The National Insurance Commission (NIC) has announced plans to transform Ghana’s marine cargo insurance sector through digital innovation, faster claims settlement and stronger industry collaboration to support the country’s expanding trade activities.
The Commission said improving the efficiency of marine insurance services would help protect businesses against losses during transportation while positioning Ghana as a more reliable trade hub amid growing opportunities under the African Continental Free Trade Area (AfCFTA).
Speaking at the maiden Marine Cargo Insurance Forum organised by the Business and Financial Times, Head of Market Strategy and Innovation at the NIC, Mrs Stella Jonah, said Ghana’s increasing trade volumes required a stronger risk management system to protect importers, exporters and other players in the supply chain.
Representing the Deputy Commissioner of Insurance, Bernard Ohemeng-Baah, Mrs Jonah noted that Ghana recorded $6.2 billion in export earnings within the first two months of 2026, highlighting the need for effective insurance solutions for goods transported through sea, air and land routes.
She explained that marine cargo insurance provides financial protection against risks such as theft, damage, delays and other uncertainties associated with the movement of goods, while also improving access to trade finance.
Mrs Jonah stressed that building confidence in the insurance sector would depend largely on how effectively insurers respond to claims, noting that poor experiences could undermine efforts to increase insurance penetration.
“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.
She said the NIC was therefore strengthening claims settlement standards, improving insurers’ financial capacity and enforcing market conduct regulations to ensure policyholders receive fair and timely services.
The Commission also reminded importers that Section 222 of the Insurance Act, 2021 (Act 1061) requires commercial imports into Ghana to be insured locally, a measure aimed at deepening the domestic insurance industry and ensuring easier access to claims.
Looking ahead, Mrs Jonah said the success of marine insurance reforms would require closer cooperation among insurers, traders, freight forwarders, customs authorities, port operators and regulators.
She said stakeholders must work towards integrated risk management systems, shared data platforms and standardised documentation processes to reduce inefficiencies, disputes and compliance challenges.
As part of efforts to modernise the sector, the NIC is collaborating with institutions including the Ghana Shippers Authority, Ghana Revenue Authority, Bank of Ghana and other industry stakeholders under the Marine Cargo Insurance Protocol.
The Commission is also developing a marine and aviation insurance database to enable electronic policy verification, improve transparency, reduce fraud and simplify compliance procedures.
Mrs Jonah said a technology-driven marine insurance framework would become increasingly important as AfCFTA expands intra-African trade and increases demand for secure and efficient logistics systems.
The Chief Executive Officer of the Business and Financial Times, Dr Gideon Acquaye, said insurance remained a critical tool for economic resilience, adding that stronger insurance systems were necessary to support businesses and national development.
The NIC believes the reforms will help Ghana build a more responsive marine insurance market capable of supporting businesses and strengthening the country’s role in regional commerce.
