The Ghana National Insurance Commission has received a report and recommendations from the Committee on Premium Undercutting and Unethical Practices, with Acting Commissioner of Insurance Dr Abiba Zakariah reiterating that ethical integrity is “non-negotiable” and framing premium undercutting as a conduct issue that undermines industry progress. She indicated the report would be thoroughly reviewed and that implementation would begin after due consideration. Chaired by former Ghana Insurers Association president Ivan Avereyireh, the committee proposed that sanctions apply to any party found culpable and recommended an industry-wide memorandum of understanding to be signed not only by market participants but also shareholders, boards and chief executive officers. The report also points to the need for enhanced regulatory oversight, accountability and transparency, and lists initiatives including enforcing claims payment requirements, preventing unfair pricing, promoting fair competition, enhancing life insurance benefits and penalising unethical practices. The committee was constituted in March 2025 with representatives drawn from key industry stakeholders, and members pledged continued efforts to combat premium undercutting. Next steps hinge on the Commission’s review and subsequent commencement of implementation.

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