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Koroma tasks members of WAICA on development of the association

By on March 24, 2011

SIERRA Leone President and former President of the West Africa Insurance Companies Association (WAICA), Dr. Ernest Bai Koroma, has appealed to WAICA members to ensure the development of the association so as to fast track business promotion and co operation in the sub-region.

Stating this at the end of WAICA’s education conference in Lagos recently, he said, the idea to establish a regional reinsurance institution, under the auspices of the association was an important landmark in the sub-region to support business.

According to him, WAICA has come a long way and has establish West African Insurance Institute (WAII), and has contributed greatly in enhancement of insurance industry within West African region.

“A successful marketing strategy and the voluntary submission to interactive international rating, which was a feat in itself for the African insurance sector, were pivotal to increasing the visibility of the corporation, He said the establishment of the company will strengthen economic integration in the sub region” he said.

“The members are the backbone of any serious endeavour. Therefore, competitive recruitment and remuneration policies ensure that the corporation is ready for the new decade, which many believe, should be Africa’s finest” he added.

He said: “I am happy for the fulfillment of the launching of WAICA Re. However, it has a good chance to become a successful outfit, if the company sets out clear, prudent and achievable goals and objectives. A step in the right direction would be to engage as Managing Director, a visionary leader, while instituting good corporate governance from the onset”.

Koroma said, “ We will do what it take to ensure that WAICA Re is comfortable in Sierra Leone. Ensure that stocks and shares of the company are being tracked in stock exchange of members states.”

He also said the establishment of the company will strengthen economic integration in the sub region. He said it now left for the board members to announce when the listing will commence in each country.

Chairman of the Closing Dinner, Prof. Joe Irukwu, said insurance companies in Nigeria need to be revived and thank God the Commissioner of Insurance is doing well with that.

He said WAICA is a great institution which have achieved a lot of things in the past.

According to him, Sierra Leone is one of the countries which is doing well in the insurance sector.

Source : Guardian