Government Insurance Commission

Government Insurance Commission

All car owners in Ghana is a consumer of insurance services under the Act provides that driving without insurance is liable to fines, Prohibition and even a year in prison. In fact, Auto Insurance is the most important in the introduction to consumers in Ghana than any other type of insurance available. In 2005, accounted for 39.8% of the total gross premium of non-life insurance and life together. The minimum requirement is car insurance for injuries to third parties damage. According to a study funded by DFID Development 4 study, conducted in 2002, the application auto insurance in Ghana is estimated at 70%.

Proof of insurance is provided by a valid decal is stuck in the windshield the car ready for consideration by the police in the various roadblocks and, in the case of any unfortunate incident involving the car. Unfortunately, most drivers in the country taking into account insurance only as a means to pass through checkpoints with ease at least by the police. In reality, few drivers on the type of coverage under the policy purchased and simply choose the cheapest. In fact, it came to light that some consumers bought insurance false labels sold in the streets to try to reduce costs. Vice-President, John Mahama, has recently lamented the situation National Commission of Insurance to end such unlawful. fake stickers may allow the driver to avoid police checks, but provide no premiums or benefits in case of accident. Also to the driver without insurance and therefore subject to the respective sanctions if detected.

The price increase up to the third party is fixed by the government under the auspices of the National Commission of Insurance. For normal operation, the private sector, 5 seats, is now GHc60 with only slight variations between companies. The insurance is actually in the car and driver. Any legal driver, driving the car with the consent of the owner is insured under the policy. More policies of third parties to provide a maximum payment of GHc1000 against property damage and an unlimited amount in case of injury or death to third. Although third-party insurance covers the driver loads in most cases, many uninsured drivers or do not know, can follow the road safely. between private parties is the vast majority of "minor" accidents that occur on the road. Even more serious accidents are compensated with credits is uncertain, because Insurance companies are required to disclose the total amount of premiums collected and settlement costs, but not the number of insured vehicles and victims compensated. While the Commission National Insurance figures on the total volume of insurance claims for all sectors in a given year could not tell us how traffic accidents represent the majority of specific complaints. DFID Research 4 Development, suspicion argues that Ghana and other low-income countries are very low.

Lack of awareness of compensation rights, a reluctance to involve the police, procedures complicated consumption and demand are factors that mitigate whose insurance claims. Education is a key factor in raising about indemnification provisions engine Ghana. This obligation is officially under the jurisdiction of the National Insurance in accordance with the requirements of the Insurance Act 2006 (Act 724). Law provides that the National Insurance Fund for compensation must be used in part to "promote public education on auto insurance in specific and general insurance. "Kojo Ghunney of the Committee National Insurance Public Relations Division, said the Commission did everything possible to meet their obligations. "We are reaching the public radio and television talk and organizing seminars for the public and other parties. Auto insurance is mandatory, the implementation is quite high. Our efforts have been concentrated in public education on the value of taking a micro insurance. However, we now have a television series broadcast on Metro TV reports on all aspects of the insurance industry, "said Kojo.

By international standards, the third part deals in Ghana are relatively low cost. Not, however, it remains one of consumer spending and therefore have the right to protect our rights under its provisions. Insurers have long been left with the responsibility for payment, mainly due to ignorance on the part drivers and victims. As the public becomes more aware of the role of insurance and claim rates increased accordingly, we could see an increase in the cost of premiums. However, it may be preferable to have more expensive insurance that is available to all insurance Low price that offers a bit more of a sticker on our windshield.

For up-to-date reviews, commentaries and tips about the consumer environment in contemporary Ghana, visit my blog, Consumer Corner GH, at http://www.oyabaosei.blogspot.com

Question of Life Insurance?

Since there is no government agencies to intervene to secure the liability of a company life insurance in case they do not meet obligations, pricing policies that companies offer life insurance policy are directly related to their …. a – b total assets – Total liabilities c – Titles and number of exchange commission – Financial rating

E – none of these responses is the best answer but consider the alternatives "A."