Business News of Wednesday, 13 June 2018
The National Insurance Commission (NIC), regulator of the insurance practice in the country, has disclosed that claims incurred for 2017 accounting year was in excess of GH¢500 million, out of which 82percent was incurred from the motor portfolio.
Esther Armah, Head of the Reinsurance Department of the NIC, revealed this at the launch of the “Same Day Claim Payment Service” by Enterprise Insurance Company in Accra recently.
She pointed out that over the years the NIC, in the exercise of is regulatory mandate, has instituted a member of reforms aimed at engendering public confidence in insurance.
“As a regulator of the insurance business in Ghana, our role is to protect the consumers seriously and will always ensure that insurers keep their promises to their clients. Hence, receiving payment the same day a claim is submitted is a dream come true for every insured,” she said.
Mrs. Armah therefore indicated the regulator believes that insurers paid valued claims quickly and accurately for public trust to grow.
Importantly too, the stressed that the introduction of minimum premiums as well as “No Premium No Cover” was aimed at strengthening the capacity of the companies to pay claims.