The National Insurance Commission (NIC) has unveiled a comprehensive strategy to strengthen Ghana’s marine cargo insurance market through faster claims processing, digital verification systems and stronger collaboration among key trade institutions.
The reforms are expected to improve business confidence, protect importers and exporters against cross-border risks, and support Ghana’s ambition to become a competitive trading hub under the African Continental Free Trade Area (AfCFTA).
Speaking at the Marine Cargo Insurance Forum in Accra, the Head of Market Strategy and Innovation at the NIC, Ms. Stella Jonah, who represented the Deputy Commissioner of Insurance, Mr. Bernard Ohemeng-Baah, said the rapid expansion of international trade made effective cargo risk protection increasingly important.
She noted that Ghana recorded export earnings of US$6.2 billion during the first two months of 2026, underscoring the need for a resilient insurance framework to safeguard trade and investment.
Ms. Jonah explained that marine cargo insurance protects businesses against losses arising from theft, damage and delays during transportation while preserving cash flow, improving access to trade finance and giving buyers and sellers greater confidence in international transactions.
She reminded importers that under the Insurance Act, 2021 (Act 1061), all commercial imports into Ghana are required to be covered by locally issued marine cargo insurance, a policy intended to deepen the domestic insurance market and facilitate quicker claims settlement.
However, she stressed that regulatory compliance alone would not increase insurance uptake without efficient service delivery.
“There is no better way to increase insurance penetration than making insurance work. Education is important, but one bad claim can undo years of public education. Negative experiences and unpalatable feedback travel faster than any marketing campaign,” she said.
To improve customer confidence, the Commission is tightening claims settlement standards, strengthening market conduct regulations and raising capital requirements for insurance companies to enhance their capacity to settle claims promptly.
Ms. Jonah said the next phase of reforms would emphasise greater collaboration among insurers, traders, freight forwarders, customs officials, port operators and regulators through shared data platforms and standardised documentation to reduce disputes and improve operational efficiency.
She disclosed that the NIC is already working with the Ghana Shippers Authority, the Ghana Revenue Authority and the Bank of Ghana under the Marine Cargo Insurance Protocol to improve compliance across the import value chain.
The Commission is also introducing a marine and aviation insurance database that will enable electronic verification of insurance policies, reduce fraud and simplify regulatory compliance for businesses.
Industry players believe the reforms will strengthen Ghana’s trade ecosystem by improving risk management, reducing transaction costs associated with cargo losses and enhancing confidence among businesses engaged in international trade.
