Strengthening risk management in the insurance sector amid global trade disruptions: Strategies for financial resilience

Global trade disruptions pose significant challenges to the financial stability of the insurance sector, particularly in emerging markets like Ghana. This study examines the state of risk management practices within Ghana's insurance industry, exploring the extent to which firms adopt proactive strategies to mitigate risks associated with global trade uncertainties. Using a qualitative research design, data were collected from 10 insurance companies through semi-structured interviews, document analysis, and observations. The findings reveal that while most firms have formal risk management policies, many rely on periodic rather than continuous reviews, making them less agile in responding to global trade shocks. Currency fluctuations, supply chain disruptions, and regulatory changes emerged as the primary risks, with technology adoption and capacity building identified as critical for resilience. The study recommends the adoption of advanced risk management frameworks, enhanced regulatory compliance, and increased investment in technology to strengthen the sector’s resilience against global trade disruptions.