The National Insurance Commission (NIC) has temporarily suspended the implementation of the 2025 Motor Insurance Tariff due to unforeseen developments.
In a letter dated January 29, 2025, addressed to all Chief Executive Officers of non-life insurance companies, the NIC instructed insurers to continue pricing motor insurance policies based on the approved 2024 tariff.
The Acting Commissioner of Insurance, Michael K. Andoh, reassured stakeholders that further updates regarding the motor insurance tariff would be communicated in due course.
This decision follows a previous announcement made in December 2024 regarding the introduction of the new tariff.
The NIC has urged all relevant parties to comply with this directive while it addresses the current situation.
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