Consumer Protection Agency rejects 43% hike in insurance

The Consumer Protection Agency (CPA) has strongly opposed the 43 percent increment in insurance premiums by the National Insurance Commission.

The regulator of insurance, the National Insurance Commission (NIC), on January 1 implemented new Motor Insurance prices (tariff) which all insurers are mandated to apply.

Among other things, the pricing change is aimed at safeguarding the financial health of car insurance companies, so they can continue delivering value to customers.

Speaking on the Eyewitness News on Thursday, Mr Kofi Owusu Hene popularly known as Kofi Kapito, Chairman of the Consumer Protection Agency said the NIC failed to engage stakeholders in the sector to decide on the increment.

According to him, there is no justification for the unfair upward adjustment in insurance premiums.

He added that “broader consultations were not done and would have reduced the amount that they are asking us to pay,”

He called on the NIC to withhold the implementation and seek proper consultation and education.