By Nyima Sillah
Momodou Lamin S. Bah, Marketing Manager and Head of Branches for Gambia National Insurance Company (GNIC) has urged the government to introduce an independent insurance commission that would steer affairs of the insurance industry.
“We should have an independent insurance commission that would look into the affairs of the insurance industry like other West African countries,” he said.
“It is very important because insurance firms are financial institutions that deal with the economy. Therefore, anything that has to do with the economy should be managed well because it has a bear effect on people directly. Thus, the government has to bring laws that would protect the population,” he remarked during an exclusive interview with the Voice.
Bah further informed that insurance is a business that exists to make other businesses exist. He justified that it boosts the economy of every given nation as well as helps to mitigate risk for companies and people.
The insurance specialist added that there was a need for the government to revise laws governing the insurance industry citing the Insurance Act 2003 and the Road Traffic Act 1948. These Acts, he said need to be modernized to march the current reality on the ground.
He said the government has provided an enabling environment to all business institutions to operate well in the country to enhance social development. However, he added that there is a room for improvement for the government in the area of insurance.
He informed that despite several constraints in the insurance industry, the Insurance Association of The Gambia (IAG) has been working greatly to ensure insurance development is attained in the country; therefore, the government needs to work with the association and give it the necessary support.
“If the government works with all stakeholders of the insurance industry, it would obviously help to boost the country’s economy and if the economy improves everyone enjoys”
“So, in my view the government should work with stakeholders in the insurance industry, particularly the IAG because all registered and licensed insurance companies are members of the association,” he said.
Moving forward, Bah said insurance companies exist to render services to the public by managing their risks in case of unforeseen dreadful circumstances.
“Insurance companies are risk managers. We deem it necessary to help the public. Whosoever is exposed to risk, we will assess the risk and help to mitigate it. We cannot stop disaster but we can mitigate its effects,” he stated.
He advised the public to take insurance companies as partners in development and eliminate all wrong notions surrounding insurance companies.
“Insurance companies are here just to mitigate risk for the public. The companies are doing very well in The Gambia and they are doing all it takes to fulfill their agreements with customers,” he said.
“Our objective is to make sure the Gambian economy develops.”
Assessing the situation of Gambia’s insurance industry, he said that motor insurance policy is the most popular insurance in the country. He said many Gambians are not into fire, burglary, marine and other important insurance policies.
“Even, small scale business persons can insure their businesses in case a fire outbreak ravages their goods. The insurance company will come in to compensate them to continue the business,” he sensitized.
Concerning challenges facing the insurance industry, he said several Gambians lacked awareness of the importance of insurance and how it operates. He added that there is a need for a series of awareness campaigns so that many understand insurance business.
