Insurance Premiums for all category of policy holders have gone up from today, December 1, 2022.
This was after the National Insurance Commission (NIC) approved a request from stakeholders in the insurance sector for the premiums to be reviewed due to the current economic conditions.
Based on the review, vehicles that were registered after year 2020, will have a Premium mark of 38 percent for all risk categories. Meanwhile Vehicles that were registered before 2020 will have a premium mark-up of 26 percent across the risk categories.
In addition, Third Party property damage will now have a cover of up to GH¢6,000 as minimum.
The NIC has also approved an increase in the minimum Personal Accident cover to GH¢7,000.
Some policy holders are already raising some concerns as it’s still not clear for now how some of the insurance companies will implement these reviews.
According to some, the policy grants unlimited discretion to insurance companies on premiums based on n the provision of just a minimum threshold without a ceiling.
Source: Ghana News