Coronation Insurance launches ‘Pay-As-You-Earn’ Motor Insurance

By Desmond MASOPEH

Coronation Insurance Ghana Limited has launched a new “Pay-As-You-Earn” motor insurance, a flexible payment solution that allows motorists to buy their insurance on monthly, quarterly or up to six months, while enjoying the same benefits under standard motor insurance cover via the eCoronation.com platform.

The policy was unveiled at a ceremony held at the company’s head office at Airport Residential Area on Thursday, 29^th January, 2026 with participation from key stakeholders including the National Insurance Commission (NIC), Insurance Brokers Association of Ghana (IBAG), Ghana Insurers Association (GIA), Chattered Insurance Institute of Ghana (CIIG), WAICA and the National Road Safety Authority (NRSA).

Speaking at the launch, the Managing Director of Coronation Insurance, Dr. Yaw Adom-Boateng, said the product was developed to provide payment flexibility and convenience to customers. According to him, the “Pay-As-You-Earn” motor insurance policy is designed to align insurance payments with the income patterns of customers, thereby easing financial pressure and improving access to motor insurance. He explained that the policy offers payment flexibility, allowing customers to choose payment options that suit their cash flow, without compromising on coverage.

Dr. Adom-Boateng also highlighted the digital convenience of the product, noting that the policy is available exclusively through the company’s e-Coronation platform. He said customers can purchase the insurance online from anywhere, complete payment electronically and receive all policy documents directly on their mobile devices, eliminating the need for physical visits to insurance offices.

He further revealed that the product incorporates a CSR component, under which GH¢0.50 from every policy purchased is donated to the National Road Safety Authority to support road safety education and awareness. He described the initiative as part of Coronation Insurance’s corporate social responsibility, aimed at contributing to the reduction of road traffic crashes.

Dr. Adom-Boateng further added that the digital platform has been configured to allow all insurance intermediaries to use it to serve clients nationwide, a move he said would help expand market reach, enhance customer retention and ultimately improve insurance penetration in Ghana.

In a presentation at the event, the President of the Ghana Insurers Association (GIA), Boatemaa Barfour-Awuah commended Coronation Insurance for introducing a policy that promotes affordability, flexibility and accessibility. She noted that the initiative aligns with the industry’s goal of building an agile insurance sector capable of responding to the evolving needs of customers.

She said the policy improves premium payment discipline without compromising customer convenience, while also supporting road safety awareness and education. The GIA President reaffirmed the Association’s support for initiatives that strengthen trust, insurance inclusion and sustainable growth across all sectors of the economy.

The Commissioner of National Insurance Commission, Dr. Abiba Zakariah described “Pay-As-You-Earn” policy as a testament to the adoption of emerging technology in the Insurance sector, that often-overlooked technology advancements. The Commissioner also stated that even though progress may be slow, it is evidential that great strides are being made and surely just like Coronation has launched the product, many more players in the industry would follow suit.

The general secretary of WAICA, in his address, described the “Pay-As-You-Earn” policy as a potential game changer for the insurance industry. Drawing parallels with innovations in the telecommunications sector, he noted that flexible pricing models often lead to major shifts in consumer behavior.

Also speaking at the event, the Director of Planning and Programmes at the National Road Safety Authority, on behalf of the Director-General, Mr. Abraham Amaliba, expressed gratitude to Coronation Insurance for the road safety support embedded in the policy.

He described road traffic crashes as a national security concern, citing provisional 2025 figures which recorded over 14,000 reported crashes, involving about 25,000 casualties, with nearly 2,900 deaths and more than 16,000 injuries. He noted that the impact of road crashes is worsened when victims lack insurance cover.

The President of the Insurance Brokers Association of Ghana, Stephen Kwarteng Yeboah commended Coronation Insurance Ghana for the innovative product, specifically highlighting the referral feature on the eCoronation platform, which enables agents and brokers to be duly identified during the insurance purchase process.

The launch of the policy underscores Coronation Insurance’s commitment to innovation, customer-centred solutions and national development, while supporting the insurance regulator’s financial inclusion agenda.

About Coronation

Coronation Insurance Ghana LTD, licensed by the National Insurance Commission (NIC) in 2008 to underwrite general insurance businesses in Ghana is a wholly owned subsidiary of Coronation Group. The Company commenced business in 2009 and is positioned to play a central role in the economic transformation of the country and serve as a catalyst for rapid economic development of the country.

Coronation’s mission is to transform into a diversified financial services institution, delivering value in a sustainable manner to her customers and stakeholders while playing a lead role in the transformation of the industry.

 

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