NIC to announce new capital requirement for Insurance companies

National Insurance Commission, NIC, says it will soon announce a new minimum capital requirement for insurance companies in the country.

According to the commission, they are waiting for the Finance Ministry to give approval for them to announce the new capital requirement.

Commissioner of Insurance Justice Yaw Ofori said about 95% of the insurance companies have injected extra capital to be able to meet the yet to be announced minimum capital requirement for the insurance sector.

Read also: National Insurance Commission to introduce more compulsory insurance products this year

“The collapse of the banks affected some insurance companies no doubt about at all just like individuals but we are finding ways to encourage them to boost up their capital so that they can meet the minimum capital requirement.”

“As we about 95% of the companies have actually injected extra capital to meet the minimum capital requirement,” he added.

Currently, the minimum capital requirement for insurance companies is 15 million Ghana cedis.

The commission earlier this week published the names of insurance companies in good standing after media reports suggest that most insurance companies are in financial distress.

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