National Insurance Commission Suspends New Motor Tariff Implementation
The National Insurance Commission has announced a suspension of the implementation of the 10% increment in motor tariff.
In a letter addressed to Chief Executive Officers of Non-life Insurance Companies dated January 29, the acting Commissioner of Insurance, Michael Akandoh said “unforeseen development” had occasioned the suspension.
“This letter is to inform you that the implementation of the new motor tariff, as previously announced in our letter dated 23rd December 2024 to the Ghana Insurers Association (GIA) and the Insurance Brokers Association of Ghana (IBAG), is currently on hold due to unforeseen development.”
The initial plan was for the new tariff to take effect on February 1, 2025; however, the CEOs have been directed to price their motor policies using the approved 2024 tariff.
A further communication on this will be conveyed soon, he added.
The National Insurance Commission (NIC) had earlier announced an adjustment in motor insurance tariffs following deliberations with key stakeholders.
Source: opemsuo.com/Hajara Fuseini
