The National Insurance Commission (NIC) has announced a temporary suspension of the implementation of the 2025 motor insurance tariff.
In a letter to insurance companies, the National Insurance Commission (NIC) stated that the implementation of the new motor insurance tariff, which was previously announced in a letter dated December 23, 2024, to the Ghana Insurers Association (GIA) and the Insurance Brokers Association of Ghana (IBAG), has been put on hold due to unforeseen developments.
The Commission has advised insurance companies to continue using the approved 2024 tariff for pricing motor insurance policies until further notice.
The Commission reassured industry stakeholders that it will provide updates on any further developments regarding the motor insurance tariff at the appropriate time.