Only 6% of imports insured in 2021 - Insurance Commission

The Commissioner of the National Insurance Commission (NIC), Dr. Justice Ofori, has revealed that GH¢22.3 billion out of GH¢23.7 billion worth of all cargoes imported into Ghana were not insured under the Insurance Act, 2006 (Act 724) This means that only 6% of the total worth of goods imported in 2021 were insured. According to him, even though Ghana's laws have stipulated that all goods entering the country except goods of personal effects, be insured with a local insurer, importers are seen to be constantly flouting the law. “But this is yet to substantially impact our industry, simply because goods are usually imported on cost, insurance, and freight (CIF) instead of cost and freight as prescribed by section 222 of the Insurance Act, 2021 to the detriment of the local market,” he is quoted by graphiconline.com reports on October 18, 2022. Dr. Ofori added that the practice affects the insurance companies' ability to generate the needed premium income necessary for financing long-term investments. He further stated that “But all that is about to change and this training could therefore not have come at a better time.” “With the support of the Marine Protocol, Marine and Aviation Insurance Database (MAID), and more importantly your expertise, the future looks promising,” he said during a training for Insurance brokers. SSD/FNOQ

The Commissioner of the National Insurance Commission (NIC), Dr. Justice Ofori, has revealed that GH¢22.3 billion out of GH¢23.7 billion worth of all cargoes imported into Ghana were not insured under the Insurance Act, 2006 (Act 724) This means that only 6% of the total worth of goods imported in 2021 were insured. According to him, even though Ghana's laws have stipulated that all goods entering the country except goods of personal effects, be insured with a local insurer, importers are seen to be constantly flouting the law. “But this is yet to substantially impact our industry, simply because goods are usually imported on cost, insurance, and freight (CIF) instead of cost and freight as prescribed by section 222 of the Insurance Act, 2021 to the detriment of the local market,” he is quoted by graphiconline.com reports on October 18, 2022. Dr. Ofori added that the practice affects the insurance companies' ability to generate the needed premium income necessary for financing long-term investments. He further stated that “But all that is about to change and this training could therefore not have come at a better time.” “With the support of the Marine Protocol, Marine and Aviation Insurance Database (MAID), and more importantly your expertise, the future looks promising,” he said during a training for Insurance brokers. SSD/FNOQ