{"id":26752,"date":"2022-10-19T20:09:14","date_gmt":"2022-10-19T20:09:14","guid":{"rendered":"https:\/\/www.africa-press.net\/ghana\/uncategorized\/ghc22-3bn-of-imports-not-insured-in-2021"},"modified":"2022-10-19T20:29:51","modified_gmt":"2022-10-19T20:29:51","slug":"ghc22-3bn-of-imports-not-insured-in-2021","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/ghana\/all-news\/ghc22-3bn-of-imports-not-insured-in-2021","title":{"rendered":"GHC22.3bn of imports not insured in 2021"},"content":{"rendered":"

Africa-Press – Ghana. <\/strong><\/span>ONLY six per cent of the GH\u00a223.7 billion goods imported into the country last year (2021) were properly insured under the Insurance Act, 2006 (Act 724).<\/p>\n

This means that GH\u00a222.3 billion representing 94 per cent of the imports were either not insured at all or were insured by foreign firms, a practice which is against the Insurance Act.<\/p>\n

It also denies insurance companies the needed premium income necessary for financing long-term investment. This came to light at the opening of the two-day Marine Insurance Training by the Insurance Brokers Association of Ghana (IBAG) in Accra on October 13. Low participation<\/p>\n

The Commissioner of the National Insurance Commission (NIC), Dr Justice Ofori, in a speech read on his behalf, stated that the participation of the insurance sector had been extremely low, as only six per cent of all cargo that was imported into the country was insured locally.<\/p>\n

He explained that there has always been a provision in the insurance Act that requires all imports into the country, with the exception of personal effects, to be insured with a local insurer.<\/p>\n

\u201cBut this is yet to substantially impact our industry, simply because goods are usually imported on cost, insurance and freight (CIF) instead of cost and freight as prescribed by section 222 of the insurance Act, 2021 to the detriment of the local market,\u201d he said.<\/p>\n

He said available records indicate that along with a high value of imports\/exports, significant investments have also been made in infrastructure development for the shipping industry.<\/p>\n

Size and nature Also, the commissioner said some importers believe the size and nature of the country\u2019s market render it uncompetitive and ineffective in underwriting cargo insurance.<\/p>\n

\u201cBut all that is about to change and this training could therefore not have come at a better time.\u201d<\/p>\n

\u201cWith the support of the Marine Protocol, Marine and Aviation Insurance Database (MAID), and more importantly your expertise, the future looks promising,\u201d he said. The speech was read by the Head of Reinsurance at the National Insurance Commission (NIC), Esther Armah. Periodic education<\/p>\n

The President of the Ghana Insurers Association, Seth Aklasi, said there should be periodic education to inform people, especially importers on the need for local marine insurance.<\/p>\n

\u201cWith the significant benefit of having to buy insurance from Ghana where you can walk to any insurance firm to put in a claim is very crucial because you are being protected.\u201d<\/p>\n

\u201cThe law also stipulates that a person shall not enter into a contract of insurance with an offshore insurer in respect of property situated in the country, liabilities arising in the country or goods, other than personal effects, being imported into the country,\u201d he said.<\/p>\n

He added that there was the need to protect the interest of local insurers. Marine insurance training The President of IBAG, Shaibu Ali, noted that the marine insurance training sought to position members of the IBAG to take advantage of the Insurance Act.<\/p>\n

He said marine insurance had always been compulsory in the country even with the previous law Act 74, but the punishment was just a fine. \u201cAnd so, importers were taking advantage and were paying only the fine when caught but now the new law introduces a new regime which combines both a fine and prison term of up to three years.\u201d<\/p>\n

\u201cThis will push the recalcitrant importers to insure their goods locally. So, once this is done, we expect a lot of activities on the marine front and for that reason we need to position our members, staff and stakeholders to be able to educate the public,\u201d he added.<\/p>\n

For More News And Analysis About Ghana<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Ghana. ONLY six per cent of the GH\u00a223.7 billion goods imported into the country last year (2021) were properly insured under the Insurance Act, 2006 (Act 724). This means that GH\u00a222.3 billion representing 94 per cent of the imports were either not insured at all or were insured by foreign firms, a practice […]<\/p>\n","protected":false},"author":84,"featured_media":26751,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,9],"tags":[6091,5092,5096,429,10476],"class_list":["post-26752","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-miscellaneous","tag-6091","tag-africa-press","tag-africa-press-ghana","tag-ghana","tag-ghc22"],"yoast_head":"\nGHC22.3bn of imports not insured in 2021 - Ghana<\/title>\n<meta name=\"description\" content=\"ONLY six per cent of the GH\u00a223.7 billion goods imported into the country last year (2021) were properly insured under th ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/ghana\/all-news\/ghc22-3bn-of-imports-not-insured-in-2021\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GHC22.3bn of imports not insured in 2021\" \/>\n<meta property=\"og:description\" content=\"ONLY six per cent of the GH\u00a223.7 billion goods imported into the country last year (2021) were properly insured under th ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/ghana\/all-news\/ghc22-3bn-of-imports-not-insured-in-2021\" \/>\n<meta property=\"og:site_name\" content=\"Ghana\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-10-19T20:09:14+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-10-19T20:29:51+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2022\/10\/postQueueImg_12-63505e224b763.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/ghc22-3bn-of-imports-not-insured-in-2021#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/ghc22-3bn-of-imports-not-insured-in-2021\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"GHC22.3bn of imports not insured in 2021\",\"datePublished\":\"2022-10-19T20:09:14+00:00\",\"dateModified\":\"2022-10-19T20:29:51+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/ghc22-3bn-of-imports-not-insured-in-2021\"},\"wordCount\":609,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/ghc22-3bn-of-imports-not-insured-in-2021#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2022\/10\/postQueueImg_12-63505e224b763.jpg\",\"keywords\":[\"2021\",\"Africa Press\",\"Africa Press-Ghana\",\"ghana\",\"GHC22\"],\"articleSection\":[\"all news\",\"miscellaneous\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/ghana\/all-news\/ghc22-3bn-of-imports-not-insured-in-2021#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/ghc22-3bn-of-imports-not-insured-in-2021\",\"url\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/ghc22-3bn-of-imports-not-insured-in-2021\",\"name\":\"GHC22.3bn of imports not insured in 2021 - 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