The Importers and Exporters Association of Ghana (IEAG) has hosted a high-level delegation from Ghana’s insurance sector at its Tema office, following a working visit initiated by the industry in response to IEAG’s earlier press statement on the proposed mandatory local cargo insurance policy.
The meeting was led by IEAG’s Executive Secretary, Mr. Samson Asaki Awingobit, with the insurance delegation headed by the President of the Ghana Insurers Association, Dr. Kingsley Kwesi Kwabahson, and supported by representatives from the National Insurance Commission and the Insurance Brokers Association of Ghana.
Mr. Awingobit reiterated that IEAG is not opposed to the policy but raised concerns over certain provisions of the Legislative Instrument, including proposed custodial sanctions, the risk of double insurance on CIF-based imports, the absence of clarity on transit cargoes, and the claims-paying capacity of insurers for high-risk cargoes.
Dr Kingsley Kwesi Kwabahson on the part of the insurance sector assured IEAG that the Legislative Instrument remains under review and fine-tuning, and that all concerns raised will be factored into ongoing stakeholder consultations.
In a related engagement, IEAG also received the management of Star Assurance Company Limited led by its Head of Underwriting and Global Business, Mrs Nana Serwaa Abrahams, who reaffirmed their readiness to partner with the Association to provide improved and competitive cargo insurance solutions for its members.
