The newly-inducted president of the West African Insurance Companies Association (WAICA), H. Momo Fortune, has said that he would ensure that all registered and licensed insurance companies in the country become members of WAICA.
Fortune, who is also the General Manager and CEO of Mutual Benefits Assurance Company Limited, was speaking during a special closing dinner program of the 36th Annual General Meeting and Education conference of WAICA, during which he was sworn into office on Tuesday, May, 6 at the Paynesville City Hall, outside Monrovia.
Mr. Fortune said that to incorporate registered businesses into their various insurance policies they must have what he described as “no premier, no cover,” which is an international best practice being enforced in West Africa.
Based on that practice, Mr. Fortune said he would ensure all insurance companies in Liberia, who are not part of the regional association, register with WAICA.
Mr. Fortune said: “not just president of WAICA, but I am also the head of AIL, so I will do everything possible for all Liberian insurance companies to registrar with the association,” he promised.
He said that his administration would work in collaboration with the Transport Ministry to implement the enforcement of a compulsory marine insurance in Liberia as it was done in the case of the Third Party Vehicle Liability Insurance Scheme.
He said WAICA is recognized by the Economic Community of West African States (ECOWAS) and the African Trade Insurance Agency (ATI) in providing an investment Guaranty Mechanism that would attract foreign direct investment in the sub-region.
Currently, he stated, WAICA is spearheading the integration and harmonization of the insurance industry in countries that are part of the West African Monetary Zone (WAMZ) with support from the West African Monetary Institute (WAMZ).
Mr. Fortune, a Liberian with many years of insurance experience, meanwhile commended his predecessor for the tremendous impact he made in promoting insurance business in the sub-region.
“I will play a dominant role in the development of insurance in West Africa,”said Fortune.
He also said he would encourage the dynamic, ever-changing nature the insurance industry in both West Africa and worldwide, with innovative programs.
Speaking earlier, outgoing president Hassan Gbessay Kanu urged the members to give their full support to the new administration.
Mr. Kanu, who is the General Manager and CEO of Transworld Corporation Limited and president of the Sierra Leone Insurance Association (SLIA), noted that the quality of their professional services is in the conduct of their business.
“It reflects the manner in which we respond to challenges that confront us as much as our method of positioning our delivery,” he said.
He stressed the need to identify some of these challenges in the system and their solutions. In fact, “We should be proud that in the recent past we have gathered substantial momentum to support our everyday efforts and the transfer of knowledge from country to country and from person to person,” he said.
Eventually, Mr. Kanu said cooperation with regulators will stimulate processes to a much higher level of understanding for the benefit of our nations. Besides, the resulting professionalism on both sides would continue to flourish most efficiently in the face of the competition even beyond our borders to distant markets around the globe, he added.
He thanked WAICA Executive Committee for providing him the opportunity to serve the association.