The National Insurance Commission (NIC) has disclosed that it disburses an average of GHS 9.2 million daily in insurance claims across the country.
The revelation was made by the Commissioner of the NIC, Dr. Abiba Zakariah, who explained that the payments reflect the Commission’s commitment to ensuring Ghanaians benefit from the insurance products they subscribe to.
Speaking in an interview, she broke down the figures, noting that GHS 5.2 million is allocated to general insurance claims, while life insurance accounts for GHS 4 million. She stressed that the Commission remains committed to ensuring that individuals who have insurance coverage and suffer accidents are adequately compensated.
“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”
Dr. Abiba Zakariah, Commissioner of the NIC
She further urged the public to insure their properties, especially vehicles, to safeguard themselves against the unexpected and to receive the necessary financial support in the event of accidents. She also called for inputs from the general public.
“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”
Dr. Abiba Zakariah, Commissioner of the NIC
The Commissioner announced that the NIC has embarked on a “Resetting Drive,” an initiative aimed at transforming the insurance sector to ensure greater efficiency, fairness, and stability.
According to her, the new drive will help customers fully benefit from insuring their vehicles while promoting healthy competition and growth in the insurance market, “including the largely untapped 80% of the informal sector,” Dr. Zakariah said.
She explained that the Commission’s strategy rests on three pillars: market sanitization, market penetration, and positioning Ghana as an insurance hub in Africa.
Market Sanitization and Penetration
On sanitization, the NIC is working to eliminate unethical practices and improve transparency within the industry. The Commission is collaborating with stakeholders to standardize rates, strengthen enforcement mechanisms, and implement a Risk-Based Supervision framework.
Dr. Zakariah explained that a Customer Satisfaction Index will soon be launched to measure and improve service delivery across the industry. She noted that building trust was critical for sustainable growth in Ghana’s insurance sector.
In terms of penetration, the Commission has created the Insurance Penetration Committee (IPC) to explore ways of increasing coverage nationwide. It has also introduced “Campus Care” insurance demonstration centres on university campuses to raise awareness and foster innovation among students.
Collaborations with informal sector groups, including transport unions and informal workers associations, are ongoing to design products that suit their needs. At the same time, the Commission has launched the Insurance Innovation Challenge, inviting the public to co-create practical insurance solutions.
The NIC is also supporting smallholder farmers through the establishment of an Agricultural Insurance Fund aimed at “reducing premiums and increasing resilience against agricultural risks.” Dr. Zakariah added that technology will play a vital role in modernizing operations and enhancing service delivery.
Regional Insurance Hub
Dr. Zakariah further emphasized the Commission’s ambition to position Ghana as a leading insurance hub on the continent.
“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”
Dr. Abiba Zakariah, Commissioner of the NIC
She highlighted efforts to expand existing insurance pools such as the Ghana Oil and Gas Insurance Pool and the Ghana Agricultural Insurance Pool to other African countries. Additionally, plans are underway to establish an African insurance rating agency to boost sector credibility and competitiveness.
The NIC expressed confidence that these initiatives will not only benefit policyholders and industry players but also contribute significantly to Ghana’s economic growth in 2025.“People who have any concerns should contact the NIC for help,” Dr. Zakariah concluded, pledging the Commission’s unwavering support and readiness to help.
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