Nigeria News

NIGERIA: Operators Move to Harmonise Sub-regional Insurance Market

Dr. Ngozi Okonjo-IwealaDetermined to develop the sub-regional insurance market to their advantage, insurance companies and professionals plying their trade across the English-speaking West African countries are in Lagos, Nigeria to brainstorm on how to harmonise their operations along this line.
They will be doing this during the three-day 2013 WAICA Education Conference starting today, a programme organised by the umbrella body for insurance and reinsurance companies in the sub-region, West African Insurers Companies Association (WAICA).
The Secretary General of the West African Insurance Companies Association, Mr. William Coker, made this known in a recent statement, saying the operators were determined to tap into the huge business opportunities in the West African sub-region.
The programme according to him is “An Integrated and Harmonised Insurance Industry in West Africa”, and would feature erudite scholars.
 
Reflecting on the programme, Coker said “the sub regional body is keying into the regional integration efforts of ECOWAS heads of government and insurance as a critical player in the economy must take its pride of place in the scheme of things.”
“If we are promoting the concept of a global village, the insurance industry in the West African sub region needs to be seen as front runners in promoting efforts at regional integration.  Charity must begin at home,” he added.
 
Meanwhile, the Chairman of Local Organising Committee (LOC) for the conference, Mr. Rotimi Fashola, said Nigeria’s Minister of Finance, Dr. Ngozi Okonjo-Iweala, is expected to deliver the keynote address and declare the conference open while the Commissioner, Macro-economic Policy, ECOWAS, Dr. Ibrahim Bocar Ba, would deliver a goodwill message from his organisation.
 
Fashola said the Director-General, West African Monetary Institute, Accra, Ghana, Dr. Abwaku Englama, would present a paper on ‘An Integrated and Harmonised Insurance industry in West Africa; The Challenge Facing Integration in West Africa.’
 
The paper will be delivered by the Executive Director of Enterprise Life Assurance Company Limited, Ghana, Mr. C. Bruce, and Group Managing Director of Mutual Benefits Assurance Plc, Mr. Akin Ogunbiyi.
 
He also said the Managing Director of WAICA Reinsurance Company Limited, Mr. Abiola Ekundayo, would present the second paper on ‘Insurance Growth in West Africa and the Benefits of Integration.’
 
The President of the Ghana Brokers Association, Mr. Asante Marfo-Akenkora, and Managing Director of Prime insurance Company Limited, The Gambia, Mr. Dawda Sarge, will discuss this paper, he added.
 
“We expect and educative and rewarding educational conference. It is yet another opportunity to extend the hospitality of Nigerians to delegates from other parts of the world. I am sure this will be a conference to remember”, Fashola said.

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