ICSG Launches Marine Cargo Insurance Campaign as Ghana Enforces Compulsory Cover for Importers

 Insurance Claims Specialist Group is launching a public education campaign with the Importers and Exporters Association of Ghana to help businesses understand compulsory marine cargo insurance and claims recovery, warning that a single damaged or missing shipment can trigger financial difficulties far beyond the value of the goods.

A damaged or missing shipment can trigger financial difficulties far beyond the value of the goods, exposing Ghanaian importers and exporters to working capital losses, disrupted production, unsettled bank loans and threatened jobs.

For businesses dependent on imported raw materials, machinery and finished products, inadequate understanding of marine cargo insurance could turn transportation incidents into wider operational and financial setbacks.

Insurance Claims Specialist Group (ICSG) Limited is seeking to address this exposure through a public education campaign designed to improve businesses’ understanding of compulsory marine cargo insurance and the procedures for recovering losses when shipments are damaged or missing.

The Campaign

The initiative, being undertaken in collaboration with the Importers and Exporters Association of Ghana (IEAG), will focus on insurance requirements, policy conditions, claims documentation and the steps businesses must take when cargo losses occur.

The timing is significant. Ghana’s compulsory local marine cargo insurance requirement took effect on October 1, 2026, mandating that all commercial imports be insured through insurers licensed by the National Insurance Commission. The policy was designed to retain premium revenue domestically and ensure localised claims processing — but a mandate without understanding produces certificates, not protection.

The Core Problem: Certificates Without Comprehension

Dennis Tufour, Chief Executive Officer of ICSG, said many businesses concentrated on obtaining insurance certificates without paying sufficient attention to the conditions governing their coverage and the procedures required to secure compensation.

He said cargo risks extended across the transportation and logistics chain, including physical damage, theft, fire, accidents, contamination and deterioration.

For import-dependent manufacturers and traders, such incidents can create a chain of financial obligations. A delayed or damaged consignment may interrupt production schedules, affect supply contracts and leave businesses struggling to meet loan repayments while waiting for replacement goods or insurance settlements.

That chain is where the real damage occurs. A GH¢500,000 consignment lost at sea is a setback; the same loss compounded by a stalled production line, a missed delivery penalty and an accruing bank facility can threaten the business itself.

What Businesses Need to Know

Mr Tufour said businesses needed to understand policy exclusions, notification requirements and other conditions before shipping their goods.

He also emphasised the importance of:

• Maintaining accurate shipping and commercial records

• Reporting incidents promptly

• Preserving evidence

• Obtaining professional assessments to establish the nature and extent of losses

ICSG provides specialist services in cargo inspection, loss assessment, evidence documentation and the preparation of reports to support insurance claims.

The distinction between having a policy and being able to claim on it is where most disputes arise. Insurers routinely decline claims for late notification, inadequate documentation or losses falling within excluded perils — gaps that a business owner unfamiliar with policy language may not discover until the cargo is already lost.

Reaching SMEs

The campaign will use television, radio, print and digital platforms, alongside stakeholder engagements, workshops and educational materials to reach businesses across the country.

Small and medium-sized enterprises are expected to receive particular attention because limited financial reserves often make them more vulnerable to individual shipment losses.

For smaller importers, the loss of a single consignment could affect cash flow, stock availability and their ability to fulfil customer orders, making effective insurance protection an important part of business continuity.

A Second Concern: CAP 21 Compensation Limits

Beyond cargo insurance, ICSG is also raising concerns about the adequacy of compensation limits for personal injury and death under the framework commonly referred to as CAP 21.

Mr Tufour is calling for a review of the compensation limits to reflect prevailing economic conditions, particularly rising medical and rehabilitation costs, inflation, income losses and the long-term financial consequences of disability.

He said existing compensation arrangements needed to account for the financial burden placed on victims and their families, especially where serious injuries permanently affected an individual’s ability to work.

The death of a household breadwinner, he noted, could also undermine family income, children’s educational opportunities and the financial security of dependants.

ICSG intends to engage regulators, policymakers, insurers, legal professionals, medical experts and representatives of victims to examine the adequacy of the existing limits.

The proposed discussions are expected to draw on claims data, actuarial assessments, medical evidence, legal principles and prevailing economic conditions to develop recommendations that balance victim protection with the sustainability of the insurance market.

Quick Facts

ICSG Limited, led by CEO Dennis Tufour, is running a public education campaign with the Importers and Exporters Association of Ghana on compulsory marine cargo insurance, covering policy conditions, claims documentation and loss recovery procedures. The campaign follows Ghana’s mandatory local marine cargo insurance requirement, effective October 1, 2026, which requires all commercial imports to be insured through NIC-licensed insurers.

Tufour warns that businesses focus on obtaining insurance certificates without understanding exclusions, notification requirements and documentation, exposing them to working capital losses, production disruption, unsettled bank loans and job threats when shipments are damaged, stolen, contaminated or delayed. ICSG provides cargo inspection, loss assessment, evidence documentation and claims reports, and the campaign will use television, radio, print, digital platforms, workshops and stakeholder engagements, with particular focus on SMEs.

Separately, ICSG is calling for a review of CAP 21 compensation limits for personal injury and death, citing rising medical and rehabilitation costs, inflation, income losses and the long-term costs of disability, and intends to engage regulators, policymakers, insurers, legal professionals, medical experts and victim representatives.

Source: Accra Street Journal

Last Updated on November 11, 2026 by Samuel Kwame Boadu

Samuel Kwame Boadu

Samuel Kwame Boadu is a Ghanaian media entrepreneur and storyteller with a passion for amplifying urban voices and uncovering everyday truths. He is the Editor-in-Chief and Founder of Accra Street Journal, a dynamic digital platform dedicated to capturing the pulse of Ghana’s capital—its people, culture, challenges, business, sports and innovations.

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