Third-Party Motor Insurance Premiums To Rise by 10% in Ghana (Updated)

Update: The Government of Ghana has announced that insurance premiums price hikes will be suspended.

Starting February 1, 2025, third-party insurance premiums in Ghana will increase by 10%, according to the National Insurance Commission (NIC).

The adjustment is aimed at ensuring insurance companies can meet rising claims costs.

Why it matters

Cost for drivers: The premium for third-party motor insurance, previously set at GHS 482 for saloon cars, will now jump to GHS 530.
Claims backlog: Insurers have struggled to keep up with claims payments due to inflation and rising vehicle repair costs.

Private Individual Vehicles:

Taxis:

Motorcycles:

Commercial drivers, who often already operate on slim margins, are likely to feel the pinch most acutely.

The NIC plans to review premiums annually to keep pace with inflation and claims trends.

While the increase may shore up Ghana’s insurance industry, it’s set to tighten budgets for drivers across the country.