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15.04.2015 Business & Finance

Insurance companies introduce sub-regional stickers

By Joy Business| Kuuku Abban
Insurance companies introduce sub-regional stickers
LISTEN APR 15, 2015

Drivers who commute across the ECOWAS Sub-region would not be required to re-insure their vehicles anytime they crossover to other countries by the end of the 2nd quarter of this year.

This is because the West Africa Insurance Companies Association is introducing a Sub-regional sticker to facilitate easy access.

Speaking to Joy Business, Vice President of the Insurance Association of Ghana Kwame Ofori, said this is needed to enhance business transactions among members of the regional block.

“What we want to do is that every vehicle that is insured in Ghana would pay a small levy to ensure that they would not be required to pay anything when they decide to travel outside of Ghana at any point in time,” he said.

Drivers would, upon the introduction of this scheme, only have to inform their insurers about their intention to travel to any of the ECOWAS countries.

The insurance company would then issue a sticker for the journey.

They would upon the acquisition of the sticker not be required to re-insure their vehicles in that ECOWAS country.

According to Mr. Ofori, the system is expected to be in place in three months' time.

“Vehicle owners will soon see a component in their motor insurance that would entitle them to drive outside the country without having to pay anything extra,” he added.

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