• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Economy

NIC initiates measures to check rising underwriting losses in the insurance industry

2 years ago
in Economy, Features, highlights, Home, home-news, Insurance, latest News
1 min read
0 0
0
108
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

NIC initiates measures to check rising underwriting losses in the insurance industry

In response to a concerning surge in underwriting losses experienced by insurance companies in recent years, the National Insurance Commission (NIC) has embarked on a series of pivotal actions to bolster the sector’s financial resilience.

Acting Commissioner, Michael Andoh, articulated the critical necessity of crafting an efficient framework to mitigate underwriting losses. This urgency stems from the significant reduction in investment income following the recent Domestic Debt Exchange Programme (DDEP).

Delivering these crucial insights at the 2023 International Conference on Inclusive Insurance (ICII) hosted in Ghana, Andoh elucidated the ramifications of the DDEP on insurance enterprises.

“These streams of income which is largely derived from revenue accrued from invested premiums gathered in investment instruments such as bonds and other medium to long-term instruments were badly affected by the DDEP.

“A lot of the insurance companies tend to be making underwriting losses and have been depending on investment income to break even and make a profit”, he explained.

In light of these challenges, the NIC, in collaboration with the Ministry of Finance, is set to implement stringent strategic measures aimed at fortifying the country’s insurance ecosystem. Mr Andoh emphasized the need to adapt to a lower interest rate environment, necessitating a departure from the dependency on investment income.

RelatedPosts

MTN Nigeria Now the Most Capitalized Stock in Nigeria

Nigerian Stock Market Creates Largest Pool of Billion-Dollar Stocks in 2025

OPEC+ Nears Decision Point on Next Oil Output Hike

“So if you listen to the Finance Minister, the whole idea is to get into a lower interest rate regime. This means we may not be able to continuously rely on investment income, and so we are taking some strategic approach to address those losses by improving efficiency,” he added.

Furthermore, the regulatory body, in partnership with the Ministry of Finance, is committed to extending financial support to insurance companies severely impacted by recent economic turbulence.

The 19th edition of the International Conference on Inclusive Insurance, convened by the Munich Re Foundation and the Microinsurance Network, was hosted locally by the National Insurance Commission of Ghana, the Ghana Insurers Association, and the Insurance Brokers’ Association of Ghana.

The Conference provided a platform for the exchange of insights and strategies to navigate the dynamic landscape of inclusive insurance in an evolving global economic landscape.

Tags: ICIIinsurance industryNICNIC initiates measures to check rising underwriting losses in the insurance industryunderwriting losses
No Result
View All Result

Highlights

Europe’s Energy Future Hinges on Global Powers

US Companies Cut Investments in China to Record Lows, Here’s Why

How AI is Rewriting and Enhancing Water Risk Management

SheFarms Broiler Edition Kicks Off in Greater Accra

PharmAccess Ghana, Healthcare Federation of Ghana sign SafeCare License Agreement; to use Newest ISQua-Certified Version 5

Tanzania Sink Burkina Faso to Delight Home Crowd In TotalEnergies CHAN 2024 Opener

Trending

Features

MTN Nigeria Now the Most Capitalized Stock in Nigeria

August 3, 2025

MTN Nigeria Now the Most Capitalized Stock in Nigeria MTN Nigeria has surged to become the most...

Nigerian Stock Market Creates Largest Pool of Billion-Dollar Stocks in 2025

August 3, 2025

OPEC+ Nears Decision Point on Next Oil Output Hike

August 3, 2025

Europe’s Energy Future Hinges on Global Powers

August 3, 2025

US Companies Cut Investments in China to Record Lows, Here’s Why

August 3, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.