Mercy Naa Koshie Boampong
Chief Executive Officer (CEO) of Serene Insurance, Mercy Naa Koshie Boampong, has strongly defended the capacity of local insurance companies to provide cutting-edge, growth-oriented risk cover regimes for marine/aviation cargo to safeguard import trade in the long term.
Speaking on the topic, Mrs. Boampong who is also the 2nd Vice-President/Chairman of the Ghana Insurers Association (GIA), cited Serene Insurance as an example of local capacity.
She noted that Serene Insurance is well-placed financially and technically to support the country’s import trade through marine cargo insurance.
The strong assurance to importers, regulators and industry stakeholders comes on the back of government’s decision to intensify enforcement of compulsory domestic marine insurance for all commercial imports.
Mrs. Boampong said marine insurance is not a new or unfamiliar line of business for the Ghanaian insurance industry and for that matter Serene Insurance Limited pointing to years of experience and established underwriting systems.
“Marine cargo insurance is not a new product being introduced because of enforcement,” Mrs. Boampong said. “It is a mature class of business in Ghana. At Serene Insurance, we have the structures, systems and expertise to handle complex and high-value cargo risks, just as the industry has done for decades.”
Mrs. Boampong explained that marine insurance capacity is driven by capital strength, technical expertise and access to international reinsurance markets.
She said local insurers operate within well-established reinsurance and retrocession arrangements that allow risks to be shared across global markets.
“Every risk underwritten locally is supported by reinsurance,” she said, adding that this ensures claims can be settled even in the case of high-value losses.
She observed that the industry currently has significant unused capacity, largely because many importers have continued to insure their cargo offshore, despite a local insurance requirement that has existed since 2006.
“With renewed enforcement, that capacity can now be put to use to protect Ghanaian importers, while keeping premium income within the local economy,” she said.
While enforcement is expected to be gradual, assurances from insurers such as Serene Insurance suggest that the local market is prepared to absorb the business as compliance improves.
Mrs. Boampong said beyond retaining premiums locally, the policy would help strengthen Ghana’s insurance industry and support broader financial sector development.
A Business Desk Report