The Ghana National Insurance Commission (NIC) has received the report of its Committee on Insurance Penetration, established to investigate Ghana’s low insurance penetration rate of about 1% and recommend measures to raise uptake. The NIC framed the report as an input into policy and stakeholder actions aimed at expanding coverage, improving public trust, and making insurance more accessible, with a particular focus on inclusive insurance. The Committee highlighted issues including avoidance of compulsory motor insurance by some motorists and vehicle owners, significant unreported leakages within the industry, and limited and cumbersome reporting structures for inclusive insurance. It also called for closer collaboration with the NIC to ensure Professional Indemnity Insurance remains mandatory as set out in Sections 216 and 217 of the Insurance Act, 2021 (Act 1061), positioning this as a lever for industry accountability and consumer protection.
Ghana National Insurance Commission 2025-08-28
Ghana National Insurance Commission receives Insurance Penetration Committee report and commits to implement recommendations
The Ghana National Insurance Commission (NIC) received a report on the country's low insurance penetration rate of about 1%. It aims to guide policy and stakeholder actions to expand coverage, improve public trust, and enhance accessibility, focusing on inclusive insurance. Key issues include avoidance of compulsory motor insurance, industry leakages, and the need for improved reporting structures, alongside a call for mandatory Professional Indemnity Insurance for accountability and consumer protection.