Implementation of new motor tariff put on hold, insurers advised to use old tariff

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The Insurance Commission has announced that the implementation of the new motor tariff, which was initially communicated in a letter dated 23rd December 2024 to the Ghana Insurers Association (GIA) and the Insurance Brokers Association of Ghana (IBAG), has been put on hold due to unforeseen circumstances.

In a recent communication to the industry, the Commission advised insurers to continue pricing motor policies based on the approved 2024 tariff until further notice.

The Commission clarified that the new tariff will not be enforced until further developments are made, and any updates or changes will be communicated to the relevant stakeholders in due course.

This decision affects all insurance companies and brokers involved in the motor insurance sector, who are now required to adhere to the 2024 tariff rates as they continue their operations.

The Commission assured the industry that any new information regarding the motor tariff will be shared in a timely manner as the situation develops.

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