…as part of month-long insurance broking public awareness campaign
Over two days this week, October 13 and 14, insurance brokers in Ghana will be trained on marine cargo insurance. The two-day training programme, which is being organised by the Insurance Brokers Association of Ghana (IBAG), has as its theme: ‘Essentials of Marine Cargo Insurance’, and seeks to impart technical knowledge to insurance brokers in Ghana on the placement and negotiation of terms of marine cargo insurance, which provides cover against risks incurred by importers in the process of shipping goods into the country.
The training is being organised ahead of the impending passage into law of a marine cargo insurance bill that will make it compulsory that goods being imported into Ghana are insured against damage or outright loss by locally licensed insurance companies. Up till now, many importers have placed such insurance cover contracts with foreign insurers domiciled in the respective countries where the goods are being imported from. This has resulted in considerable, avoidable foreign exchange outflows from Ghana in the form of insurance premiums paid by importers in Ghana to those foreign insurers who provide them with marine cargo insurance cover.
The original plan was to make the intended new dispensation part of the comprehensive changes incorporated in the 2021 Insurance Act passed last year. Since logistical bottlenecks prevented this from happening, the industry regulator – the National Insurance Commission – has promoted a separate bill for consideration by Parliament, which specifically addresses the provision of marine cargo insurance cover by insurers licensed within Ghana’s jurisdiction.
The role of insurance brokers in implementing the impending law will be crucial since general (non-life) insurers in Ghana derive about 70 percent of their total business volumes – marine cargo insurance inclusive – from these insurance brokerage companies.
The training programme will serve as the first activity in a month-long IBAG insurance brokers awareness programme.
The training will be held at the Mensvic Grand Hotel in East Legon, a suburb of Accra. The course is aimed at building the capacity of insurance professionals, particularly brokers, to enable them actively participate in the full implementation of the marine cargo business. It is expected to cover various aspects, including the cargo clauses, modern trends and global issues on cargo insurances.
The training facilitator is Mr. Hilton Derek Adams, Head of Marine & Aviation, Munich Reinsurance Company of Africa (Pty) Limited, South Africa. Mr. Adams has worked with Munich Re for the past 36 years, all of that time in the Marine/Aviation Department, during which he also did all classes of business in addition to his Marine/Aviation responsibilities as a Client Manager. Apart from his current duties as Head of Marine & Aviation, he also has client management duties and is responsible for all technical matters for the entire African business handled by Munich Re, Africa.
He is an Executive Member of the Associated Marine Underwriters in South Africa (AMUSA) as well as an IFY Technical Committee Member of the International Union of Marine Insurers (IUMI).
Ghana’s Commissioner of Insurance, Dr. Justice Ofori, has been invited as Special Guest of Honour and Keynote Speaker at the opening ceremony of the training programme.
The other aspects of the month-long awareness programme will commence from Monday, October 10. The Awareness Month is being held under the theme: The Insurance Broker; Your Gateway to Insurance.
The awareness programme aims at promoting the role and relevance of insurance brokers – about whom the public has little knowledge – as a means toward the ultimate goal of increasing Ghana’s low insurance coverage and penetration. To this end IBAG has scheduled several activities during its Awareness Month.
These include radio interviews on selected radio stations in Accra; an insurance show on television through the month; education on insurance and career opportunities in selected Senior High Schools in Greater Accra; and presentations to various trade associations by IBAG representatives to educate them on the benefits of placing insurances through insurance brokers.
Other events will include a media soirée and a social media campaign.
