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Insurance companies seek more government collaboration

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Liberia Insurance Association president Cllr. Saye Gbalazeh has stressed the need for more collaboration from the Liberian government, aimed at improving the insurance industry here.

Speaking recently at the Annual General Meeting and Education Conference in Freetown, Sierra Leone Cllr. Gbalazeh says the insurance penetration rate in Liberia is less than one percent, lamenting that it is detrimental to the growth of the country’s economy.

He made the comment when he led a delegation of Liberians to attend the West Africa Insurance Companies Association (WAICA’s) 41st Annual General Meeting and Education Conference in Freetown.

WAICA is an international association of insurance companies and institutions in English speaking West Africa.

It was formed in 1973 by insurance institutions in the five English speaking West African countries which include The Gambia, Sierra Leone, Liberia, Ghana and Nigeria, with approval of their respective governments.

During the recent conference, WAICA announced its new leadership, with a Sierra Leonean, Raymond Macauley as President, replacing former president Makaireh Badjan and a Liberian, Cllr. Saye Gbalazeh serving as Vice President.

Serving as guest speaker during the opening ceremony of the conference, the Sierra Leonean Finance Minister Jacob Jusu Saffa, frowned on the decision of African countries using their state insurance company to fight private insurance companies.

Mr. Saffa further admonished African governments to focus on developing the insurance industry in Africa.According to him, the support from African leaders will help in the improvement of the continent’s economy.

The Sierra Leonean Finance Minister however pledged the support of the Sierra Leone government to the insurance industry.He requested insurance companies to summit development policies to the national budget.

Delegates from Liberia who attended the conference lauded the organizers and stated that the conference has the ability of shifting the mind of insurers, which according them, has the propensity to inspire developing the insurance industry.–Press release

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