NIC new governing board inaugurated

The new Board of the National Insurance Commission (NIC) has seven members. It includes five men and two women. Their goal is to improve Ghana’s insurance industry regulation. They aim for efficiency, effectiveness, and transparency. This will help build public confidence in the industry.

Christopher Boadi-Mensah chairs the new Board. He is also the CEO of the National Pensions Regulatory Authority. Dr. Abiba Zakariah, the new Insurance Commissioner, is one of the women on the Board. The other woman is Ms. Jean-Marie Formadi, a Member of Parliament.

Other members include David Klotey Collison from the Ministry of Finance, Emmanuel Amofa from the Ghana Bar Association, Matthew Kwaku Atta Aidoo representing trade bodies, and Simon Akibange Aworigo, another presidential nominee.

The Board will enhance NIC’s regulatory oversight and monitoring capabilities. They will ensure compliance with professional and financial standards in insurance. Increasing public understanding of insurance benefits is also a priority.

They plan to promote inclusive access to insurance through initiatives like micro-insurance. The Board aims to ensure that firms are financially stable and use technology for better service delivery.

During their swearing-in ceremony, Ampem highlighted NIC's role in Ghana’s insurance stability and growth. He urged them to focus on regulatory reform and inclusivity.

Ampem called for efforts to increase consumer trust and expand coverage across Ghana. In response, Chairman Boadi-Mensah committed to strengthening NIC’s frameworks and improving industry standards.

He emphasized their mission to benefit all Ghanaians while promoting innovation in regulation and consumer protection.

The new Board faces challenges like premium undercutting in Ghana's insurance market. This issue threatens financial stability for some insurers and their ability to pay claims.

Recently, the industry completed a recapitalization exercise that improved financial strength for life insurers and reinsurers significantly.

Additionally, the NIC must enforce local underwriting for marine cargo risks destined for Ghana. This could reduce illegal foreign exchange outflows while boosting revenue for local insurers.