Ghana Industry Research: Insurance

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New insurance law likely to have a positive impact on the Ghanaian insurance industry
  • Ghana Industry Research: Insurance
  • Year : Feb 2021
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In February 2021 the Ghanaian president signed the Insurance Bill 2020 into law, replacing the Insurance Act of 2006. The new law includes the addition of three compulsory insurance covers: public liability, group life insurance for employees, and professional indemnity. These are in addition to the three current mandatory insurance covers: motor third party liability, fire insurance for private commercial properties, and workmen’s compensation.

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Given its focus on stringent regulatory framework and good corporate governance standard and best practices, successful implementation and enforcement of the new law could have a positive impact on GCR’s sector risk assessment. GCR positively views the complementary nature of the increase in minimum capital requirements announced in 2019 together with a developing risk-based capital management framework to the objectives of the new law through generation of expanded underwriting capacity to accommodate premium growth expected from new compulsory lines.

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