NAICOM Champions Knowledge Sharing on Marine Cargo Insurance Between Nigerian and Ghanaian Stakeholders

Strategic Insights -

In a significant move, the National Insurance Commission (NAICOM) has organized a study tour for the Ghana Cargo Technical Committee on marine cargo insurance, bringing together stakeholders from the Nigerian insurance and marine industries. The meeting, which took place in Lagos, saw representatives from various Nigerian organizations, including the Nigerian Insurers Association (NIA), Nigerian Council of Registered Insurance Brokers (NCRIB), and Nigerian Maritime Administration and Safety Agency (NIMASA), share their knowledge with the Ghanaian team. The event aimed to facilitate the exchange of best practices in marine cargo insurance between the two countries.

Key Takeaways:

  • The NAICOM-led engagement between Nigerian and Ghanaian stakeholders aimed to share practical knowledge and experiences in marine cargo insurance, with a focus on the operations of cargo insurance in Nigeria and Ghana.
  • The meeting provided a platform for Nigerian insurance and marine operators to discuss technicalities of marine cargo insurance, understand processes, challenges, and successes, and explore potential collaborations with their Ghanaian counterparts.
  • Mrs. Felicia Mustapha, a former Chairman of NIA-MOC, emphasized the importance of marine cargo insurance in safeguarding goods against risks during international transportation, highlighting port operations as a critical component in assessing cargo insurance coverage.
  • Insurers in Nigeria rely on safety standards and handling protocols maintained by port operators, while operating within a regulated framework overseen by NAICOM, to ensure compliance with international standards and address local realities.
  • Mr. Wale Oshodi, a Governing Board Member of NCRIB, discussed the collaborative role of insurance intermediaries in interpreting terms and conditions governing marine cargo insurance and processing claims.
  • Mr. Yahaya Usman, a Deputy Comptroller of the Nigerian Customs Service, explained that marine cargo insurance in Nigeria covers goods from point of transit to delivery, citing the Customs Act, 2023, which binds the NCS' activities.

Statistics:

  • The meeting saw representatives from over 15 Nigerian organizations, including the NIA, NCRIB, and NIMASA.
  • The Ghana Cargo Technical Committee was represented by officials from the National Insurance Commission (NIC), Ghana Insurance Association (GIA), Ghana Shippers Association (GSA), Ghana Revenue Authority (GRA), and the Institute of Chartered Shipbrokers (ICS).
  • The engagement was attended by officials from the top organizations in the Nigerian insurance and marine industries.
  • The Nigerian Customs Service carries out activities based on the Customs Act, 2023.
  • The Ghana Cargo Technical Committee team expressed gratitude to NAICOM for hosting the engagement, recognizing the value of insights gained into Nigeria's cargo insurance practices.

Sources:

  • Voice of Nigeria (26 May 2025)
  • National Insurance Commission (NAICOM) statement
  • Nigerian Insurers Association (NIA)
  • Nigerian Council of Registered Insurance Brokers (NCRIB)
  • Nigerian Maritime Administration and Safety Agency (NIMASA)
  • Ghana Shippers Authority
  • Ghana Revenue Authority (GRA)
  • Institute of Chartered Shipbrokers (ICS)
  • Customs Act, 2023