Insurance companies have gained approval from the National Insurance Commission to increase third-party insurance premiums starting from January 1, 2024.
The adjustments will affect various categories, with private vehicles facing a rise to ¢482, commercial taxis to ¢637, private corporate vehicles to ¢482, hiring vehicles to ¢652, and motorcycles to ¢252.
The Ghana Insurers Association has advised its members to strictly comply with the approved rates, as non-compliance may result in sanctions from the NIC.
The increase aims to enhance the financial position of insurance companies to facilitate the payment of legitimate claims.
Find attached the full statement below:
2024 Increase in Motor Tarrifs
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