By Stephen V. Lansana
The Sierra Leone Chapter of the West African Insurance Companies Association (WAICA) is hosting this year’s Annual General Meeting (AGM) and Education Conference with the theme: “Aligning Insurance Practice in the 21st century to serve public and private sectors”, at the Mamba Point Hotel, Lagoonda Resort, Aberdeen in Freetown.
The three-day WAICA Education conference which started on Sunday, November 12, 2023, will end today. This conference brings together about 80 delegates in the insurance industry from member countries of Nigeria, Ghana, Liberia, Gambia, and about 50 Sierra Leonean delegates including senior government officials.
In his welcome address, the President of Sierra Leone Insurance Association (SLIA), Mr. Raymond Macauley said that the conference is timely, as it comes at a time when the global insurance industry is undergoing transformation in terms of technology, customer needs, product development, cooperate governance, and cybersecurity.
He said that the year 2023 has been tremendous in the Sierra Leone Insurance market with the introduction of motor insurance database and hosting of WAICA regional conference, among others.
Delivering a keynote address on behalf of the Minister of Finance, the Principal Deputy Finance Secretary, Samuel E. B. Momoh said that the recent economic developments in many developed and developing countries have led to a critical review of current policies and practices, known as readjustment or restructuring, noting that one of the major questions invariably raised in such an exercise is the role of public and private sectors in the economy.
He explained that the volatile global economy influenced by geopolitics conflicts and raising interest rates have exposed the financial vulnerability and wariness of companies and consumers in recent years.
He said that in these uncertain times, the role of insurance in economic development becomes particularly pronounced.
He said. “Insurers drive growth by reducing the impact of economic threats, giving people and businesses a greater chance to prosper. However, in order for insurance companies to step up to the plate and serve their essential role, they must prepare for the challenges and opportunities that lie ahead.”
He added that the roles of insurance in the private sector is the most crucial. “Your policies must be tailor-made to meet the growing needs of the private sector within these new economic realities,” he said. “It is glaring that if you must align your practices to meet the needs of the private sector, you must embark on extensive research and development initiatives. This falls in line with the very first objective of WAICA which is ‘to encourage the development of the insurance market’.”
The President of WAICA, Mr. Eddie Efekoha said that their collective goal is to turn change into opportunities for the growth of the insurance industry regionally. “I am positive that our collaboration will go a long way in helping us to achieve this goal.”
He explained that the theme of this year’s Education conference is an expression of what they all want the insurance industry to develop into, adding that their discussion will be bordering on building trust and confidence in the insurance industry and harmonising financial reporting across the region through implementation of the International Financial Reporting Standards 17 (IFRS 17) standard which sets out the accounting requirements for insurance contracts
He said that their clients are evolving and displaying various innovations, noting that there is need to align insurance practice to meet the needs and demands of their clients.
“The relentless match of online and mobile technology will continue to fuel the constant change in clients’ expectations, he said, pointing out that online social networks are becoming pooling mechanisms for insurance and whether they like to admit it or not, insurance companies are fast changing roles.”
“The evolution is here; therefore, we must embrace it,” he emphasised.
The Commissioner of Sierra Leone Insurance Commission (SLICOM), Mr. Arthur Yaskey said the education conference is a platform for where they share knowledge, discuss challenges, and explore innovative solutions in the insurance sector, adding that it is an opportunity for them to learn from each other’s experience and this collaborate on ways to enhance the insurance industry.