Insurance premium to increase from January 1
Private cars and taxis will, from January 1, 2024, pay more for insurance premiums. This is after the insurance companies secured approval from the National Insurance Commission.
Private vehicles are, therefore, expected to pay GH¢482 for third-party insurance, whilst commercial taxis will pay GH¢437.
Private corporate vehicles will be charged GH¢482, while hiring vehicles will pay GH¢652. Motorcycles are also expected to pay GH¢252.
The Ghana Insurers Association has admonished its members to strictly adhere to the approved rates to avoid sanctions from the Insurance Commission.
However, the increase in the third-party insurance premium did not factor in the Value Added Tax (VAT) Amendment Bill passed by Parliament in December 2023.
The amendment may impose a 21.9% VAT on all non-life insurance products resulting in a more than 30% increase in insurance premiums.
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