The industry must prepare for a scenario where cargo War Risk premiums jump significantly if the blockade persists. For the Ghanaian underwriter, the risk is not direct damage to hulls, as our local fleet is largely restricted to domestic waters, but the liability associated with delayed, diverted, or "trapped" cargo. If vessels reroute around the Cape of Good Hope, the increased transit time could lead to complex claims regarding contract frustration or the deterioration o

In a significant gathering of insurance expertise, Ghana Reinsurance PLC (Ghana Re PLC) recently hosted its premier international seminar, centering on the theme: "The Evolving Landscape of Engineering Insurance." The five-day event underscored the company’s role as a knowledge hub for the continent, drawing a diverse cohort of over 60 industry practitioners from across Africa and the Middle East. A Global Exchange of Expertise The seminar saw robust representation from 13

Globally, many companies have been affected by significant business declines or closures due to coronavirus measures implemented by state governments and organisations. This has resulted in great financial losses for many industries and companies. In order to deal with this, some companies have tried to rely upon their Business Interruption ( BI ) insurance to cover their loss of revenue. The economic consequences of the COVID-19 pandemic on businesses have been dire, to sa

The National Insurance Commission (NIC) says they are alarmed at the amounts of money repatriated as reinsurance premiums annually....