NIC grants 5 insurtechs sandbox innovation licences

The National Insurance Commission (NIC) has granted sandbox licenses to five insurance companies to pilot innovative products for a year, aiming to boost Ghana's low insurance penetration. These include platforms like Figtech, Moovon Insure, and ETAP, which offer flexible premium payments and streamlined insurance services.

Supported by FSD Africa’s Bimalab program, the initiative addresses challenges like low coverage and high costs. With only 2% of Ghanaians covered by insurance, this move seeks to expand access and foster innovation in the sector, potentially impacting Africa's insurance landscape.