Implementation of Motor Insurance Database improves insurance sector – Dr. Bawumia
NIC introduces MID in 2019
Read full articleBawumia touts NIC's implementation of MID in growing motor insurance sector
Value of transactions under MID increased from GH¢566m in 2017 to GH¢1.165bn in 2021 - Dr. Bawumia
The implementation of the Motor Insurance Database has culminated in the growth of the motor insurance industry from 19 percent in 2019 to 37 percent in 2020 and 26 percent in 2021.
This is according to Vice President Mahamudu Bawumia.
Delivering a public lecture on the economy at the NPP’s TESCON event on April 7, Dr Bawumia said the value of transactions undertaken under the MID increased from GH¢566 million in 2017 to GH¢1.165 billion in 2021.
“Digitization has dealt a severe blow to corruption in the insurance industry with no room for fake insurance certificates,” the Vice President added.
Dr. Bawumia touted the introduction of the MID which is being facilitated by the National Insurance Commission as vital means to curb the menace of vehicles with fake motor insurance stickers plying our roads, thus endangering lives and property.
“With the digitalization of motor insurance in Ghana, all insurance policies, which now have key security features, have been synchronized to a national database, which can be accessed simply with any mobile phone by the insured, the Police, and the general public,” he noted.
He explained that members of the public can self-check the authenticity of their insurance policy by dialing a USSD 93 code *920*57# and follow the instructions thereafter to know the insurance status of the vehicle.
“Therefore, our Police and the general public can easily check from their phones and devices on the road which vehicles have insurance or not,” he concluded.
The public lecture on the economy comes after several demands from stakeholders particularly from the opposition National Democratic Congress over the recent economic crunch in the country.
In his address, Dr. Bawumia blamed the ravages of the COVID-19 pandemic and the recent Russia-Ukraine crisis for the economic woes of the country.
Despite this, he assured of government’s commitment to implementing measures that will mitigate the impact of such external factors.
