Yabawa Wabi,
minister of state for finance, has advised the West African Insurance
Companies Association (WAICA) to ensure adequate capitalisation of the
WAICA Reinsurance Corporation.
Mr. Wabi, who was
represented by Fola Daniel, commissioner for insurance, at the National
Insurance Commission (NAICOM), gave the advice at the 2011 WAICA
Educational Conference in Lagos on Monday. The theme of the conference
was ‘Partnership for Growth and Prosperity: the Roadmap for Regional
Integration in West Africa’.
According to her,
the establishment of the WAICA Reinsurance Corporation will bring
immense benefits to the practice of insurance in the sub-region.
“With adequate
initial take-off capitalisation, it is expected that the corporation
will contribute greatly to the insurance companies in the sub region
than the pool. It is critically important that the corporation from
inception be adequately capitalised and directed by an informed board
and management.
“A deliberate
selection criteria, particularly for its management team, based on
maturity, experience, qualification, and goodwill, will be helpful in
addition to a sizeable capitalisation beyond the statutory minimum
capital,” Mrs. Daniel said.
She further said
that it was obvious that WAICA Reinsurance Corporation would come into
intense competitive environment based on her knowledge of the insurance
industry in the sub region.
According to her,
the emerging risks in the oil and aviation sectors required high-level
of technical support both for the corporation and the insurance
industry.
Mrs. Wabi said it
was necessary for WAICA Reinsurance to seek for competent technical
partners to help it in the development of technical competences.
She also said there
was the need to collate quality information relating to insurance and
re-insurance matters in the sub region and make them available to
members of WAICA and the government. This would help to make informed
decisions and opinions on insurance matters, she said.
William Agbenyega,
president of WAICA, said that the association had made history with the
establishment of WAICA Reinsurance Corporation. According to him, the
corporation will strengthen bilateral business relationships among
members, as they would continue to cede businesses to it. He said that
WAICA Reinsurance would have its headquarters in Freetown, Sierra
Leone, and country offices in member countries.
NAN
