The anticipated increases in motor insurance premiums will now take effect from next Monday, the 10th of May. According to the insurance companies this is to allow for further consultations with stakeholders like driver unions. The new premiums which would see vehicle owners with third party policies paying as much as twice their current premiums, was originally supposed to have come into effect on Monday. President of the Ghana Insurance Association, Ben Acolatse tells Joy Business the increases are necessary because it is becoming increasingly difficult for insurance companies to pay claims. He says the new rates will be well regulated by the National Insurance Commission. “We have put in place structures like all companies quoting for motor insurance must necessarily complete what we call a quotation slip,” he said, adding this will determine how the insurance companies arrive at their rates. He adds that the association is also dealing with the problem of price undercutting in the industry. Source: Joy Business/Myjoyonline.com/Ghana