The Ghana National Insurance Commission published the outcomes of an industry meeting that agreed stronger enforcement of market conduct requirements and further work on risk-based regulation and compulsory insurance. The Commission raised concerns about pricing undercutting, inadequate product explanations and poor handling of claims and complaints. It will apply sanctions for noncompliance and hold principal officers accountable where necessary. The Commission and industry groups agreed to continue work on Risk-Based Supervision and the proposed Risk-Based Capital Framework, which would align capital requirements more closely with insurers’ risks. They also backed enforcement of the “No Marine Insurance, No Clearance” approach for compulsory Marine Cargo Insurance, improved marine insurance data submissions and possible use of holograms to verify legitimate locally issued policies. Further industry engagement on the capital framework is expected toward the end of September 2026. Stakeholders will also advance compulsory Marine, Fire, Motor and Group Life Insurance, work toward setting Group Life tariffs by the end of 2026, continue consultations on Professional Indemnity Insurance and expand inclusive insurance, training and mentorship initiatives.
2026-08-20Ghana National Insurance Commission
Ghana National Insurance Commission and industry groups agree stronger enforcement and compulsory insurance measures
The Ghana National Insurance Commission and industry groups agreed to strengthen market conduct enforcement, with sanctions for noncompliance and potential accountability for principal officers. They will continue developing risk-based supervision and capital requirements while advancing compulsory Marine, Fire, Motor and Group Life Insurance. Further engagement on the capital framework is expected toward the end of September 2026.