Ghana’s National Insurance Commission (NIC) Acting Commissioner of Insurance, Dr Abiba Zakariah, disclosed that insurers paid about GHS 3.3 billion in claims in 2024, averaging around GHS 9.2 million per day. She also said the NIC will release claims-payment data regularly going forward, responding to public concerns that insurers are slow to pay claims. The breakdown presented showed life insurers paying about GHS 1.5 billion in benefits and compensation and non-life insurers paying around GHS 1.9 billion in claims, equivalent to daily averages of about GHS 4 million and GHS 5.2 million respectively. The figures were set out alongside a “reset agenda” for the insurance industry focused on trust-building, coverage expansion, and positioning Ghana as an African insurance hub, including plans for inclusive products for low-income earners, disaster-related cover such as flood protection, a campus insurance initiative starting with KNUST and the University of Ghana, stricter action against unethical practices such as premium undercutting, strengthening the Motor Compensation Fund, introducing a Fire Compensation Fund, and innovation to address emerging risks including cybercrime and digital fraud.
Ghana National Insurance Commission 2025-08-28
Ghana National Insurance Commission reports GHS 3.3 billion claims paid in 2024 and will publish claims data regularly
Ghana's National Insurance Commission reported insurers paid GHS 3.3 billion in claims in 2024, with life insurers contributing GHS 1.5 billion and non-life insurers GHS 1.9 billion. The NIC plans to release claims-payment data regularly to address public concerns over payment delays. The "reset agenda" aims to build trust, expand coverage, and position Ghana as an African insurance hub, with initiatives for inclusive products, disaster-related cover, and stricter action against unethical practices.