By Bisi Bamishe
West African Insurance Supervisors Association (WAISA) received applaud at the ongoing West Africa Insurance Companies Association (WAICA) 2023 Educational conference in Lagos.
The Minister of Finance, Budget and National Planning Mrs (Dr ) Zaniab Ahmed gave the applaud at the opening ceremony of the conference today.
The minister who was represented by the Commissioner for lnsurance, Mr Sunday Thomas expressed her pleasure with the not so recent stride so far achieved by the WAISA with regards to the establishment of the College of Insurance Supervisors of the West African Monetary Zone (CISWAMZ).
According to her, the insurance industry, like other components of the financial system, is changing in response to a wide range of global social and economic forces.
“In particular, insurance and insurance-linked financial activities are increasingly crossing national and sectorial boundaries,” she said.
“Consequently, it has become imperative for the Insurance supervisory systems and practices to continually upgrade in order to cope with these developments to mitigate possible financial and systemic stability concerns arising from the insurance sector as they emerge,” Ahmed added.
She stated further that insurance in the whole of Africa has been characterized by low penetration and poor contribution to most African countries financial growth, therefore maintaining efficient, fair, safe and stable insurance market in the West African sub region must be promoted for the benefit of the policyholders and other stakeholders.
“As an optimist, we are encouraged to believe in a new dawn, leveraging technological innovations, and a positive paradigm shift focused and poised to meet the anticipated surge in the demand and untapped side,” she said.
Ahmed urged the delegates to deliberate and recommend ways of repositioning the insurance industry in West Africa for Global Competitiveness.
WAICA is the Sub-Regional Association of Insurance Companies and Brokers in West African. The Association provides a platform for sharing business information and cross-fertilization of ideas. It also provides the platform for knowledge sharing and amongst members network
In the year 1973, the founding fathers created WAICA with the purpose of improving the image of the insurance industry in West Africa, whilst assisting in establishing an enabling environment for industries and economies by promoting cooperation in every respect amongst all the insurers and reinsurers companies operating in its sub-region.
This year’s conference with the theme: “Repositioning the Insurance Industry in West Africa for Global Competitiveness” will take place from 7 – 9 May 2023 at Eko Hotels & Suites, Victoria Island, Lagos
