Ghana’s insurance sector is said to be losing huge sums from the marine industry as many of the operations within that space are not properly covered.

Over the years, the correlation between the volume of imports and the expected corresponding insurance covers continue to decline.

The President of the Ghana Insurers Association, Aretha Duku is worried about the development.

“Motor insurance comes to mind at the mention of the kinds of insurance with scanty or no knowledge on marine insurance.”

She said elsewhere, there is a correlation between marine business and marine itself in terms of imports, but unfortunately, the situation is the reverse here in Ghana.

She added: “In 2007, total imports into Ghana were 8 billion dollars with an expected premium of 16.2 million dollars. Unfortunately, only 9.95 dollars was realized. The figures imply a decline in marine insurance as import increases which should have been the other way round”.

The Commissioner of Insurance, Justice Ofori on his part, attributed the development partly to the GRA one percent penalty slapped on players in the marine industry.

He was optimistic of timely approval of the new Insurance Bill which is being worked to ensuring that all goods imported purchase insurance cover.

The head of Financial System Development of GIZ, Jocken Ramcke observed that though regulations and laws are good, over-regulation has been the bane to boosting the insurance sector in other jurisdictions.

The workshop is being patronized by insurance experts and players in the industry envisaged changing the negative trend afterward.

This was disclosed at the marine training and marine insurance workshop for players in the industry at Big-Ada in the Greater Accra Region.

Source: Ghana/Starrfmonline.com/103.5FM/Osei Owusu Amankwaah