WAICA Boosts SLICOM

The West Africa Insurance Companies Association (WAICA) Reinsurance, has presented a state-of-the-art library and a training centre to the Sierra Leone Insurance Commission.
In celebration of their ten years of active service in Sierra Leone, WAICA through an engagement with SLICOM Commissioner, Arthur Yaskey, saw the need to establish a library with insurance materials across the globe and to also have a training centre to raise the awareness about insurance policies.
The training centre was also boosted with computers, internet facilities to give access to trainees to access foreign materials.
Welcoming WAICA members at the Commission’s Headquarters, Carroll Drive, Hill Station, Freetown, Commissioner Arthur Yaskey said that the need to have a training centre on insurance was long overdue and the step taken by WAICA is part of their transformation drive to provide learning and empowerment to Sierra Leoneans.
This he said will change the face of insurance in the country as the insurance industry needs continuous professional training.
“This is in line with President Bio’s human capital development. The library will not only be limited to those in the insurance world but also professional bodies and students for research purpose. We want to catch them when they are young and if you don’t train them, you don’t blame them,” he said.
Commissioner Yaskey informed that government is working tirelessly to complete their permanent building at Tower Hill and part of that structure will be dedicated as a resource centre.
Working in line with modern insurance policies, Commissioner Yaskey said that pretty soon, they will be asking insurance companies to submit their successor plan as the demise of some CEO’s have led to the collapse of some insurance companies that were doing well. But with the successor plan, the Commission will know plans that are in place for a continuity of the investment when the CEO would be no more. He also commended WAICA Reinsurance for providing a vehicle for the Commissioner of SLICOM.
Delivering her keynote address, the Deputy Minister of Finance 1, Dr. Patricia Laverley, said that the philanthropist work of WAICA Reinsurance in Sierra Leone, cannot be overemphasized as they have made tremendous contributions and have proven to be a worthy investment not only in Sierra Leone but other parts of the world.
She recalled how WAICA Reinsurance was the first financial institution to support the establishment of the Youth Farm with Thirty thousand United States Dollars in 2013 and also their humanitarian action to support flood victims in 2014.
Dr. Laverley said that the setting up of a library and training centre was indeed timely as universities don’t offer courses in insurance, and the sponsoring of students each year to study insurance at the West Africa Insurance Institute in The Gambia is a demonstration that WAICA is committed to building the human capital of Sierra Leoneans.
The Group Managing Director of WAICA Reinsurance, Ezekiel Abiola Ekundayo described WAICA Reinsurance as an international insurance company that was incorporated in 2011 in Sierra Leone and in 2012, Parliament granted a diplomatic status to WAICA.
He commended the Deputy Minister of Finance for her warm reception each time they meet her. He said that the dream of WAICA’s founding fathers was to set up an insurance company that would service the continent. This he said has been fulfilled as today, they are not only in Sierra Leone but also in the Middle East and in some Asian countries.
From a seed money of US$35,000 when it was formed in 1973, WAICA Reinsurance according to Mr. Ekundayo has grown to the tune of US$103 Million United States dollars and it is necessary for them to give back to communities that have contributed to their growth.
“While we strive to take insurance to our clients’ door steps, we must also not forget to build the capacity of the young generation too,” he noted.
Raymond Macauley, Managing Director, Aureol Insurance Company said that WAICA Reinsurance has left an indelible mark in the insurance industry as one of his workers benefited from the overseas education scheme sponsored by WAICA.
He called on insurance companies to make use of the facility to empower their staff.