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

The National Health Insurance Authority (NHIA), Acting Chief Executive, Dr. Victor Asare Bampoe has pledged the swiftest implementation of the National Health Insurance Scheme (NHIS) revised service tariff. “A new medicines tariff has been implemented since March 1st, 2025. The review of service tariff is complete and is undergoing final approval processes. It will be announced in due course.” He brought this to the fore at the NHIA’s two-day Stakeholder Conference held in Ac

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

Government is strongly collaborating with regulators in the insurance and pensions industry to develop annuity and syndicate markets. According to the Head of Pensions and Insurance Unit at the Ministry of Finance, Benjamin Torsah-Klu, this will stimulate long term investments of pension and insurance funds. Speaking on behalf of the Finance Minister, Ken Ofori-Atta at the 6th African Actuarial Congress ongoing in Accra, he said government is committed to the creation of long

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

Parliament recently passed the Insurance Act, 2021 (Act 1061) to replace the Insurance Act, 2006 (Act 724) and to provide for the regulation and supervision of the insurance market. Act 1061 creates three main licence categories under which insurance businesses may operate: Insurance Licence, Reinsurance Licence and the new Innovative Insurance Licence. An Innovative Insurance business uses new financial technology or any other innovative technology or method in the insurance

Players in the insurance industry last Friday gathered at the Kempinsky Hotel for the fourth edition of the Ghana Insurance Awards which seeks to celebrate the achievements of individuals and companies who have distinguished themselves in the industry in the year under review. Organised by Xodus Communication, the awards has since its inception in 2018 rewarded excellence and standards in the industry. The awards ceremony saw 20 companies and eight individuals winning 36 awar

It will be recalled that the company was granted its operating license from the Nigerian National Insurance Commission (NAICOM) in November 2020, after meeting all the necessary requirements, including a stated capital of ₦8 billion. A media release issued in Accra yesterday described the latest development as a significant milestone in the group’s expansion project into foreign markets, coming a few years after its first venture beyond the shores of Ghana, into The Gambia.

Insurers are creating products for a world where virus outbreaks could become the new normal after many businesses were left out in the cold during the COVID-19 crisis. While new pandemic-proof policies might not be cheap, they offer businesses from restaurants to film production companies to e-commerce retailers ways of insuring against disruptions and losses if another virus strikes. The providers include big insurers and brokers adding new products to existing coverage, as

SIC returns to the top whiles Hollard moves from fifth to third. In creating a new world of opportunity for individuals, businesses and the society, insurers can no longer move of the same traditional products and services, and expect to succeed. Customers, investors, and employees demand innovation from insurance companies. It is only by recognizing opportunities and challenges, and responding quickly that insurers will continue to be competitive. In the past decade, SIC ins