The National Insurance Commission (NIC) wishes to inform all motorists that effective January 1, 2026, the Ghana Card would become a mandatory requirement when purchasing or renewing any motor insurance policy. Corporate clients are also required to provide their Tax Identification Number (TIN) when completing motor insurance transactions. This initiative would help: Improve claims handling Strengthen Know-Your-Customer (KYC) & Anti-Money Laundering (AML) compliance Reduce fr

Preamble Bancassurance has notably grown in Africa and around the world since the 1980s by offering banks and other financial institutions (BOFIs) an opportunity to provide more diversified products to their customers, whilst earning additional income by providing their distribution channels and other platforms to insurance companies. Insurance companies, on the other hand, can have an increased reach to a broader audience and achieve more sales by leveraging the BOFIs’ distr

The Ghana Revenue Authority has announced that the implementation of value-added tax (VAT) on the supply of non-life insurance services, in line with the Value Added Tax (Amendment) Act, 2023, Act 1107, commenced on 1 April 2025. Suppliers of non-life insurance services must register for VAT and charge the standard VAT rate on policy premiums, where the registration threshold is met. Affected insurers can claim input VAT on qualifying expenses related to providing taxable non

Insurance companies that fail to meet the new minimum capital requirement by May this year may have to sell off their companies or merge with others. This is according to the Commissioner of Insurance for the National Insurance Commission (NIC), Justice Ofori. The move follows a decision by the NIC to see to the recapitalisation of insurance companies in the country. Insurance penetration in Ghana has remained low for years, hanging at just around two per cent. The contributi