Tag: National Insurance Commission
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NIC denies increasing motor insurance cost
The National Insurance Commission (NIC) has refuted claims circulating on social Media that it has increased the cost of motor insurance policy by 100 percent as a result of the implementation of the Motor Insurance Database. The National Insurance Commission, NIC, this week announced that it has stopped the issuance and use of the old…
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NIC urges insurance firms to develop workable plans to meet new capital requirement
The National Insurance Commission (NIC) says it is using the first quarter of 2020 to streamline the submitted recapitalization plans of Insurance companies, to ensure that the companies adopt workable recapitalization strategies before the deadline of June 30, 2021. The NIC last year increased the capital for insurance companies from GH¢15 million to GH¢50 million…
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Old insurance stickers no longer valid; electronic motor insurance takes over
The National Insurance Commission, NIC, has announced that it has stopped the issuance and use of the old motor insurance stickers effective January 20, 2020. It follows the rolling out of the electronic motor insurance sticker. The change was announced in a statement issued by the NIC to the public to among other things ensure…
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Bawumia outdoors project to allow instant verification of motor insurance
Passengers of commercial vehicles will soon be able to check on their phones if the bus they are about to board has been properly insured, Vice President Dr. Mahamudu Bawumia has disclosed. If all goes according to plan, the database of the National Insurance Commission (NIC) and the Driver and Vehicle Licencing Authority (DVLA) will…
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Insurance sector is still robust- Commissioner of Insurance
The National Insurance Commission says the country’s insurance sector has seen significant growth despite a dip in insurance penetration rate. The country experienced a reduction in Insurance penetration rate in 2018, from 1.12 percent to 1 percent. The NIC has attributed the decline to the rebasing of the economy which has now included other factors…
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Ghana’s insurance penetration rate drops to 1 percent
The country’s Insurance penetration rate has dropped to 1 percent from the previous rate of 1.12 percent, the 2018 report of the National Insurance Commission has revealed. The new rate includes both life and nonlife insurance. The decline of insurance penetration rate last year was witnessed despite the 21 percent growth in the industry’s gross…
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Insurance companies submit recapitalization plans to NIC ahead of deadline
The National Insurance Commission (NIC) says 95 percent of insurance companies have submitted their plans to recapitalise their operations. This follows an August 30th, 2019 deadline set by the NIC for the insurance industry to present their plans following the increment in the minimum capital requirement for insurance companies. “Most of the insurance companies have…
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GIA launches radio programme to boost insurance penetration
The Ghana Insurers Association (GIA) has launched a campaign to boost insurance penetration in the county. Dubbed: “The Drivetime with Insurers’ the campaign which is a radio programme will be used to discuss concerns of the public about the insurance industry and educate them on the importance of insurance. The radio programme will run for…
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Insurance companies to submit recapitalisation plans by Friday, August 30
Companies operating within the insurance industry have up to Friday, 30th August 2019, to submit their recapitalization plans to the National Insurance Commission following the increment in the minimum capital requirement for insurance companies. The NIC increased the capital for insurance companies from GH¢15,000,000 to GH¢50 million and that of Reinsurance companies from Ghc40 million…
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NIC raises minimum capital requirement for insurance companies by over 200 percent
The National Insurance Commission (NIC), the insurance industry’s regulator, has increased the minimum capital requirement of insurance companies by over 200 percent. A statement issued by the commission said the increment comes after a series of consultations with stakeholders since 2017. It said it also considered the developments within the financial landscape over the period.…