Photo: NanaYawBotar, Wikimedia Commons, CC BY-SA 4.0The National Insurance Commission (NIC)
Ghana's insurance regulator
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What the NIC does
- Licenses (re)insurers and intermediaries: only companies and individuals licensed by the NIC may sell insurance in Ghana (NIC).
- Supervises the market so insurers can meet their obligations to policyholders.
- Resolves complaints that companies have not settled, by mediation (how to complain).
- Statutory funds under Act 1061: the Motor Compensation Fund (victims of uninsured or untraced vehicles, sections 228–231), the Client Rescue Fund (policyholders of a failed insurer), the Fire Control Fund (financed from fire insurance business, sections 223–225), and funds for agricultural insurance and insurance education (NIC statutory funds).
The market in figures
| Indicator (NIC) | Figure |
|---|---|
| Licensed life insurers (register, 31 October 2026) | 14 |
| Licensed non-life insurers (same date) | 25 |
| Reinsurers (same date) | 3 |
| Insurance brokers (same date) | 125 |
| Non-life insurance revenue, 2024 | GH¢5.0 billion (GH¢3.9 billion in 2023) |
| Life insurance revenue, 2024 | GH¢2.33 billion (GH¢1.71 billion in 2023) |
| Claims paid by non-life insurers, 2024 | About GH¢1.45 billion |
| Benefits paid by life insurers, 2024 | GH¢1.05 billion |
| Insurance penetration | Under 2% |
| Complaints received, 2024 | 626 (84% resolution rate) |
Register from nic.gov.gh; 2024 figures from the NIC Annual Report 2024, which reports insurance revenue under IFRS 17 instead of gross premiums. The NIC's website states that insurers paid out GH¢3.6 billion in claims in 2024 (NIC).
Contacts
| National Insurance Commission | |
|---|---|
| Head office | Appiah Ampofo House, Independence Avenue, Accra (GA-016-9180) |
| Telephone | +233 302 238300 / 1 |
| info@nic.gov.gh | |
| Complaints | niccomplaintshub.com |
| Check a company | nic.gov.gh → Verify a licensed entity |
From the NIC website.
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Frequently asked questions
What is the NIC in Ghana?
The National Insurance Commission, the statutory regulator of Ghana's insurance industry under the Insurance Act, 2021 (Act 1061). It licenses and supervises insurers and intermediaries and protects policyholders.
What is the NIC phone number?
+233 302 238300 / 1, email info@nic.gov.gh. Complaints go through niccomplaintshub.com.
Does the NIC regulate health insurance?
Not private health insurance schemes: they are licensed by the National Health Insurance Authority under Act 852.
Sources
- National Insurance Commission (NIC) — official website
- Insurance Act, 2021 (Act 1061) — National Insurance Commission copy (Gazette notification 5 January 2021)
- NIC — Insurers (life and non-life): register of licensed entities, retrieved 31 October 2026
- NIC — Annual Report on the Insurance Industry 2024 (complaints, claims and market figures for 2024)
- NIC — Statutory funds (Motor Compensation, Client Rescue, Fire Control, Agricultural Insurance, Insurance Education)
- NIC — Motor Compensation Fund
- NIC — Client Rescue Fund