NIC suspends motor insurance premium adjustments after stakeholder backlash
But the transport operators in the Ashanti Region are voicing strong opposition to any proposed increase in insurance premiums, citing financial strain and operational challenges.
The National Insurance Commission (NIC) has temporarily suspended the implementation of the new motor insurance tariff, which was initially announced on 23 December 2024.
The decision follows concerns raised by transport operators over the nationwide increase in insurance premiums. In a statement copied to CEOs of insurance companies, the NIC attributed the suspension to “unforeseen development.”
“You are therefore advised to price your motor policies using the approved 2024 tariff”, the statement said adding that the Commission will “communicate any further developments regarding the motor tariffs in due course”.
NIC_CIRCULAR_SUSPENSION OF 2025 MOTOR INSURANCE TARIF
But the transport operators in the Ashanti Region are voicing strong opposition to any proposed increase in insurance premiums, citing financial strain and operational challenges.
The leaders of various transport unions have raised concerns over the policy, arguing that it would add to the already heavy burden of rising fuel prices and deteriorating road conditions.
“We are not comfortable with this arrangement. We are not aware of any communication. Already we are suffering with maintenance cost among others only to be told that the policy takes effect in February. We have collated ideas, and we have resolved to urge the government to hold on to allow stakeholder consultations”, said a leader of the driver unions.
“If that does not happen, we will meet and determine the next line of action”, the leader said.
Reporting By Jonathan Ofori, Asaase Newsroom, Kumasi
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