The impact of a 40-year journey reflects in the footprints it leaves in the sands of time. Having been established not only to be a replica but to bring insurance closer to those traditionally excluded from the mainstream insurance— the market traders, farmers, fishermen, and other low-income earners that make up Ghana’s vibrant informal sector, StarMicro stands as a symbol of innovation and inclusion, perfectly complementing the enduring legacy of its parent company, Star Assurance.
Shedding light on the eventful journey of StarMicro Insurance Services Ltd. while paying tribute to the legacy of its parent company, Star Assurance Company Ltd., Mr. Solomon M.K. Larbey, CEO of StarMicro Insurance Services Ltd., elucidated how StarMicro’s partnership with Star Assurance got off on the right foot when the company began.
In an interaction with The Vaultz Africa, Mr. Larbey reflected on how the 17-year partnership between StarMicro Insurance and its parent company, Star Assurance company Ltd., has transformed StarMicro into a leading force in Ghana’s microinsurance sector.
As Star Assurance Company Ltd. celebrates its remarkable 40-year journey in Ghana’s insurance industry, StarMicro Insurance, a proud offspring of the group, jubilantly joins the ruby jubilee festivities with 17 years of impactful service in the Microinsurance industry.
StarMicro, Part of Something Bigger
StarMicro Insurance, a prominent member of the Star Assurance Group, while commending with deep sense of gratitude as its parent company, Star Assurance Company Ltd, marks its 40th anniversary, reflects on the milestone as a moment of heartfelt connection— one that symbolizes not only longevity but the Group’s unwavering commitment to excellence in Ghana’s insurance industry.
According to the CEO of StarMicro Insurance, being part of this legacy is an honour for the company. He noted that the strong foundation built by Star Assurance— rooted in professionalism, integrity, and customer-centric values— continues to guide the company’s mission of providing accessible and affordable insurance to the informal sector and low-income earners.
This celebration reminds us that we are part of something bigger— a family that believes in empowering people and building a more secure future for all Ghanaians. We take pride in the Group’s achievements and are inspired to do even more as we contribute our part through inclusive and innovative Microinsurance solutions. On this occasion, we extend our warmest congratulations to Star Assurance and commit ourselves to advancing the Group’s vision for many more years to come.”
Mr. Larbey stated that StarMicro Insurance’s affiliation with Star Assurance Company Ltd. has had a significant and positive impact, providing a solid foundation of trust, professionalism, and industry expertise. He emphasized that the strong reputation of Star Assurance has helped build confidence among informal sector clients, while their technical support and brand strength have enabled StarMicro to grow steadily and introduce quality Microinsurance products with assurance and credibility.
Beyond the business, the affiliation has also shaped our values and work culture— encouraging us to uphold high standards, stay client-focused, and continuously innovate to serve better. Simply put, our relationship with Star Assurance has strengthened our mission and positioned us to make a meaningful difference in the lives of low-income Ghanaians. We are proud to be part of this great family, and we celebrate Star Assurance’s legacy as one that continues to inspire and guide us every step of the way.”
Operations, Milestones and Accolades of StarMicro Insurance
StarMicro Insurance Services Ltd, established in August 2008, with a mission to make insurance more accessible and affordable for Ghana’s informal sector and low-income earners, operated as a full-time corporate agency under the National Insurance Commission’s regulations. The company partners with Star Assurance and StarLife Assurance to promote and distribute their General and Life Insurance products. The company focuses primarily on delivering Microinsurance solutions—simple, low-cost policies tailored to those often excluded from traditional insurance—while contributing to broader national efforts to enhance social protection.
From the very beginning, StarMicro has been focused on understanding the everyday risks that low-income and informal sector workers face, like illness, accidents, loss of property, or loss of income. Many of these people are not part of the formal banking or insurance system, so we made it our mission to reach them where they are — in markets, small shops, rural communities, and urban informal settlements.
“We design products that are simple, affordable, and useful. We also make sure they are easy to access — whether through field agents, mobile platforms, or community groups, Micro Credit Institutions’, Rural Banks and Savings and Loans companies. Our team listens to our clients and learns from their feedback, so our solutions stay relevant and helpful.”
Describing the trail of achievements, Mr. Solomon Larbey proudly recounted the steady and impactful journey of StarMicro Insurance Services Ltd. since its inception. Over time, the company has marked significant milestones that underscore its commitment to inclusive insurance. Initially, it forged strategic partnerships with Star Assurance and StarLife Assurance, enabling it to deliver a mix of General and Life Insurance products tailored to the needs of underserved Ghanaians.
A key highlight in the company’s journey was the launch of the Fishermen Life Insurance Scheme (FLIS) in collaboration with the Ministry of Fisheries and Aquaculture Development. This initiative extended life insurance coverage to members of Ghana’s coastal fishing communities. In addition, the company partnered with major stakeholders in the financial sector— including ARB Apex Bank, the Association of Rural Banks (ARB), GHAMFIN, and the Ghana Association of Microfinance Companies (MCAG)— to introduce credit protection and welfare policies across diverse community groups.
Besides, the CEO noted that innovation and digitization have been central to the company’s growth. The company has developed insurance products that address critical risks such as Death, illness, property loss, and disruptions to livelihoods— specifically designed for the realities of low-income clients.
StarMicro’s efforts have not gone unnoticed as the company has received several accolades, including the African Insurance Distribution Innovator of the Year (2014) by Cover Magazine, the Outstanding Award for Micro Insurance (Institutional) (2015) from National Women in Finance, and the Best Micro Insurance Company for Small Enterprise Growth (2016) at the 2nd West Africa SME International Award for Excellence.
StarMicro Introduces ‘Store Banbo’ to Curb Fire Risks
Considering the growing frequency of market fires in Ghana and the devastating toll they take on small business owners, Mr. Larbey expressed deep concern. He emphasized that at StarMicro Insurance, the team is particularly troubled by how these incidents wipe out traders’ entire livelihoods— from goods and savings to their primary means of survival. Most affected individuals, he noted, lack any form of financial cushion or safety net, making recovery nearly impossible.
To help address this, we have positioned ourselves to promote and distribute the Star Shop Insurance Policy, also known as ‘Store Banbo’, a product from Star Assurance designed specifically for small and medium-sized business owners. This policy provides comprehensive protection against fire and related risks, such as floods, storms, earthquakes, building collapse, and burglary. It also includes cover for third-party liabilities and personal accident, offering 24-hour financial support in the event of injury or death.”
Mr. Larbey explained that what makes StarMicro’s fire insurance product truly ideal is its affordability and direct relevance to the needs of small business owners. For as little as GHS 100, a trader can insure their shop or goods for up to GHS 10,000— a level of coverage that offers meaningful protection without placing a financial burden on those with limited capital.
Furthermore, the CEO highlighted some innovative approaches StarMicro Insurance has adopted to accurately assess client’s needs and manage risks effectively. Recognizing the distinct challenges of the informal sector— such as poor record-keeping, low financial literacy, and limited awareness of insurance— StarMicro has embraced a grassroots, community-oriented model.
According to him, the company places strong emphasis on direct field engagement, where dedicated agents interact personally with traders, artisans, farmers, and other informal workers. These one-on-one engagements allow the team to observe and understand the real-life risks their clients face and how they manage their finances.
We’ve also partnered with cooperatives, savings groups, and rural banks, using their knowledge of their members to help us assess risk better. These partnerships give us valuable informal data and trust within the communities we serve. In addition, we’re exploring digital tools and mobile platforms to collect basic customer information and track claims— making our process faster, simpler, and more accurate, even in low-data environments.”
Microinsurance, Game Changer in the Ghanaian Economy
Microinsurance has become a vital tool in advancing financial security for underserved populations. Through simple, low-cost policies tailored to real-life risks of informal workers, Microinsurance has enabled thousands of Ghanaians to protect their Lives, health, property, and livelihoods.
Describing the transformative impact of microinsurance on Ghana’s economy—particularly within the informal sector, Mr. Solomon Larbey emphasized its growing relevance and necessity. According to him, microinsurance is proving to be a game-changer for individuals who operate outside the formal employment structure— those without regular incomes or stable jobs. “These individuals often lack access to conventional insurance products, which tend to be costly, complicated, or out of reach,” he explained.
Moreover, he noted that microinsurance bridges that gap by offering accessible, affordable, and easy-to-understand coverage that shields low-income earners from life’s unexpected disruptions such as illness, accidents, or property loss. In doing so, it not only protects livelihoods but also instills confidence in informal sector players to invest, grow, and contribute meaningfully to the broader economy.
When people know they are covered, they feel more confident to work and invest in their small businesses. This helps them grow and contribute more to the economy. Due to micro insurance being affordable and easy to access, more people are joining, which helps reduce poverty and brings more stability to communities. So overall, it helps the economy by supporting people who form the backbone of Ghana’s informal sector.”
Mr. Solomon Larbey highlighted the measurable outcomes and tangible role the sector continues to play in cushioning Ghana’s low-income earners against life’s uncertainties. He noted that microinsurance has provided critical support to many vulnerable families, enabling them to recover swiftly from setbacks such as illness, job loss, or unexpected disasters like fires. “These interventions help families stay afloat during crises, easing the financial burden and preventing total loss,” he asserted.
Beyond emergency relief, the CEO emphasized the sector’s growing reach and relevance. More Ghanaians, particularly those in the informal sector—market women, farmers, and small-scale entrepreneurs—now have access to insurance services that are designed to fit their daily realities. He added that the simplicity and affordability of these products have increased public understanding and trust in insurance, leading to higher policy renewals and wider adoption across underserved communities. This, he said, “…shows that Microinsurance is working– it’s protecting lives and businesses, building trust, and helping people stay on their feet during tough times.”
Trends Shaping Ghana’s Microinsurance Industry
Commenting on the evolving landscape of microinsurance in Ghana, Mr. Solomon Larbey pointed to the National Insurance Commission’s (NIC) new sandbox directive as a major turning point. He described the directive as a “game-changer,” allowing insurance providers like StarMicro to pilot innovative products on a small scale, assess their performance, and fine-tune them before full-scale rollout. “This approach ensures that our solutions are truly relevant, practical, and aligned with the everyday needs of our clients,” he explained.
The CEO StarMicro Insurance also outlined some of the dominant trends reshaping the microinsurance sector. “Technology is leading the way. We are utilizing more digital tools to make our services faster and easier to access, especially for individuals in rural and hard-to-reach areas,” he said, noting that the increased use of mobile phones has enabled insurers to deliver services more quickly and efficiently. Customers, he added, are seeking insurance products that are not only affordable but also easy to understand and use—prompting providers to design simplified, lifestyle-oriented packages. “We have improved the way we design and manage our insurance products to ensure they are simple, fair, and meet the genuine needs of our customers.”
Another critical development, according to Mr. Larbey, is the emphasis on strategic partnerships. “We’re forging alliances with mobile network operators, community-based organizations, and cooperatives to expand our reach and deepen our impact,” he noted. These collaborative efforts are helping to ensure that even the most remote and underserved communities are not left out of the insurance revolution currently unfolding in Ghana. “We have become increasingly focused on building trust, ensuring our customers understand their policies and feel supported when they need us.”
Meanwhile, Mr. Larbey lauded the new insurance act. He noted that the Insurance Act of 2021 has had a significant positive impact on the industry, aligning closely with the company’s mission of providing practical and affordable insurance to everyday Ghanaians, particularly low-income earners. He emphasized that the Act has created a more supportive regulatory environment, encouraging innovation and inclusivity within the sector.
Overall, the Act has encouraged us to keep improving and to stay committed to our goal: protecting and empowering Ghana’s informal sector and low-income families.”
Bridging the Microinsurance Awareness Gap in the Informal Sector
According to Mr. Larbey, StarMicro Insurance is playing a crucial role in bridging the significant knowledge gap around microinsurance in the informal sector. He emphasized that one of the biggest barriers is a lack of education— many low-income earners don’t fully understand what insurance entails, how it operates, or the benefits it can offer during times of crisis.
To address this, StarMicro has made financial education a core component of its mission. Field officers go beyond simply selling policies; they actively engage with customers through community visits, group discussions, and personalized interactions. By using relatable stories, real-life scenarios, and communicating in local languages, the company ensures that people not only grasp the concept of insurance but also begin to see it as a practical tool for protecting their livelihoods and securing their future.
We also work with market associations, faith-based groups, and local leaders to organize awareness campaigns. This helps us spread the message widely and build trust with people who may be hearing about insurance for the first time. Finally, we’re using mobile messaging and local radio to reach even more people with simple, clear information about the value of insurance. By combining education with empathy, we’re helping to break down barriers and bring microinsurance to those who need it most.”
Goodwill Message to Star Assurance on its 40th Anniversary
On behalf of the entire team at StarMicro Insurance, Mr. Larbey extended heartfelt congratulations to Star Assurance Company Ltd on its remarkable 40th anniversary, celebrating four decades of service, impact, and excellence. He described the milestone as a special moment that reflects the company’s enduring legacy, transformative leadership, and unwavering commitment to integrity, which has positively shaped Ghana’s insurance landscape and touched countless lives along the way.
For us at StarMicro, it has been both a privilege and a great source of inspiration to be part of that journey. You’ve shown us what it means to lead with vision, to stay grounded in values, and to serve with heart — lessons that continue to shape how we operate and grow. As a proud member of the Star Assurance Group, we are grateful for the solid foundation and continued support that guide us in delivering accessible and inclusive micro insurance to Ghana’s informal sector and low-income communities.
“May this Ruby Jubilee not only honour your past but also mark the beginning of even greater achievements, growth, and impact. We celebrate with you — and look forward to many more years of working together to protect and empower the people of Ghana. Congratulations once again, Star Assurance. Your legacy continues to inspire.”