New bill on the Ghanaian insurance market

The Ghanaian government has approved the Insurance Bill. The amendments include the addition of three compulsory insurance coverages, namely public liability, group life insurance for employees and professional indemnity.

Insurance companies currently carry only two mandatory insurance policies: motor third party liability and fire insurance (for private commercial properties).

The project aims to increase the insurance penetration rate in Ghana, which is currently low.

The new law also requires insurers to comply with corporate governance rules and to adhere to good industry practices.

Read also | Merger of three Ghanaian insurance companies