Ghana will launch a marine insurance interface by March 2025 to ensure import compliance, streamline processes, enhance efficiency, and modernize the country’s insurance sector
Ghana’s insurance sector is set to undergo a major transformation with the rollout of a marine insurance interface by March 2025. This innovative system aims to ensure that all imports into the country comply with marine insurance laws, addressing persistent gaps in coverage and streamlining processes for businesses.
The new marine insurance interface is designed to provide a centralized platform for managing marine insurance transactions. This means that importers will be required to secure insurance coverage through the system before their goods are cleared.
For businesses, this simplifies the process and reduces administrative bottlenecks, while for insurers, it creates a more structured and efficient environment to enforce mandatory insurance requirements.
Solomon Lartey, President of the Chartered Institute of Insurance, highlighted the significance of this development during an interview with The High Street Journal. He explained that this platform is essential to enforcing existing laws. “There’s a law that all imports must have marine insurance, and this interface will ensure compliance,” he stated.
Lartey further noted that the system is designed to streamline processes and create a more efficient ecosystem for stakeholders. “This is not just about legal requirements; it’s about creating an environment where businesses can operate without unnecessary delays or risks,” he added.
One of the primary motivations behind this initiative is to address the challenges of enforcing marine insurance laws effectively. Historically, compliance has been inconsistent, with many importers bypassing the insurance requirement altogether. The new interface uses technology to automate and centralize the process, making it nearly impossible to avoid compliance.
“The system will not only ensure that businesses meet their obligations but also improve the operational efficiency of the insurance sector,” Lartey explained. The platform is expected to reduce manual errors and delays, creating a more seamless experience for stakeholders.
The marine insurance interface is part of a larger effort to modernize Ghana’s insurance industry. Over the past few years, the sector has seen increased adoption of technology, from online portals for policy purchases to AI-driven solutions.
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With the implementation of this interface, Ghana’s insurance sector is poised to set a new standard in marine insurance compliance, ensuring that businesses and the economy are better protected against risks associated with international trade.
