The two-day AGM is expected to bring together insurance institutions and companies from five English speaking countries in West Africa to deliberate on ways to enhance the growth of the industry in the sub region.
The meeting will be opened by President John Dramani Mahama under the theme, “Africa rising: Taking the insurance industry in West Africa to the next level of our development”.
A new president for the association will be appointed from Ghana to head WAICA at the end of the AGM on April 21.
WAICA is a sub regional association of insurance companies and institutions in English speaking countries including Nigeria, The Gambia, Sierra Leone, Liberia and Ghana.
Briefing the media on the AGM in Accra yesterday, the president of WAICA, Mr. William Coker said the AGM will discuss Micro-Insurance and the role of insurance supervisory authority in changing socio-economic and political environment.
He said the association was working closely with the Economic Organisation of West African States (ECOWAS) and Africa Trade Insurance directorate to design mechanism to propel insurance for foreign direct investment in the sub region.
He was optimistic that the meeting will also map out ways to enhance insurance institutions and companies in West Africa.
“This included harmonising and integrating insurance policies and regulations among member states to promote micro-insurance and spur general and life insurance for people and businesses across the region”, he said.
Mr. Coker emphasised on the need to protect FDI by providing guaranteed mechanisms through insurance for investors.
The first vice-president of WAICA, Kwame Ofori observed that there was no need for an insurance claimant to employ the services of a legal practitioner to make claims.
According to him, insurance institutions and companies have designed their system to make claims easily accessible by their clients.
“Besides, we have insurance personnel, who provide free services for claimants at various insurance institutions. Instead of seeking the services of a legal practitioner at a high fee, claimants should therefore make claims themselves,” he said.
By Charles Amankwa