The Commissioner of the National Insurance Commission (NIC), Dr. Abiba Zakariah, has revealed that the NIC disburses about GHC9.2 million in insurance claims daily.
She explained that GHC5.2 million is paid out for general insurance claims, while GHC4 million is allocated to life insurance claims.
According to Dr. Zakariah, the Commission ensures that individuals who have insurance and experience accidents receive compensation proportional to their coverage.
She urged the public to insure their properties — especially vehicles — so that they can receive support in the event of an accident.
She made these remarks in an interview with Onua News.
“We want to assure Ghanaians that on a daily basis, we pay GHC9.2 million in claims. This figure is rising, and we are committed to meeting our obligations. We are not shying away from our responsibilities, and we are happy to pay claims. Beyond paying claims, we also aim to help you identify potential risks so you can protect yourself before losses occur.”
She continued, “However, we cannot achieve this alone. We need every Ghanaian to support us with ideas and feedback so that we can develop insurance products that are tailored to the needs of the average Ghanaian,” she said.
Dr. Zakariah also announced that the NIC is embarking on a “Resetting Drive” to transform the insurance sector and ensure customers fully benefit from insuring their vehicles.
“In our Resetting Drive, the NIC is committed to building a more efficient, fairer, safer, and more stable insurance market that promotes healthy competition and growth in the best interest of policyholders, including the largely untapped 80% of the informal sector.”
The Commission is pursuing this growth through the implementation of a comprehensive three-pillar strategy:
1. Insurance Market Sanitization –
Building trust is critical for sustainable growth in Ghana’s insurance sector. To achieve this, the NIC is identifying and eliminating unethical practices, and providing clear recommendations to address them. Efforts include:
• Collaborating with the industry to identify unethical practices, propose solutions, and develop standardized rates and terms for various insurance product lines.
• Enhancing the capacity and efficiency of enforcement teams to detect and respond promptly to market misconduct through the implementation of a Risk-Based Supervision (RBS) framework and other enforcement tools.
• Launching a Customer Satisfaction Index to improve service delivery across the industry.
2. Insurance Market Penetration –
To expand insurance coverage nationwide, the NIC has:
• Established the Insurance Penetration Committee to conduct in-depth analyses and provide strategic recommendations.
• Created “Campus Care” insurance demonstration centres on university campuses to raise awareness, foster innovation, and provide students with practical business experience.
• Collaborated with the informal sector to design tailored insurance products, holding sessions with executives from Transport Unions and the Informal Workers Association.
• Launched the Insurance Innovation Challenge, inviting the public to co-create practical insurance solutions.
• Supported smallholder farmers by establishing an Agricultural Insurance Fund to reduce premiums and enhance resilience to agricultural risks.
• Explored digital tools to improve engagement with the public and streamline internal processes.
“We are also strengthening enforcement of existing compulsory insurance policies, including motor third-party insurance, marine cargo insurance for commercial imports, commercial property (fire) insurance, professional indemnity, and public liability insurance. Stakeholder consultations have been held, and implementation plans are underway.”
She continued that, “We also recognize the vital role of technology in modernizing our operations and service delivery,” she added.
3. Making Ghana an Insurance Hub in Africa –
Dr. Zakariah stated, “We are driving insurance dialogues, innovation, collaborations, and funding across the continent to Ghana. We successfully hosted the Environmental, Social, and Governance (ESG) Africa Conference here and are determined to bring more high-level conversations and events to our country.”
She also highlighted ongoing initiatives to expand insurance pools such as the Ghana Oil and Gas Insurance Pool (GOGIP) and Ghana Agricultural Insurance Pool (GAIP) to other African countries to attract external income. Additionally, efforts are underway to create and host an African insurance rating agency to boost the sector’s credibility and competitiveness.
The Board, Management, and Staff of the Commission are confident that this strategic direction will benefit policyholders, industry players, and contribute significantly to Ghana’s economic growth.
“People who have any concerns should contact the NIC for help,” Dr. Zakariah concluded.
