Liberia: “Stand Ready to Support Economic Growth”

The newly inducted president of the Liberia Insurance Association (LIA) has called on insurers to play their role and ensure that the sector stands ready when called upon to support economic growth in Liberia.

According to Ethel V. Knuckles, president of the LIA, the association needs to prioritize training in order to be on par with their regional and international colleagues.

She is currently the managing director of the Insurance Company of Africa, the longest-serving insurance company in Liberia, providing vehicle and health insurance services.

Knuckles informed members that the association has to double its pace because they can no longer accept mediocrity, average performance, and just getting by with manual and antiquated processes. 

She made these remarks recently when she took over the leadership from Prof. Saye D. Gbalazeh.

“To the members of the association, we cannot change the past; those days are gone. What we can and will do is chart a better course for the future of our industry and ensure it has a positive impact on our country, the people within our employ, and that our sector receives the recognition it deserves,” Knuckles noted.

She further pledged in her acceptance speech to be open and work with all parties to ensure the association grows during her tenure and thereafter “our efforts are applied without fear or favor for the growth and development of the industry and our dear country, Liberia.”

Knuckles stressed that in order to achieve her vision as president; the association will have to strengthen its domestic presence and reputation here in Liberia.

“We have to work together – our commonalities as companies far outweigh our differences. We must make our presence felt in the region by being active with WAICA. And overall, we must act with integrity and have standards,” Knuckles told her members.

The LIA’s outgoing president, Prof. Saye D. Gbalazeh, said they are at a crossroads; “our association faces many challenges. We have elected leaders with the vision, integrity, determination, value, principles, and leadership capabilities to guide our organization and provide innovative solutions to existing and emerging challenges.”  

He disclosed that before assuming the role of President of the LIA, the association was dormant due to a stay order secured against it by a sister company.

However, Gbalazeh said, “We put on our attorney’s hat and made legal representation on behalf of the association at the Commercial Court. The Commercial Court accepted our arguments, lifted the stay order, and paved the way for the rebirth of what is now renamed the Liberia Insurance Association.”

According to him, the subsequent induction of officers in 2018 marked the beginning of a new day of vibrancy, progress, and stability for LIA.

“When I assumed this role as president in 2018, I knew laying a solid foundation would be critical for the growth and success of our association. We needed a solid framework that would enable us to navigate our esteemed industry’s fragile and changing landscape,” he explained.

Against that backdrop, Gbalazeh said, they built a strong foundation based on four pillars: industry consolidation, collaboration, advocacy, and capacity building.

“As the voice of the insurance industry, we have tirelessly championed the interests of our members and the customers they serve. LIA made representations in the case involving the Financial Intelligence Unit (FIU) versus the Insurance Industry; our intervention resolved the dispute and reduced the fines imposed by FIU from US$140,000.00 to US$17,500.00,” he added.

Gbalazeh also informed members that during his tenure at LIA, he also made several appearances and participated in hearings at the House of Representatives on matters affecting and related to LIA.

He declared, “We engaged policymakers, regulators, and stakeholders to shape policies that promote a fair and sustainable insurance market.

“Our advocacy efforts have ensured the insurance industry remains a vital pillar of our nation's economy, providing financial security and peace of mind to individuals and businesses alike.”

The LIA former president said that he left a bank balance of more than US$30,000. “When we assumed office, the books were in the red. We provided operational logistics to the Ministry of Transport and the National Police to facilitate third-party liability enforcement.”

According to him, the foundation his administration has laid will serve as a springboard for even more extraordinary achievements in the future.  

Gbalazeh urged the new leadership to continue fostering collaboration, embracing innovation, and advocating for the insurance industry’s interests.

“As I pass the baton to the incoming president and leadership, I am optimistic and convinced our Association is in capable hands. I am confident that our Association will continue to thrive under this new leadership.

“I look forward to continuing to work with you and witness the remarkable achievements that lie ahead.  Together, we can shape the future of insurance and ensure its continued relevance and success,” he concluded.

Meanwhile, those elected to serve the LIA include Ethel V. Knuckles, president; Bernard Nteguia Fodjo, board member; Austin W. Gahr, board member; Habib Dia, board member; and S. Ignatius Satiah, board member.