Importers and Exporters Association of Ghana Partners ICSG to Strengthen Cargo Insurance Claims Support

The Importers and Exporters Association of Ghana (IEAG) has partnered with Insurance Claims Specialist Group (ICSG) Limited to strengthen cargo loss assessment and insurance claims management services for businesses as Ghana prepares to enforce its compulsory local marine cargo insurance framework.

The partnership is aimed at helping importers and exporters recover losses arising from damaged or missing consignments by providing specialised technical support throughout the insurance claims process.

According to IEAG, having insurance cover alone does not guarantee adequate protection for businesses, as many traders lack the expertise required to properly document cargo losses, assess damages and pursue compensation from insurance providers.

Executive Secretary of IEAG, Samson Asaki Awingobit, said the collaboration would address this challenge by helping businesses understand and navigate the claims process more effectively.

“Securing insurance cover is only one part of effective risk management. Knowing how to properly document, assess and pursue claims when losses occur is equally important,” he said.

Mr Awingobit noted that the availability of reliable local claims assessment services would be critical to building confidence in Ghana’s marine cargo insurance system, particularly as more insurance transactions are handled within the country.

Chief Executive Officer of ICSG, Dennis Tufour, also stressed the importance of effective cargo loss assessment, explaining that losses involving imported goods could have wider consequences beyond the financial value of the consignments.

He said such losses could affect business capital, contractual obligations, employment and the ability of companies to maintain their operations.

“Marine cargo insurance is not merely paperwork at the port. It is protection for capital, contracts, jobs and business continuity,” he stated.

Under the agreement, ICSG will provide professional cargo inspection and loss assessment services, including examining damaged consignments, determining the probable causes and extent of losses, gathering supporting evidence and preparing assessment reports to support insurance claims.

The partnership will also introduce a public education campaign using radio, television, print and digital platforms to improve awareness of marine cargo insurance and claims management.

The campaign will cover insurance requirements, policy conditions, claims procedures, timely reporting of losses and preventive measures businesses can adopt to minimise cargo damage.

Small and medium-sized enterprises (SMEs) will receive particular attention because of their limited financial capacity to absorb substantial losses resulting from damaged or missing goods.

Mr Tufour has consequently encouraged businesses to adopt three important practices when dealing with cargo insurance: “Insure correctly. Report promptly. Document professionally.”

The partnership comes as Ghana moves towards strengthening its local marine cargo insurance framework, with effective loss assessment and claims management expected to be important in ensuring that importers and exporters receive the protection and compensation they need when cargo losses occur.

Source: Citi Newsroom