Insurance and maritime industry experts have expressed confidence in the capacity of Ghanaian insurance companies to underwrite marine cargo risks, stating that the local market is well-prepared to meet the country’s needs.
The Ghana Chamber of Shipping (GCS), together with insurance professionals, said the enforcement of the Insurance Act, 2021 (Act 1061), is supported by a competent and technically sound domestic insurance industry.
The remarks were made at a stakeholder engagement organised by the Chamber in Accra to discuss marine cargo insurance and regulatory compliance.
Mr Larry Jiagge, a Chartered Insurer and lawyer, dismissed concerns about the competence and experience of local insurers, explaining that marine insurance operates under internationally recognised standards.
“Marine insurance is universal in nature. We all apply the same principles, particularly the Institute Cargo Clauses, which guide cargo cover globally,” he said.
Mr Jiagge noted that Ghanaian insurers have provided marine cargo cover for many years and that industry training aligns with global best practices, including standards used in established maritime jurisdictions such as the United Kingdom.
According to him, this ensures that importers and businesses in Ghana can access professional and reliable marine insurance services locally, comparable to what is offered abroad.
Dr Emmanuel Kofi Mbiah, Chief Executive Officer of the Ghana Chamber of Shipping and a Maritime Law Consultant, highlighted the practical advantages of securing marine insurance within the country.
He explained that foreign-based insurance arrangements often create difficulties for importers when cargo is damaged, as claims processes can be slow and complicated.
“With local insurance, when goods arrive damaged, the importer can immediately engage the insurer here in Ghana to process and settle the claim,” he said.
Dr Mbiah added that the domestic insurance industry operates within a structured framework that includes co-insurance and reinsurance arrangements to manage large or complex risks.
Under the Insurance Act, he said, local insurers are permitted to pool their resources to underwrite significant cargo shipments. Where risks exceed their individual or combined capacity, they can transfer part of the exposure to international reinsurance markets.
“When companies undertake co-insurance, they share the risk among themselves. If the exposure goes beyond what they can carry, they reinsure with firms on the broader international market,” he explained.
The experts maintained that with these mechanisms in place, Ghana’s insurance industry has both the technical knowledge and financial backing to effectively support marine cargo operations and protect importers against losses.
