A two-day conference bringing together top executives of the West African Insurance Companies Association and the Association of Insurance in Liberia (WAICA) gets underway today, Monday, May 5 in Monrovia.
Today’s gathering the 36th annual general meeting of WAICA in post-war Liberia.
The WAICA is an International Association of insurance companies and institutions in English-speaking West Africa.
Today’s event intends to encourage the development of the insurance market in each member country on sound and technical basis. Such development is inclusive of the developing of the insuring public from the economic and social angle.
In an interview with journalists at the venue of the conference in Monrovia, William B. Coker, the general-secretary and chief executive officer (CEO) of West Africa Insurance Association, based in Ghana said, members and executive of WAICA have intended to encourage the promotion of insurance education in each member country, and to encourage existing educational institutions, such as universities to initiate courses and training programs on insurance and allied subjects as well as encouraging the exchange of business and personnel from company to company.
According to him, WAICA wants to take reasonable steps aimed at reducing or eliminating economic waste arising from fires, accidents and other elemental causes.
“WAICA would encourage the exchange of business among member companies in the sub region, and to enhance awareness of the impact, and benefits insurance in the socio- economic development of its people.”
Mr. Coker disclosed that at the end of the Monrovia gathering, the members would be inducted into office a Liberian-business man, H. Momo Fortune, who will stir the affairs of Association for the incoming years. Mr. Fortune is the general manager, CEO of Mutual Benefits Assurance Company, and president of the Association of Insurer in Liberia (AIL).
According to Mr. Coker, during the two days deliberations, WAICA would discuss other steps which, are in the interest of members and which, has direct or indirect positive benefits on the lives of the communities within which members operate, thereby promoting the objectives and aspirations of the Association.
The Association was established on May 4, 1973, in Accra Ghana with respect amongst all the insurers and re-insurers operating in the West African sub-region.
Countries forming part of the Associations include The Gambia, Sierra Leone, Ghana, Nigeria and Liberia.