Bob ROCO Romeo

  Investing in a car Buying a car or being a car owner comes with a lot of expenses; one has to buy fuel, accessories, do roadworthy certificate and most importantly insure the car to financially protect it and other road users. A lot goes into investing in a car. One thing to take into consideration is the maintenance and security. While the level of expenditure doesn’t end at spending a significant amount for purchasing a car, insurance acts as an essential cover to protect it. If you have not insured your car under a beneficial coverage plan, you might have to pay high expenses following an accident, damage to third party properties, causing injuries or even death to third. The possibility of the car being stolen does exist and quite on the rise in recent times. The frequency of motor vehicle accidents and insurance claims Each and every day accidents happen. So, as we are advancing towards the electric cars and advanced safety system for making the drive safe, it is very import...

The National Insurance Commission (NIC) has shown concern over overseas transfers of reinsurance premiums out of the country. Dr. Justice Yaw Ofori, Commissioner NIC, revealed that almost US$40million left the shores of Ghana in 2019. “This has a negative impact on our cedi and the local economy,” the Commissioner lamented. He pronounced this at the 11 th Ghana Reinsurance Cedants Awards held in Accra last week. He therefore entreated all insurers to exhaust local capacity before any recourse to overseas reinsurance, so as to reduce premium flight and harness resources needed to develop the country. Though the Commission is enjoined by the Insurance Act, 2006, to approve all reinsurance arrangements, this is generally aimed at developing the sector since it promotes a system wherein each insurer has access to risk and premium emanating from the local market. Hence, to ensure local capacity is fully utilise before any recourse to overseas reinsurance. The Commission grants ap...

About 400 police personnel nationwide from the Motor Traffic and Transport Division (MTTD) of the Ghana Police Service will be trained by the National Insurance Commission (NIC) in the use of a new device for checking fake stickers.  As part of the training, 80 personnel from the Accra and Tema Unit of the MTTD started training last week in Accra. These personnel are expected to conduct random checks on our roads to ensure that vehicles have valid Motor Insurance that has been captured in the NIC’s database. The Director General of the MTTD - Commission of Police, Beatrice Vib-Sanziri, said at the launch of the training that this programme is for 80 selected personnel of MTTD within Accra and Tema, which they intend extending to about 400 personnel nationwide. And these officers are intended to train others in their various jurisdictions on enforcing road laws. “Aside from the training, the National Insurance Commission has also promised to donate hand-held devices ...