We have not approved ‘Akwaaba Insurance’ – NIC warns public

The National Insurance Commission (NIC) has issued a statement warning the general public that it has not approved ‘Akwaaba Insurance’.

This follows reports that at the end of the first quarter of 2022, there will be mandatory insurance for travelers that arrive in Ghana called the ‘Akwaaba Insurance’.

The NIC in a statement dated Tuesday, January 25, 2022, has stressed that no approval has been given to any insurance company to roll-out such a product.

“It has come to the notice of the National Insurance Commission (NIC) that a publication on the above-mentioned product which is purported to be mandatory for all international travelers arriving in Ghana effective end of first quarter 2022 is being circulated.

“The NIC wishes to advise the general public that the said ‘Akwaaba Insurance’ has not been approved by the Commission and as such any publication to that effect should be disregarded,” the NIC statement has said.

Reports indicate that the State Insurance Company PLC (SIC), together with Enterprise Insurance and GLICO Insurance Company have formed a consortium for the implementation of ‘Akwaaba Insurance’.

The consortium allegedly wants to make it mandatory for international travelers that arrive into the country to be required to purchase the insurance regardless of the duration of stay and nationality.