Local insurers capable of handling Ghana’s Marine Cargo needs – Experts
11th February 2026
Industry stakeholders have expressed confidence in the ability of local insurance companies to effectively manage Ghana’s marine cargo insurance requirements.
The Ghana Chamber of Shipping (GCS), together with insurance experts, stated that enforcement of the Insurance Act, 2021 (Act 1061) is supported by a technically competent and resilient domestic insurance industry. The assurance was given during a stakeholder engagement organised by the Chamber in Accra.
Larry Jiagge, a Chartered Insurer and lawyer, explained that marine insurance operates under universal principles that Ghanaian insurers have long adopted and mastered.
“The topmost concern about capacity and experience should not be an issue for anybody because marine insurance is universal in nature. We all use the same rules, known as the Institute Cargo Clauses,” he said.
He noted that Ghana’s insurance market has provided marine cover for decades and that the training of local practitioners aligns with international standards applied in major maritime jurisdictions, including the United Kingdom. This, he added, ensures that Ghanaian importers receive professional protection 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 benefits of local expertise, particularly in claims processing.
According to him, foreign insurance arrangements can leave importers frustrated when disputes arise over damaged cargo, whereas local insurers offer greater accessibility and quicker response times.
“When your goods arrive and they are damaged, and you have insurance locally, you can contact your insurance company to make good the loss right here,” he said.
Dr Mbiah further explained that Ghana’s insurance industry operates within a structured co-insurance and reinsurance framework. Under the Insurance Act, local insurers can combine their capacity to underwrite large risks or access the international reinsurance market when necessary.
“Whenever insurance companies here do co-insurance, they come together to take a risk. If the risk is beyond what their capacity can bear, they reinsure with others on the wider market,” he stated.
He maintained that this system ensures that even large marine shipments can be adequately covered under Ghana’s local insurance regime.