Drivers are willing to pay a median of GH¢30 a week for insurance, the highest amount among the informal-sector occupational groups highlighted in a nationwide survey by the National Insurance Commission (NIC).

The NIC-YEA Insurance Awareness and Risk Perception Report found that drivers were willing to pay more than market traders, artisans, store owners and youth entrepreneurs to insure against risks that could disrupt their livelihoods.

Market traders recorded a median willingness to pay of GH¢25 weekly, while artisans were willing to pay GH¢20, matching the national median. Store owners and youth entrepreneurs recorded a lower median of GH¢15 a week.

Overall, the report found that half of the amounts respondents said they were willing to pay fell between GH¢10 and GH¢50 weekly.

Based on the findings, the NIC proposed three pricing levels for insurance products targeting informal-sector businesses. Basic coverage would cost between GH¢10 and GH¢15 a week, standard packages between GH¢20 and GH¢30, while comprehensive cover would range from GH¢40 to GH¢60.

The proposed pricing could give insurers a basis for developing products that reflect the financial circumstances of informal workers while helping protect their businesses and incomes against unexpected losses.

The survey identified fire as the most frequently reported risk facing informal-sector businesses, cited by 41% of respondents, equivalent to 10,850 people.

Theft and robbery followed at 36%, while illness accounted for 34%. Such events can leave workers with damaged or stolen goods, interrupt business operations and reduce their income.

To make insurance more accessible, the report recommended allowing customers to pay premiums weekly through mobile money, simplifying claims processes and issuing policies digitally.

These measures could make it easier for informal-sector workers to pay smaller amounts more frequently and access insurance services.

The report also highlighted the importance of affordable premiums, clear policy terms and reliable claims settlement in encouraging people to take up and maintain insurance coverage.

The findings also revealed regional differences in willingness to pay. Respondents in Ashanti, Greater Accra and Bono recorded a median of GH¢30 weekly, compared with GH¢10 among those in the Northern and Volta regions.

The study was conducted by 218 graduates of the Youth Employment Agency (YEA), who collected information from 26,493 people across 10 regions between January and March.

However, the report's findings on willingness to pay do not necessarily mean respondents will go on to purchase insurance. Insurers would need to develop products that meet customers' needs and financial circumstances, while building confidence through clear communication and dependable claims settlement.