WAICA@50: Insurers Decry Restrictions In Flow Of Businesses Across Africa, Blame Cultural Differences

Insurers across Africa has lamented over restrictions in the flow of businesses across the region which consistently hampers deep penetration of the industry in the African market.

They raised their concerns in the just concluded West African Insurance Companies Association (WAICA) 50th Anniversary and Educational Conference held in Lagos.

In particular, Mr William Coker, Secretary General, WAICA, said that differences in the culture and regulation of countries within the sub region remained a hindrance affecting the adoption of a unified regulation.

Further, the Chief Executive Officer (CEO) of WAICA said that in addressing this, the association recently spearheaded the formulation of West Africa Insurance Supervisors Association (WAISA) to formulate an harmonised law for the sub region.

“The whole essence of establishing WAISA is to get a situation of free flow of regulation in the sub region.

“WAISA would be meeting in Abuja next week and once the association is fully functional, there will be a liason between the West African regulators to operate across borders, “he said.

Mrs Jackie Benyi, Managing Director, Enterprise Life, Accra, Ghana, said while they were bottlenecks with the implementation of the ECOWAS brown card, insurance companies across region should begin the usage of the brown card.

Benyi noted that this would increase the volume of businesses among the member companies and improve the industry along the region.

In a related development, Mr George Mensah, President, WAICA, advised insurers to be more consumer friendly and use simplified languages in their policy terms and conditions.

He advised them to also device innovative means to gain customers trust.

Mensah said that insurance products should become so valuable and bought by consumers because they needed it, not because it was a compulsory policy, just as the motor insurance policy.

WAICA was established in 1973, with the purpose of improving the image of the insurance industry in West Africa.

The association assists in creating an enabling environment for industries and economies by promoting cooperation in every respect amongst all the insurers and reinsurers companies operating in its sub-region.

(NAN)