The National Insurance Commission (NIC) has temporarily suspended a planned 10% increase in motor insurance premiums, following strong opposition from transport operators and unions.
The acting Commissioner Michael K. Andoh in a letter dated January 29, 2025, stated that the new motor tariff is suspended due to unforeseen circumstances.
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According to the letter, Mr. Andoh advised the Ghana Insurance Association and the Insurance Brokers Association to continue pricing motor policies using the 2024 approved tariff.
The suspension comes after transport unions in the Ashanti Region vehemently rejected the hike, which was set to take effect on February 1, 2025.
See letter below
