The Importers and Exporters Association of Ghana (IEAG) has partnered with Insurance Claims Specialist Group (ICSG) Limited to provide specialised cargo loss assessment and claims management services to businesses. This initiative aims to support importers and exporters as Ghana prepares to enforce its compulsory local marine cargo insurance framework. The partnership will provide businesses with technical support to document damaged or missing consignments, assess losses, and navigate the claims process.
According to Executive Secretary of IEAG, Samson Asaki Awingobit, many businesses struggle to recover losses due to lack of technical expertise in pursuing insurance claims effectively. The partnership with ICSG will bridge the gap between securing insurance cover and obtaining compensation when cargo losses occur. Awingobit emphasised that securing insurance cover is only one part of effective risk management, and knowing how to properly document, assess, and pursue claims when losses occur is equally important.
Chief Executive Officer of ICSG, Dennis Tufour, highlighted that cargo losses can extend beyond the value of damaged goods, affecting business capital, contractual obligations, employment, and operational continuity. He stressed that marine cargo insurance is not merely paperwork at the port, but protection for capital, contracts, jobs, and business continuity. Under the partnership, ICSG will inspect damaged cargo, establish the probable causes and extent of losses, gather supporting evidence, and prepare professional assessment reports to facilitate insurance claims.
The collaboration between IEAG and ICSG will also include a public education campaign across various media platforms, stakeholder engagements, and workshops. The campaign will focus on insurance requirements, policy conditions, claims procedures, timely reporting of losses, and measures to prevent cargo damage. Small and medium-sized enterprises are expected to receive particular attention due to their limited capacity to absorb significant losses from damaged or missing consignments.
Tufour urged businesses to adopt three key practices when dealing with cargo insurance: insuring correctly, reporting promptly, and documenting professionally. The partnership comes as Ghana moves to strengthen the local marine cargo insurance framework, with effective claims assessment and management expected to play an important role in protecting businesses and improving confidence in the system.
The partnership between IEAG and ICSG is expected to strengthen support for importers and exporters in Ghana, providing them with the technical expertise needed to navigate the claims process effectively. This development is significant as Ghana prepares to enforce its compulsory local marine cargo insurance framework, which aims to protect businesses and improve confidence in the system.
The initiative is also expected to improve confidence in Ghana's marine cargo insurance system as more insurance transactions are handled locally. With reliable local claims assessment services, businesses will be able to recover losses more effectively, and the partnership will contribute to the growth and development of Ghana's economy.
Key points
- The partnership will provide businesses with technical support to document damaged or missing consignments, assess losses, and navigate the claims process.
- The initiative aims to support importers and exporters as Ghana prepares to enforce its compulsory local marine cargo insurance framework.
- The partnership will include a public education campaign to focus on insurance requirements, policy conditions, and claims procedures.
