By: Mariama Njie & Nyima Sillah
West African Insurance Companies Association forum on Education opened at a local hotel on Thursday under the theme “Reforms in the insurance landscape in West Africa and their implications for cross border operations and intra-African trade.”
Mr. William B. Coker, Chief Executive Officer of WAICA called on authority should be in a position to take some responsibility by vouching, within human reason.
“Our beloved insurance industry must not be allowed to fall into that abyss”, he added.
He pointed out that, insurance companies are not required to publish their externally audited financial position in the local newspapers on an annual basis.
Mr.coker commended the government and the people of The Gambia for allowing them hold their conference in country.
Dr. Seekou Jaabi, First Deputy Governor of Central Bank said, the Central Bank of the Gambia is fully cognizant of the tireless and commendable efforts of WAICA to promote excellence across the industry in the region.
He explained that, the contribution of the insurance sector to the overall objectives of macro-economic growth, financial stability through financial inclusion and development cannot be fully harnessed in the absence of a sound.
“The Central Bank of the Gambia (CBG) as the insurance regulator is steadily putting together the necessary building blocks to upgrade the insurance legislation”, he said.
He pointed out that, the need to develop the insurance industry and improve the penetration rate augurs well with a rapid growth in Africa.
Mr. Raymond Macauley, President WAICA said the theme for this education conference is very timely, noting that this period when various jurisdictions introduce vertical reports in the bilateral transverses sector.
He pointed out that, the conference will approve source of opportunity to discuss the implication of this initiative that have the potential constrain of development.