Ghana traders identify fire as top business risk in NIC survey

A survey by the National Insurance Commission (NIC) has identified fire as the primary business risk for informal traders in Ghana. The NIC-YEA Insurance Awareness and Risk Perception Report, which surveyed 26,493 people across 10 regions between January and March 2026, found that 41% of respondents cited fire as their top concern, surpassing theft and robbery (36%) and illness (34%).

The report highlights a significant opportunity for insurers to provide tailored products to the informal sector. Market traders expressed a median willingness to pay GH₵25 per week for insurance coverage. Other sectors showed varying levels of readiness: drivers indicated a median of GH₵30, artisans GH₵20, while store owners and youth entrepreneurs indicated GH₵15.

To increase accessibility, the report recommends implementing weekly premium payments via mobile money, simplifying the claims process, and utilizing digital policy issuance. The fieldwork for this study was conducted by 218 graduates from the Youth Employment Agency (YEA).