Let’s place GH¢ 1 million penalty payment on insurance undercutting – Former GIA President
Mr Ivan Abubakar Avereyireh, former President, Ghana Insurers Association (GIA), has called for a Gh¢ 1 million penalty payment as a punitive measure to curb undercutting in the insurance industry.
Undercutting, a practice where an insurance company offers lower premium than its competitors to attract more customers, he said, had gained roots in sales of insurance products and must be nipped in the bud.
Delivering a keynote address at the 2025 Ghana Insurance Summit held at Tema, Mr Avereyireh, said the 5000 penalty units which amounts to Gh¢ 60 000 placed on any offender was not deterrent enough since most companies could pay without the knowledge of their boards.
The Summit which brought together industry players and other relevant stakeholders from ac...