The Acting Commissioner of Insurance, Dr Abiba Zakariah, has disclosed that insurance companies in Ghana paid out a total of GH¢3.3 billion in claims in 2024, averaging GH¢9.2 million every day.

Breaking it down, she explained that life insurance companies paid about GH¢1.5 billion in benefits and compensation to policyholders, while non-life insurance companies paid around GH¢1.9 billion in claims.

On a daily basis, life insurers paid an average of GH¢4 million, while non-life insurers paid GH¢5.2 million.

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Dr Zakariah made these remarks on August 27, 2025 during a media briefing on the three strategic pillars for driving the growth of Ghana’s insurance industry within the framework of the government’s reset agenda.

Her disclosure came in response to public concerns that insurers are often slow to pay claims despite collecting premiums promptly.

She stressed that the perception is misleading, as insurance companies meet significant obligations daily but rarely publicise these figures.

“Insurance companies pay so much in claims every day, but because we do not make noise about the obligations we meet, our story is not told,” she lamented.

Dr Zakariah assured the public that the NIC will, going forward, release such data regularly to build trust in the sector.

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The NIC Commissioner further outlined bold measures to reset and reposition Ghana’s insurance industry, with a focus on building public trust, expanding coverage, and positioning Ghana as a hub of insurance in Africa.

The reset agenda outlined by the Commissioner of Insurance focuses on eight key pillars to transform the industry. These include; Inclusive Insurance, with new products designed for low-income earners to broaden access and provide financial protection; and Climate & Disaster Cover, which will develop disaster-related insurance, such as flood protection, to support vulnerable communities.

The Campus Insurance Initiative will see partnerships with universities, starting with KNUST and Legon, to establish insurance halls and innovation centres.

The agenda also seeks to position Ghana as a hub for insurance in Africa by leveraging successes in oil & gas and agricultural insurance. To ensure integrity in the sector, a market sanitisation drive will tackle unethical practices such as premium undercutting, with strict sanctions for offenders.

The plan further emphasises claims payment transparency, highlighting that insurers currently pay GH¢9.2 million daily in claims, and the strengthening of compensation funds, including the Motor Compensation Fund and a new Fire Compensation Fund.

Finally, the agenda encourages innovation to address emerging risks, such as cybercrime, digital fraud, and other modern threats.

She stressed that insurance must go beyond claims settlement to play a central role in protecting lives, preventing losses, and supporting Ghana’s economy.

On climate change, Dr Zakariah noted that Africa, including Ghana, faces disproportionate risks despite contributing minimally to the problem.

She highlighted how disasters such as floods worsen poverty, stressing that insurance can serve as a buffer by providing financial relief to affected households and communities.

“Insurance is not just about paying claims; it is about protecting lives, preventing losses, and building a stronger economy for all. We invite every Ghanaian to engage with us as we reset and transform the industry,” she affirmed.

MA