• About
  • Advertise
  • Privacy Policy
  • Contact
Wednesday, October 15, 2025
  • Login
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
No Result
View All Result

A lot of Work Must be done to Improve Ghana’s Insurance Industry- NIC

Stephen M.Cby Stephen M.C
September 14, 2021
Reading Time: 3 mins read
Stephen M.Cby Stephen M.C
in Insurance
0
A lot of Work Must be done to Improve Ghana’s Insurance Industry- NIC

Mr Seth Eshun, Director of Supervision at the National Insurance Commission (NIC)

Mr Seth Eshun, Director of Supervision at the National Insurance Commission (NIC), which is the regulatory body for insurance companies in Ghana, has averred that though the insurance industry in Ghana has seen some level of improvement over the years, a lot of work has to be done to improve upon the image of the industry.

Mr Eshun, meanwhile, based his observation on the many complains his office had received over the years. He explained that although, these complaints are being addressed, there is still more work to be done in order to deal with the issues.

“The complaint unit within the NIC has over the years received several disturbing reports from customers of insurance companies over payment of claims.”

Seth Eshun

Giving insight into the performance of the insurance industry, the Director of Supervision noted that for the past five years, the industry has made progress. However, Mr Seth Eshun stated that though, on the face of it, the insurance industry is making progress, the asset base of the industry continues to lag behind.

RelatedPosts

Enterprise Insurance Rolls Out ‘Momo Insure’ to Protect Agents from Robbery, Death, and Disability

Enterprise Insurance Sweeps CIIG Excellence Awards, Inducted Into Prestigious Hall of Fame

Hollard Ghana’s Asomdwee MSME Insurance Wins Global Impact Award for Empowering Small Businesses

“If you look at the past five years, the industry grows averagely about 25 per cent every year which is very good. This is encouraging because, we don’t see such consistent growth in any sector in Ghana.

“But you look at our total asset base, around GHS8 billion and you compare that to the banks which is about, give or take, GHS150 billion. So our asset base is about five percent of that of the banks. Even though we are growing, there is still a lot of catching up.”

Seth Eshun

Throwing more light on the numerous complaints NIC received, he said the National Insurance Commission has a department that handles complaint from the public about issues in the insurance industry.

“Traditionally, most of the complaints have to do with motor. But now, it is changing a bit. Traditionally, it was motor because we were paying premiums about 70 cedis for third party.”

Seth Eshun

He further added that the premiums have greatly increased over the years.

“About four years ago, we increased the 70 Ghana cedis to about 327 Ghana Cedis. So, the insurance industry have a better capacity to pay claims. And so you see, this is a proof that the image of the insurance industry is improving but it has come from a very bad stage.”

Seth Eshun

Mr Eshun stressed there is a bit more that needs to be done. “If you look at what we worry about, it was the same issues that happened to some of the banks and they went down.”

ADVERTISEMENT

“Two companies were affected in the insurance industry. So there is work for all of us to do to ensure that those bad events do not spoil the state of the industry.”

“So the short answer to this is that, there have been a lot of growth but there are still issues about image that we need to address.”

Seth Eshun

However, the Managing Director (MD) of Hollard Insurance, Daniel Boi Addo had ealier stressed the need for Ghanaians to be educated more about insurance companies and their policies to help improve the industry

READ ALSO: Increase in Road Crashes Putting Pressure on Insurance Companies- SIC

Tags: Ghana Insurance IndustryMr Seth EshunNational Insurance Commission
Please login to join discussion
Previous Post

UK extends post-Brexit border controls on imports of agri-foods from EU

Next Post

Youngest Covid 19 victim dies at age four

Subscription Form

Related Posts

Enterprise Insurance Rolls Out ‘Momo Insure’ to Protect Agents from Robbery, Death, and Disability
Insurance

Enterprise Insurance Rolls Out ‘Momo Insure’ to Protect Agents from Robbery, Death, and Disability

October 14, 2025
Enterprise Insurance Sweeps CIIG Excellence Awards, Inducted Into Prestigious Hall of Fame
Insurance

Enterprise Insurance Sweeps CIIG Excellence Awards, Inducted Into Prestigious Hall of Fame

September 10, 2025
Hollard Ghana’s Asomdwee MSME Insurance Wins Global Impact Award for Empowering Small Businesses
Insurance

Hollard Ghana’s Asomdwee MSME Insurance Wins Global Impact Award for Empowering Small Businesses

September 9, 2025
StarHealth Insurance Makes Grand Entry: Officially Launched After 3 Years of Quiet Growth in Ghana
Insurance

StarHealth Insurance Makes Grand Entry: Officially Launched After 3 Years of Quiet Growth in Ghana

September 5, 2025
Insurance Spending Rises as Density Hits GH₵202, But Penetration Still Alarmingly Low
Insurance

Insurance Spending Rises as Density Hits GH₵202, But Penetration Still Alarmingly Low

August 12, 2025
NIC Launches Bold Insurance Plan to Protect Ghana’s Informal Sector
Insurance

NIC Launches Bold Insurance Plan to Protect Ghana’s Informal Sector

August 5, 2025
During the Pre-COP
Extractives/Energy

Pre-COP Opens in Brasilia, Stresses Climate Multilateralism Agenda 

by Prince AgyapongOctober 15, 2025
Ghana’s Finance Minister, Dr. Cassiel Ato Forson, with Ajay Banga, President of the World Bank Group
General News

Ghana, World Bank Strengthen Partnership to Accelerate Growth in Five Key Sectors

by Evans Junior OwuOctober 15, 2025
Michael Kosi Dedey
General News

Justice Delays in Ahmed Suale Case Undermine Public Trust

by Silas Kafui AssemOctober 15, 2025
Bryan Acheampong
General News

Bryan Acheampong Calls for 90-Day Ban on All Mining to Curb Galamsey

by Evans Junior OwuOctober 15, 2025
Ghana Must Comply with International Laws in Deportee Agreement – Law Lecturer Warns
General News

Ghana Must Comply with International Laws in Deportee Agreement – Law Lecturer Warns

by Richmond EllehOctober 15, 2025
GoldBod’s Strategy Strengthens Cedi Stability 
Extractives/Energy

GoldBod’s Strategy Strengthens Cedi Stability 

by Prince AgyapongOctober 15, 2025
During the Pre-COP
Ghana’s Finance Minister, Dr. Cassiel Ato Forson, with Ajay Banga, President of the World Bank Group
Michael Kosi Dedey
Bryan Acheampong
Ghana Must Comply with International Laws in Deportee Agreement – Law Lecturer Warns
GoldBod’s Strategy Strengthens Cedi Stability 

Recent News

During the Pre-COP

Pre-COP Opens in Brasilia, Stresses Climate Multilateralism Agenda 

October 15, 2025
Ghana’s Finance Minister, Dr. Cassiel Ato Forson, with Ajay Banga, President of the World Bank Group

Ghana, World Bank Strengthen Partnership to Accelerate Growth in Five Key Sectors

October 15, 2025
Michael Kosi Dedey

Justice Delays in Ahmed Suale Case Undermine Public Trust

October 15, 2025
Bryan Acheampong

Bryan Acheampong Calls for 90-Day Ban on All Mining to Curb Galamsey

October 15, 2025
Ghana Must Comply with International Laws in Deportee Agreement – Law Lecturer Warns

Ghana Must Comply with International Laws in Deportee Agreement – Law Lecturer Warns

October 15, 2025
GoldBod’s Strategy Strengthens Cedi Stability 

GoldBod’s Strategy Strengthens Cedi Stability 

October 15, 2025
Subscription Form
The Vaultz News

Copyright © 2025 The Vaultz News. All rights reserved.

Navigate Site

  • About
  • Advertise
  • Privacy Policy
  • Contact

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2D
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships

Copyright © 2025 The Vaultz News. All rights reserved.