali tells Joy Business traders must make it a policy to insure their wares and businesses.

“These market fires are becoming one too many and anytime they happen, we always talk about it being necessary for the market players to insure their words. I think that it is becoming necessary for us as an industry to sit down and look at what product we can put at disposal of these market players”.

“Maybe, the industry should in a form of micro insurance try to put at their disposable some basic components that will take care of flood, fire and minor theft for them. These they can even buy for monthly, quarterly or weekly and pay very affordable premiums and that is it”, he explained.

President of the Insurance Brokers Association of Ghana also said such a move would set the purpose better.

He however pointed out that “the greatest challenge with the market areas is the fact that the house keeping on the market are not so wonderful, access water, access route for firefighting machines to get in is a problem, access to water hydrant is a problem around the market”.

According to him, traders have position their goods and covered all the arrears, making it difficult to fight fire when there is an outbreak.

“So once all these things are sorted out, insurers can come out and put at the disposal of the market players some basic products in the form of micro insurance that will take care of them. That will significantly help us than the way that they are now.”

He concluded that most insurance are reluctant to give traders insurance cover because of the current situation.

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