The National Insurance Commission (NIC) is set to review upwards tariffs for motor insurance LL policies in the country.
The upward review of the motor insurance tariffs, the NIC asserts, is due to the prevailing harsh macroeconomic challenges facing the economy and thus the insurance sector.
In a statement issued by the regulator on November 23, the Commission stated the upward adjustment in motor insurance tariffs takes effect December 1 this year.
According to the statement, the new policy directive affects vehicle owners with post and pre-2020 registered vehicles with premium mark-ups of 36% and 28% respectively.
Additionally, vehicle owners of with minimum Third Party Property Damage (TPPD) and Personal Accident (PA) cover of GHS 6,000 and GHS 7,000 respectively.
Source: norvan reports