The National Insurance Commission (NIC) has temporarily suspended the implementation of new rates for third party motor insurance policy.
[contextly_sidebar id=”Fy74oHTYedg5fn1GFGrBHIui22BtA6uN”]The Ghana Insurers Association on Monday 8th June, 2015 announced it had reviewed upwards the price for third party motor insurance tariffs effective from yesterday 9th June,2015.
For a breakdown of the new policy, annual premium for third party insurance for example now costs, GH¢471 for private cars, which prior to the review was at GH¢70; while that of taxis have been priced at GH¢576 per annum.
Commercial buses also known as trotro’s will also pay GHC 586 and motorcycles will also pay GH 256 for insurance annually.
But the insurance commission received heavy backlash from car owners and commercial drivers who threatened to strike if the new rates were implemented.
Yesterday 9th June, 2015, however the National Insurance Commission announced the increment has been suspended for now.
According to the commission the suspension is to allow for broader consultation with stakeholders.
It is however unclear how long the implementation of the new rates will be put on hold.
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By: Vivian Kai Lokko/citifmonline.com/Ghana