NAICOM champions engagement between Nigeria, Ghana Insurance

Mariam Abeeb

The National Insurance Commission (NAICOM) has championed an engagement between stakeholders in the Nigerian insurance and marine industries with the Ghana Cargo Technical Committee on study tour to Nigeria, in Lagos.

The meeting was attended by representatives of the Nigerian Insurers Association (NIA), Nigerian Council of Registered Insurance Brokers (NCRIB), Nigeria Customs Service, Nigerian Port Authority (NPA), Nigerian Shippers Council, Nigerian Maritime Administration and Safety Agency (NIMASA), Council for Regulations of Freight Forwarding in Nigeria, ANCLA, NAGAFF, among others.

The Ghana Cargo Technical Committee was represented by officials of the National Insurance Commission (NIC), Ghana Insurance Association (GIA), Ghana Shippers Association (GSA), Ghana Revenue Authority (GRA), and the Institute of Chartered Shipbrokers (ICS).

In an opening remark, the Commissioner for Insurance, Mr Olusegun Omosehin, represented by Dr Julius Odidi, Head of Lagos Control Office, NAICOM, thanked all the stakeholders for attending the programme.

Mr. Omosehin said the forum is an avenue for the Nigerian insurance and marine operators to share their practical knowledge with the Ghana Cargo Technical team, while also gaining experience on the operation of cargo insurance in Ghana from them in return.

The commissioner said the knowledge sharing session is an avenue for the stakeholders to discuss technicalities of marine cargo insurance in Nigeria, understand the processes, challenges, successes, and explore potential collaborations.

“We appreciate the contributions of all our stakeholders. I am sure our Ghanian counterparts would be leaving with a lot of knowledge from our success story and challenges,” he said.

In a presentation titled, “Marine Cargo Insurance: The Role of Port Operators in Nigeria, and the Activities of the Marine Offices Committee (MOC) of the NIA, Mrs. Felicia Mustapha, a former Chairman of NIA-MOC, said marine cargo insurance play a vital role in the maritime trade by safeguarding goods against the risks they encountered during international transportation.

According to Mrs. Mustapha, port operations in Nigeria are regulated by the Nigerian Port Authority (NPA), which serves as the landlord, while terminal operations are handled by private concessionaires, including APM Terminal, TICT, and Port and Cargo Handling Services Ltd, among others.

She explained that insurers rely on safety standards and handling protocols maintained by port operators when assessing cargo insurance coverage, and operates within a regulated framework overseen by NAICOM, ensuring compliance with international standards while addressing local realities.

Mr. Wale Oshodi, a Governing Board Member of the Nigerian Council of Registered Insurance Brokers (NCRIB), also discussed the collaborative role of insurance intermediaries, adding that brokers ensure to interpret the terms and condition governing marine cargo insurance to the consignee and how to process a claim when it occurs.

Also representing the Nigerian Custom Service (NCS), a Deputy Comptroller, Mr Yahaya Usman, explained that marine cargo insurance in Nigeria covers goods from point of transit to delivery, noting that the NCS carries out its activities based on an Act of 2023 binding it.

The Ghana Cargo Technical Committee team lead, Mr. Fred Asiedu-Darteh of the Ghana Shippers Authority, expressed gratitude to NAICOM for hosting the engagement, saying it provided valuable insights into Nigeria’s cargo insurance practices and would assist in the implementation of Ghana’s new marine insurance policy.