The National Insurance Commission (NAICOM) has hosted a high-level engagement with the Ghana Cargo Technical Committee in Lagos, fostering deeper collaboration between Nigeria and Ghana on marine cargo insurance.

The Ghanaian delegation featured officials from the National Insurance Commission (NIC) of Ghana, Ghana Insurance Association (GIA), Ghana Shippers Authority (GSA), Ghana Revenue Authority (GRA), and the Institute of Chartered Shipbrokers (ICS).

Representing the Commissioner for Insurance, Mr. Olusegun Omosehin, at the event, Head of NAICOM’s Lagos Control Office, Dr. Julius Odidi, welcomed participants and emphasized the significance of the engagement. He described the session as an opportunity to exchange knowledge and experiences in marine cargo insurance, with both countries expected to benefit from shared insights.

“This forum offers us a platform to explore the technicalities of marine cargo insurance, address challenges, highlight successes, and create avenues for collaboration,” Dr. Odidi stated. “We believe our Ghanaian counterparts will leave with useful takeaways from Nigeria’s operational realities.”

Delivering a presentation on the role of port operators in Nigeria and the workings of the Marine Offices Committee (MOC) of the NIA, former MOC Chairperson Mrs. Felicia Mustapha explained that marine cargo insurance is central to global trade, offering protection against transit-related risks.

She noted that while the Nigerian Ports Authority (NPA) acts as a landlord regulator, private concessionaires like APM Terminals, TICT, and Port and Cargo Handling Services Ltd operate terminals. She also highlighted how insurers depend on safety standards at these ports to assess coverage and risk, all within a regulatory framework governed by NAICOM.

In a related presentation, Mr. Wale Oshodi, a governing board member of NCRIB, underscored the role of insurance brokers in interpreting marine policies and guiding clients through the claims process. He called for stronger collaboration between intermediaries to strengthen the marine insurance ecosystem.

Deputy Comptroller of Customs, Mr. Yahaya Usman, who represented the Nigeria Customs Service, clarified that marine cargo insurance in Nigeria covers goods from point of origin to delivery.

He also cited the Customs Act of 2023 as the legal foundation for NCS’ operations in this space.

Speaking on behalf of the visiting Ghanaian team, Mr. Fred Asiedu-Darteh of the Ghana Shippers Authority expressed appreciation to NAICOM and other Nigerian stakeholders for the engagement. He described the interaction as timely and insightful, particularly as Ghana works to implement its new marine insurance policy framework.

The event marks a significant step in building regional cooperation in marine insurance, aligning regulatory frameworks, and promoting knowledge exchange across West Africa’s maritime and insurance sectors.

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