To enhance intra-African cooperation and bolster the marine insurance sector, the National Insurance Commission (NAICOM) has partnered with Ghana’s insurance regulatory authority. This collaboration aims to improve marine insurance practices across West Africa through knowledge sharing, regulatory harmonization, and policy support, helping Ghana develop local marine insurance coverage similar to Nigeria’s successful model.
Central to this partnership is Nigeria’s maritime industry, which represents over 70% of West Africa’s trade volume, making it vital for marine insurance growth. With projections indicating that Nigeria’s annual marine insurance premiums could exceed N60 billion ($40 million) by 2026, the alliance between NAICOM and Ghana offers significant opportunities for capacity building and cross-border policy development.
At a recent meeting in Lagos, NAICOM Commissioner Olusegun Omoseyin emphasized the importance of regional collaboration, stating that strengthening ties with Ghana would enhance regulatory experiences, risk management, and create a unified market attractive to global reinsurers. Ghanaian Insurance Commissioner Ms. Akosua Danso echoed these sentiments, highlighting that aligned regulatory standards would improve claims handling and consumer protection.
The agreement includes the formation of a joint technical working group, exchange programs for regulators and insurers, and coordinated enforcement of mandatory marine insurance policies under ECOWAS guidelines.
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