The National Insurance Commission (NIC) has temporarily suspended the implementation of new rates for third party motor insurance policy.
The Ghana Insurers Association on Tuesday June 8th, 2015 announced an upward adjustment for third party insurance tariffs effective June 9th, 2015.
The new policy, which would make private saloon car owners pay a minimum premium of GH¢1.60 daily, would culminate to about GH¢584 annually instead of the GH¢183.70 old tariff.
This is the first time in five years premiums for motor insurance premium have been reviewed and increased.
However according to information available to peacefmonline.com, the increment has been temporarily suspended.
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