Market Development - Ghana
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There are two major challenges with respect to agricultural insurance in Ghana:
1. Enrollment: Scaling performance of the agricultural insurance market remains low (very few products). The growth rate of the sector is very slow (36% from 2011–2016). Very poor performances in 2012 and 2013 when overall enrolment dropped by 84% and 86% respectively. These challenges are attributable to the complexity of insurance products, financial illiteracy, and aversion towards new risk management approaches.
2. Claims: The only prominent claim pay-outs were in 2015 where 1,701 farmers received a payment equivalent to a claim ratio of only 29%.
