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WAICA Re builds capacity on marine, aviation risks

By on October 17, 2013

WAICA Reinsurance said it has concluded plans to develop marine and aviation insurance in its training programme.

The company said the move is part of efforts to address the challenges in underwriting marine and aviation in the West African sub-region.

Managing Director of WAICA Re, Mr. Abiola Ekundayo, disclosed this during an international training on advance marine and aviation insurance in Banjul, Gambia.

Participants from various insurance companies in English speaking countries of West Africa such as Gambia, Ghana, Liberia, Nigeria and Seirra Leone were present.

Ekundayo said, “We know there are challenges in these fields in the sense that we do not have many marine and aviation underwriters. Also, if you look at the insurance industry in Africa generally, the old people are going out and the younger ones they are leaving are not well versatile when it comes to underwriting skills, particularly marine and aviation insurance.”

The Managing Director said that they are trying to develop the younger ones in order to prepare them for the future so that the industry will not collapse if all the old ones retire.

He stated that the training will help the participants to be versatile in those classes of business through the knowledge the facilitators of the programme were impacting in them.

According to him, last year, a similar course was organised on the principles and practices of reinsurance and it was held in Freetown, Sierra Leone.

Ekundayo said that organising such training was part of WAICA Re’s objective of building the capacities, the skills of companies that cede business to them to develop the companies for the future.

WAICA Re is owned by the five English speaking countries in West Africa. The company started operations in August 2011. Its main objective is to provide reinsurance services to the insurance companies in West Africa and other regions and it transacts all classes of insurance business.

The aim of the company is to bring reinsurance to the doorstep of West African insurance companies.

In this vein, it has a branch in Nigeria and Ghana which serve their respective countries while the head office in Freetown takes care of all the countries in West Africa and beyond. Outside Africa, the company operates in the Middle East and some parts of Asia.