The National Insurance Commission (NAICOM) has entered a strategic partnership with Ghana’s insurance regulator to boost the growth of marine insurance and deepen intra-African cooperation, especially within the West African maritime sector.
The new collaboration is aimed at improving policy coordination, knowledge sharing, and regulatory harmonisation to support Ghana in domesticating its cargo insurance—similar to Nigeria’s ongoing efforts to retain marine insurance premiums locally.
At a bilateral meeting held in Lagos, top officials from both countries agreed that the future of marine insurance in the sub-region depends on strong partnerships, cross-border training, and unified standards under ECOWAS trade protocols.
Commissioner for Insurance in Nigeria, Mr. Olusegun Omosehin, while speaking during the session, highlighted the importance of maritime insurance to national and regional economies.
He said, “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.”
Nigeria, with its strategic coastal position, controls more than 70 per cent of West Africa’s trade volume, making it a major force in the region’s shipping and logistics ecosystem. According to projections, Nigeria’s marine insurance premiums could exceed ₦60 billion (approximately $40 million) by 2026, thanks to ongoing enforcement of local content policies and compulsory marine insurance regulations.
The Ghanaian delegation, led by Ms. Akosua Danso, praised Nigeria’s progress in localising its marine insurance and expressed strong interest in replicating the model back home.
Danso said, “Aligning regulatory standards and pooling expertise will improve claims handling, underwriting accuracy, and consumer protection across both countries. We are confident this partnership will yield measurable results in the short term.”
The partnership includes:
Formation of a Joint Technical Working Group
Exchange programmes for regulatory staff and insurance professionals
Capacity-building workshops targeting underwriters and marine surveyors
Harmonisation of compulsory marine insurance enforcement across borders
Implementation of technology-driven supervision for cargo and logistics insurers
Officials from both NAICOM and Ghana’s Insurance Commission stated that the collaboration aligns with the larger African Continental Free Trade Area (AfCFTA) goal of enabling African countries to trade more with one another, with insurance playing a critical enabling role.
Analysts say this move could help curb capital flight, as local and regional insurers will now retain a larger chunk of marine premiums previously ceded to international markets. It is also expected to encourage local underwriting firms to grow their capacity, improve their risk appetite, and take on bigger roles in insuring West Africa’s growing seaborne trade.
Industry stakeholders believe this partnership will encourage cross-border investments, particularly in the areas of marine reinsurance, digital platforms for cargo tracking, and claims management infrastructure.
The collaboration is coming at a time when many African countries are seeking to reduce dependency on international markets and expand their insurance penetration through locally tailored policies.
The partnership is also expected to support ECOWAS regional protocols on trade, logistics, and insurance, which mandate compulsory marine insurance coverage for all cross-border goods movement within the sub-region.
This regional effort is seen as a significant step toward creating a harmonized insurance market that is both globally competitive and domestically beneficial.
