TO foster stronger intra-African cooperation and strengthen the marine insurance sector, the National Insurance Commission (NAICOM), in collaboration with the Ghanaian insurance regulatory authority, has deepened bilateral ties to increase the growth and coordination of marine insurance practices within West African countries.
The collaboration, which focuses on knowledge transfer, regulatory harmonisation, and policy implementation support, is aimed at helping Ghana localise marine insurance coverage, mirroring Nigeria’s success in retaining cargo insurance premiums domestically.
At the heart of the collaboration is the strategic focus on the Nigerian maritime industry, which accounts for over 70 per cent of trade volume in West Africa, making it a crucial hub for marine insurance growth and regulatory oversight. With Nigeria’s yearly marine insurance premiums projected to surpass N60 billion ($40 million) by 2026, the synergy between NAICOM and Ghana presents significant opportunities for capacity building, joint training, and the creation of cross-border policy frameworks.
Speaking on the development at a meeting of both countries in Lagos, the Commissioner for Insurance, Olusegun Omoseyin, stressed the significance of regional collaboration. “The marine sector is critical to our economies. Strengthening the partnership with Ghana allows us to share regulatory experiences, improve risk management, and create a unified market that attracts global reinsurers.”
His Ghanaian counterpart, Ms. Akosua Danso, one of the delegates from Ghana to Nigeria, echoed similar sentiments, saying that aligning regulatory standards and pooling expertise will improve claims handling, underwriting accuracy, and consumer protection across both countries.
The agreement includes establishing a joint technical working group, exchange programs for regulators and insurers, and coordinated enforcement of compulsory marine insurance policies under ECOWAS protocols.
