From Awareness Times Newspaper in Freetown

Local News
In Sierra Leone, President Koroma Opens WAICA Conference
By Bampia Bundu
Nov 24, 2010, 17:12

President of the Republic of Sierra Leone, Ernest Bai Koroma, who is known as a renowned insurer, on Monday 22nd November 2010, officially opened a four day education conference organized by the West African Insurance Company Association (WAICA).

The conference, which is ongoing at the Bank of Sierra Leone Complex, Kingtom in Freetown, has as it theme: “Globalization and its effect on the West Africa Insurance Industry”.

Delivering the keynote address, President Koroma commended WAICA for inviting him to what he termed ‘an epoch making conference.’ He expressed his delight to deliver the keynote address as once an insurance individual now transformed into a politician. He said WAICA has always been closed to his heart as he has always considered himself part and parcel of the association. In that regard, the president pledged his government’s support to ensure that the association meets its intended objective. He also commended WIACA for coming up with such a wonderful theme.

President Koroma also noted globally, any action in one part of the world will affect other areas one way or the other, citing the recent example of the global financial crisis that he said seriously affected Sierra Leone. “Here is the ideal forum to discuss partnership growth and the way forward. I therefore urge all delegates to take the sessions seriously,” he noted, saying the government was looking forward to the outcome of the conference in the next few days. 

WAICA President who is also the Managing Director of Ghana Reinsurance Company Limited, Mr. William Agbenyega welcomed delegates from across the sub region to for taking their time off to attend the conference. He also especially thanked President Ernest Bai Koroma for his commitment in gracing the ceremony.

He said WAICA as an International Association of Insurance Companies and Institutions in West Africa was formed on the 4th May 1973 with the prime objective of promoting co-operation in every respect among all insurance brokers and reinsurances operating in the sub-region. He said they are charged with the responsibility to encourage the promotion of insurance education in each member country and to encourage existing educational institutions such as universities, to initiate courses and training programs on insurance and allied subject as well as encourage the exchange of business and personnel from company to company.

Mr. Agbenyega furthered that insurance being an integral part in the development of every country, the meeting will opportune delegates listen to presentations from outstanding professionals on insurance across the sub-region on such topics like the role of globalization, technology transfer and skills cultivation in the development of emerging economies in West Africa with special reference to the insurance industry.

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