THE National Insurance Commission (NAICOM), has championed stakeholders’ engagement between the Nigerian insurance and marine industries with the Ghana Cargo Technical Committee who were on study tour to Nigeria.
The forum discussed technicalities of marine cargo insurance in Nigeria, and availed the participants ample opportunity to understand the processes, challenges, successes, and explore potential collaborations.
Mr Olusegun Omosehin, Commissioner for Insurance (CFI) and CEO National Insurance Commission (NAICOM), represented by Dr Julius Odidi, Head of Lagos Control Office, in an opening remark welcomed all stakeholders and thanked them for attending the programme.
Mr Omosehin described the forum as an avenue for the Nigerian insurance and marine operators to share their practical knowledge with the Ghana Cargo Technical team, while also gaining experience on the operation of cargo insurance in Ghana from them in return.
He said the knowledge sharing session is an avenue for the stakeholders to discuss technicalities of marine cargo insurance in Nigeria, understand the processes, challenges, successes, and explore potential collaborations.
Mr Omosehin stated, “We appreciate the contributions of all our stakeholders. I am sure our Ghanian counterparts would be leaving with a lot of knowledge from our success story and challenges”.
Mrs Felicia Mustapha, a former Chairman of NIA-MOC, in a presentation titled, “Marine Cargo Insurance: The Role of Port Operators in Nigeria, and the Activities of the Marine Offices Committee (MOC) of the NIA”, said marine cargo insurance play a vital role in the maritime trade by safeguarding goods against the risks they encountered during international transportation.
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She pointed out that port operations in Nigeria are regulated by the Nigerian Port Authority (NPA), which serves as the landlord, while terminal operations are handled by private concessionaires, including APM Terminal, TICT, and Port and Cargo Handling Services Ltd, among others.
According to her, insurers rely on safety standards and handling protocols maintained by port operators when assessing cargo insurance coverage, and operates within a regulated framework overseen by NAICOM, ensuring compliance with international standards while addressing local realities.
Also, a Governing Board Member of the Nigerian Council of Registered Insurance Brokers (NCRIB), Mr. Wale Oshodi discussed the collaborative role of insurance intermediaries, noting that brokers ensure interpretation of the terms and condition governing marine cargo insurance to the consignee, and how to process a claim when it occurs.
Deputy Comptroller, Mr Yahaya Usman, who represented the Nigerian Custom Service (NCS), explained that marine cargo insurance in Nigeria covers goods from point of transit to delivery, stressing that the NCS carries out its activities based on an Act of 2023 binding it.
Mr. Fred Asiedu-Darteh of the Ghana Shippers Authority, the Ghana Cargo Technical Committee team lead, lauded NAICOM for hosting the engagement, saying it provided valuable insights into Nigeria’s cargo insurance practices and would assist in the implementation of Ghana’s new marine insurance policy.
The meeting was attended by representatives of the Nigerian Insurers Association (NIA); Nigerian Council of Registered Insurance Brokers (NCRIB); Nigeria Customs Service; Nigerian Port Authority (NPA); Nigerian Shippers Council; Nigerian Maritime Administration and Safety Agency (NIMASA); Council for Regulations of Freight Forwarding in Nigeria (CRFFN); Association of Nigeria Customs Licensed Agents (ANCLA); National Association of Government Approved Freight Forwarders (NAGAFF), among others.
The Ghana Cargo Technical Committee was represented by officials of the National Insurance Commission (NIC); Ghana Insurance Association (GIA); Ghana Shippers Association (GSA); Ghana Revenue Authority (GRA), and the Institute of Chartered Shipbrokers (ICS).
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