The Chief Executive Officer of Serene Insurance, Mercy Naa Koshie Boampong, has affirmed the ability of local insurance companies to provide advanced, growth-oriented coverage for marine and aviation cargo, ensuring long-term protection of Ghana’s import trade.
Speaking amid the government’s intensified enforcement of compulsory domestic marine insurance for all commercial imports, Mrs. Boampong highlighted Serene Insurance as a model of local capacity. She emphasised that the company is financially robust and technically equipped to underwrite Ghana’s marine cargo risks at scale.
Mrs. Boampong, who also serves as Second Vice-President and Chairman of the Ghana Insurers Association (GIA), noted that marine insurance is not new to Ghana’s insurance industry. Local insurers, including Serene Insurance, have decades of experience and well-established underwriting systems to manage complex and high-value cargo risks.
“Marine cargo insurance is a mature class of business in Ghana. At Serene Insurance, we have the structures, systems, and expertise to handle high-value cargo risks, as the industry has done for decades,” she said.
She further explained that the capacity to underwrite marine risks relies on capital strength, technical expertise, and access to international reinsurance markets. All locally underwritten risks are supported by global reinsurance arrangements, ensuring that claims can be settled even for high-value losses.
Mrs. Boampong observed that despite existing local insurance requirements since 2006, much of Ghana’s cargo insurance is still placed offshore. “With renewed enforcement, that capacity can now be used to protect Ghanaian importers while keeping premium income within the local economy,” she said.
The CEO noted that beyond retaining premiums locally, the policy would strengthen the Ghanaian insurance industry and support broader financial sector development. “The Ghanaian Insurance Industry is ready! Serene Insurance is ready,” she affirmed.
The assurance comes as the government begins enforcing compulsory local marine cargo insurance under Section 222 of the Insurance Act, 2021 (Act 1061), effective February 1, 2026. The initiative is being implemented by the Ministry of Finance, in collaboration with the Bank of Ghana, National Insurance Commission (NIC), and Ghana Revenue Authority (GRA).
Currently, only about six per cent of Ghana’s imports are insured locally, despite the legal requirement, with an estimated US$100 million in premiums paid annually to foreign insurers. Ghana’s 2024 import volumes of approximately 13.7 million metric tonnes, valued at US$15.2 billion, present significant opportunity for local insurers.
Daniel F. Yeboah, Head of Insurance and Pensions at the Ministry of Finance, said full implementation of the policy could generate close to GH¢300 million annually, highlighting the economic potential for local industry growth.
BY TIMES REPORTER
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