Acting Commissioner of Insurance, Dr Abiba Zakariah, has reiterated her strong stance on the insurance industry’s determination to curb premium undercutting, describing it as a major obstacle to increasing insurance penetration in Ghana.
She expressed concern over the growing compromises on ethical practices by some industry players, stressing that ethical integrity is non-negotiable. According to her, unethical conduct represents “a race to the bottom” that could undermine the industry’s progress. She reaffirmed the regulator’s commitment to decisively addressing the problem.
Dr Zakariah made these remarks when the Committee on Premium Undercutting and Unethical Practices, chaired by Mr. Ivan Avereyireh, former President of the Ghana Insurers Association (GIA), officially presented its report and recommendations to her.
Presenting highlights of the report, Mr. Avereyireh stressed the need for sanctions against all culpable parties and proposed that a Memorandum of Understanding (MoU) be signed by all stakeholders—including shareholders, Boards of Directors, and Chief Executive Officers. He insisted that once adopted, the MoU must be enforced without exception.
The Committee’s report underscored the importance of enhanced regulatory oversight, increased accountability, and greater transparency to build trust and safeguard policyholders’ interests.
Key recommendations outlined include:
Enforcing claims payment requirements
Enhancing life insurance benefits
Preventing unfair pricing and promoting fair competition
Penalising unethical practices
Offering alternative investment options
Ensuring leadership accountability
These measures align with the regulator’s strategic goal of sanitising the insurance market, one of its three core pillars.
Constituted in March this year, the Committee comprises representatives from the NIC, GIA, IBAG, CIIG, Ghana Re, and the Actuarial Society of Ghana, among others.
Committee members pledged their commitment to upholding ethical standards and combating premium undercutting through all available means. Dr. Zakariah assured them that the recommendations would be carefully reviewed and implemented in due course.
The Committee was constituted in March this year and comprises representatives of all key industry stakeholders.
They are: Dr. Kwaku Appietu-Ankrah, Ghana Re PLC, Nana Dufie Amakye Ansah (Mrs.) Insurance Brokers Association of Ghana (IBAG), Mr. George Quayson Otoo, NIC, Mrs.Eugenia Apeagyei, NIC, Mr Kwadwo Nkansah Esq, NIC, Mr Nda Ahale Polley, GIA, Mrs. Elsy Adadey, Chartered Insurance Institute of Ghana (CIIG), Mr. Eric Ato Botchway, GIA, Mr. Stephen Tetteh Terkpetey (Actuarial Society of Ghana (ASG), Dr. Kingsley Kwesi Kwabahson, GIA, Mr Frederick Boakye-Yiadom, NIC, Mr Stephen Kwarteng Yeboah, IBAG, Mrs. Mercy Naa Koshie Boampong, GIA, and Mr Charles Kofi Adjei-Mensah, ASG.
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