NIC rolls out marine insurance reforms to strengthen Ghana’s trade position

The National Insurance Commission (NIC) has unveiled a new strategy to reinforce Ghana’s marine cargo insurance market, aiming to boost business confidence and support the country’s growing international trade.

The reforms focus on faster claims payouts, digital verification tools, and stronger collaboration across the trade chain.

The Commission believes a more resilient marine insurance sector will shield businesses from cross-border risks while positioning Ghana as a competitive hub under the African Continental Free Trade Area.

Speaking at the Marine Cargo Insurance Forum in Accra on Tuesday, July 7, 2026, on behalf of Deputy Commissioner of Insurance Bernard Ohemeng-Baah, NIC’s Head of Market Strategy and Innovation, Stella Jonah, stressed that rising trade volumes make robust risk protection more urgent.

She cited Ghana’s $6.2 billion in export earnings in the first two months of 2026 as evidence of the stakes involved.

Marine cargo insurance, she explained, cushions businesses against theft, damage, and delays, while safeguarding cash flow, improving access to trade finance, and giving buyers and sellers confidence to complete international deals.

Jonah also reminded importers that the Insurance Act, 2021 (Act 1061) requires commercial imports into Ghana to carry local insurance coverage — a measure designed to grow the domestic market and simplify claims.

But regulation alone is not enough, she warned.

“There is no better way to increase insurance penetration than making insurance work. Education is important, yes, but one bad claim can undo years of public education. Negative experiences and unpalatable feedback travel faster than any marketing campaign,” she said.

To address this, the NIC is tightening claims settlement standards, raising capital requirements for insurers, and reinforcing conduct rules.

The next phase of reform will hinge on closer teamwork between insurers, traders, freight forwarders, customs officials, port operators, and regulators, with shared data systems and standardized documentation expected to reduce disputes and inefficiencies.

The NIC is already collaborating with the Ghana Shippers Authority, the Ghana Revenue Authority, and the Bank of Ghana under the Marine Cargo Insurance Protocol.

It is also rolling out a marine and aviation insurance database to enable electronic policy checks, curb fraud, and streamline compliance.

DR/SA

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