Equity Assurance Liberia Limited, a Nigerian-based insurance company, has pledged to invest US$1 million in Liberia. The latest investment, according to insurance experts, will help boost the country’s struggling insurance industry because of its financial strength.
The Liberian insurance sector is undercapitalized and largely divided and so with the coming in of stronger foreign insurance companies, many people here believe that most of the Liberian-own insurance companies will see reasons to form merger in order to compete. The coming of Equity Assurance Company Liberia brings the number of insurance companies in the country to 19.
The coming of Equity Assurance Company to Liberia was planned for many months with the direct involvement of prominent Liberians including, former Liberian Ambassador to the US, Dr. Milton Nathaniel Barnes, who now chairs the Board of the company.
Officially launched on 24th Street on Tuesday, April 8, Equity Assurance is set to provide insurance coverage for fire, business interruption, motor, and accident, marine, amongst many others.
Business executives including bank officials and insurance sector stakeholders as well as foreign diplomats and other guests graced the ceremony.
Speaking at the program, Equity Assurance Liberia Board Chair, Dr. Milton Nathaniel Barnes reminded Liberians and the business community that the insurance entity would be aggressive in its professional approaches.
Barnes assured the public that his company has the expertise to offer and render professional services in Liberia and at the regional level in West Africa.
Ambassador Barnes pointed out that the business outfit would also concentrate its outreach strategies in all parts of the country in terms of coverage and settlement of claims.
“We are here to stay and do business with all Liberians and the business community in the country,” he assured.
He also pledged that that Equity Assurance Company Liberia would strive to make a big difference in its operations in the country.
In a special statement, Nigeria envoy to Liberia Madam Chigozie F-obi Nnadozie, reminded Liberians that her Nigeria and Liberia have done a lot of professional collaborations over years.
Ambassador Nnadozie urged Liberians and the business community in the country to take advantage of the new insurance company’s offers for development, growth and progress of their respective entities in Liberia.
The Nigerian envoy thanked the planners and organizers of Equity Assurance Company Liberia for engaging the insurance industry in a bid to assist Liberians, foreign business entities and others in the country.
For his part, the Managing Director and CEO of Equity Assurance Company Liberia Ishola Akintunde said the insurance entity was entering the market to deliver professional and reliable services to all Liberians and businesses in the country.
“We have entered the insurance market to make a difference in the settlement of claims, services and business engagements that would be of immense benefits to all Liberian businesses and foreign business entities in the country,” CEO Akintunde maintained.
He also admonished Liberian small business owners, private business entities and Liberians in general to take advantage of the services being offered by the newly established insurance company for development in the country.
In remarks, the Director of Banking and Supervision Services at the Central Bank of Liberia (CBL) Marcus Ogun welcomed Equity Assurance Company Liberia to the insurance industry in the country.
Director Ogun also urged the managers of the newly established insurance company to offer products that would reasonably respond to the socio-economic conditions of Liberians and businesses in the country.
He added that he was delighted to represent the CBL at the auspicious ceremony of the launch of the Equity Assurance Company Liberia that has entered the insurance industry at such a crucial period in post-war Liberia.
Director Ogun revealed that the CBL has been working assiduously to bring the necessary reforms in the insurance industry in the country over the years. Equity Assurance has several branches in Nigeria and Ghana.