Policyholders with Enterprise Insurance should brace for higher premiums beginning July 1, 2025, as the company implements new tax charges on Non-Motor Insurance products, in line with Ghana’s latest tax reforms.
The insurer has announced that a combined 21% in taxes—comprising 15% Value Added Tax (VAT) and 6% levies—will be applied to all Non-Motor Insurance policies, excluding bonds. The move is in compliance with the VAT (Amendment) Act, 2023 (Act 1107), which forms part of the government’s broader strategy to boost domestic revenue generation.
The new charges will affect both new and existing policies, marking a significant shift in the cost structure of insurance services across the country.
In a public notice, Enterprise Insurance said, “Effective 1st July 2025, all Non-Motor Insurance policies (excluding Bonds) will attract VAT of 15% and levies of 6%, in accordance with the VAT (Amendment) Act, 2023.”
The company encouraged policyholders to seek clarification or assistance through its customer service email or by visiting any of its branches nationwide.
While reaffirming its dedication to quality service delivery, Enterprise Insurance acknowledged the impact of the tax adjustment and expressed appreciation to its customers for their continued support during the transition.
The VAT (Amendment) Act, passed by Parliament in 2023, is part of ongoing fiscal efforts to widen the tax net and increase revenue amid growing expenditure demands on government. The insurance sector is one of several areas being brought more fully under the tax fold through the reforms.
Analysts say the impact of the tax increase may affect insurance uptake, especially among individual and small business clients, unless mitigated by strong customer engagement and flexible product offerings.
