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Beginning January 2024, the cost of Motor Insurance Premiums in Ghana are likely to go up by more than 30 percent.<\/p>\n
This is the indication given by the Chief Executive of the Ghana Insurers Association, Dr. Kingsley Kwesi Kwabahson, who attributed the potential increment on government\u2019s decision to impose a VAT rate on Non-Life Insurance products by about 21 percent.<\/p>\n
This is further exacerbated by the expected increase of Motor Insurance Premiums by at least 10 percent.<\/p>\n
Dr. Kingsley Kwesi Kwabahson made this known while speaking on the JoyNews PM Express Business Edition and monitored by\u00a0GhanaWeb\u00a0Business, on December 14, 2023.<\/p>\n \u201cWe are still engaging with stakeholders and what I can give at the moment is scenarios but I will not dog-tail on the details. For example if you look at 10% increment for example, plus VAT take its to 31%\u202615 percent increment means plus 21 VAT and that makes about 36%.<\/p>\n \u201c\u2026So that is why we having a stakeholder engagement to ensure that whatever is charged will be equitable and makes business sense,\u201d Dr. Kwabahson emphasized.<\/p>\n Motor Insurance Premiums are expected to be increased by more than 30 percent from January 2024. @Joy997FM<\/a> @JoyNewsOnTV<\/a> #joysms<\/a><\/p>\n \u2014 George Wiafe (@gwiafe) December 15, 2023<\/a><\/p>\n<\/blockquote>\n The move has been influenced by Government\u2019s decision to impose VAT on Non-Life Insurance Products by 21 percent as well as the expected increase of Motor Insurance Premiums by at least 10 percent.<\/p>\n \u2014 George Wiafe (@gwiafe) December 15, 2023<\/a><\/p>\n<\/blockquote>\n Source: www.ghanaweb.com<\/p>\n <\/p><\/div>\n\n
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