The National Insurance Commission (NIC) has disclosed that all goods imported into the country will be insured following the signing of the Cargo Insurance Company.
The agreement was signed by the National Insurance Commission, Ghana Shippers Authority and the Ghana Revenue Authority.
According to the NIC, the contract was necessary since insuring goods from other countries became a difficult task for the Commission especially because the NIC had no control over entry points where the goods come in.
Speaking in an interview with Citi Business, Deputy Commissioner for the NIC, Michael Kofi Andoh, explained that “Section 37 of the Insurance Act requires all goods being imported into the country to be insured in the country. So far it’s been difficult for the NIC alone to enforce that because you know we don’t control the imports or the entry point where these goods come in. We realize that we need to collaborate with stakeholders to be able to enforce that, so we have started discussions with our stakeholders in this regard.”
The Deputy Commissioner also noted that insuring imported products will not only enhance growth in the marine insurance sector, but will fulfill Commission’s goal of boosting the sector’s current premium income to GH¢10 billion in the next three years.