Welcome to the website of the National Insurance Commission (NIC). The NIC was established by the Insurance Act, 2021 (Act 1061), which has repealed Act,2006 (Act 724) and replaced Insurance Law, 1989 (P.N.D.C.L. 227). Its object is to ensure effective administration, supervision, regulation, monitoring and control of the business of insurance, to protect insurance policyholders and the insurance industry. The NIC, among other things, is committed to ensuring that Insurance Companies operating in the Ghanaian Market survive, are financially sound and honour their obligations towards policyholders.
The NIC’s ultimate objective is to establish an efficient, fair, safe and stable Insurance Market, which promotes healthy competition and growth in the interest of policyholders for the benefit of all. When that state of affairs is attained in the Ghana Insurance Market, it could be said that insurance service delivery in Ghana has reached a level where it can be easily integrated into the Global Financial Services Sector.
To attain this desired objective, the NIC has taken a number of initiatives aimed at strengthening the Human Resource Base of the Industry, increasing the Financial Soundness and Governance of Insurance Companies; and ensuring that Policyholders are fairly treated. As at now the NIC has under its supervision 27 non-life insurance companies, 20 life insurance companies, 3 reinsurance companies, 5 reinsurance brokers, 3 loss adjusters, 116 insurance broking companies and about 12,500 insurance agents.
The NIC believes that one way of developing transparency in the Ghana Insurance Market is to increase public awareness about insurance issues and the operations of the NIC.
In view of the above, this website has been designed to provide up to date information about the Ghana Insurance Market, and the operations of the NIC. It is also meant to give the public access to the Commission’s publications.