By: Nyima Sillah:
Dr Seeku AK Jabbi First Deputy Governor Central Bank of the Gambia said Insurance plays a crucial role in Sustainable growth of an Economy.
He made the remark on Monday during his delivery statement at the Joint Workshop organized by the insurance industry and Gambia Police Force, held at West Africa Indurance Institute In Kololi.
He said: “Insurance industry enables to mitigate loss, boost financial stability, promote trade, and commence activities culminating into economic growth and development. also it may be described as the social devices to reduce or eliminate risk of loss to life, property and uncertainty”
According to him, the police and the insurance industry collaboration can yield not only in country but the entire region and therefore urge them to come up with recommendations to improve and expedite the process of investigation, accident reports and timely settlement of claims.
Adding that, “It is our hope that this will contribute to mitigate the challenges faced particularly by victims of road accidents and improve confidence levels to boost insurance penetration in the country”, he said.
However, he added that the central bank of the Gambia will continue to do utmost to ensure that the insurance industry in the Gambia remain efficient, safe and sound in its vital role of protecting the interest of policyholders and boost economic growth and development.
“I renew the challenge to the insurance companies to have vehicles in the pool that could be given to motorists to get their movements less troublesome in the event of accident. This would improve confidence in the industry considerably and insurance penetration to desired levels from its current level of just 1 percent”, he added.
He also said: CBG will follow the deliberation of the insurance companies with keen interest and look forward to the recommendation of the insurance industry.
