A four day international conference geared towards building the technical capacity of insurance companies in West Africa, commenced in Monrovia on Monday. The conference is being organized by the West Africa Reinsurance Corporation PLC (WAICA). The conference is held under the theme “Advance Principles, practices of Reinsurance”.
WAICA was established in 2011, as part of efforts to strengthen insurance companies’ capacities, as well as advancing the principles and practices of reinsurance across the continent. Over 65 participants representing insurance companies in Liberia, Ghana, Benin, Nigeria, Sierra Leone, The Gambia and Tunisia and Morrocco are in attendance at the conference. WAICA Managing Director Abiola Ekundayo urged participants to take full advantage of the training and to network with their colleagues from across the continent. MD Ekundayo said the conference is an annual event, designed to re-awaken reinsurance in West Africa. According to him, WAICA is a sub regional company with stakeholders in Liberia, Ghana, Sierra Leone, Nigeria, and The Gambia. Key stakeholders, he said comes from West Africa Anglophone countries. He pointed out that another important objective of conference is to make reinsurance re-practice in West Africa. The conference he added is meant to also integrate insurance companies in the region. Integration he noted is not visible amongst West Africa Anglophone countries due to lack of a single currency. “There is proper integration amongst Francophone countries due to the CFA, but in the Anglophone countries, this is not the case and to have integration there must a single currency among member states”, Managing Director Ekundayo stressed. He expressed the need for free business environment within stakeholder’s countries, because that is the only way prosperity will be ensure. He cautioned participants to be discipline during the conference, because exercising such will lead to success in the corporate world. Teamwork he stated will lead to the success of WAICA in Africa. The Reinsurance group Boss said that subsidiary office will be establish in Kenya, while operations have begun in Benin. He called on the participants to be more active in the conference and to interact properly. However, he added that the conference will strengthen insurance companies to deal with loss, while at the same time building their technical capacity. He went on to say that it is because of insurance, that reinsurance exists; adding that people will be told about reinsurance writing. For his part, Deputy CBL Director for Insurance, Matthew G. Innis said harness effort is needed to improve insurance in the country. He said Central Bank of Liberia supports WAICA programs. He disclosed that CBL has undergone reforms geared towards improving the insurance industry. Mr. Innis explained that capacity building is important, especially in the area of insurance. The new capital requirement for insurance companies, he said is intended to companies technically.