The Nigerian insurance market is set to host the 50th anniversary of the West African Insurance Companies Association (WAICA) from 7 – 9 May, 2023. Billed to be an elaborate ceremony it will include awards to past presidents and others who have contributed to the growth of the subregional body over the years.
Chairman of the Local Organizing Committee and Deputy Chairman of the Nigerian Insurers Association, Mrs. Bola Odukale who disclosed that the confab holds at Eko Hotel & Suites, Victoria Island, also stated that the highpoint of the three- day conference will be the assumption of office of Mr. Eddie Efekoha, past chairman of the Nigerian Insurers Association and Group Managing Director of Consolidated Hallmark Insurance Plc. as president of WAICA for the next one year.
In the programme of the conference released by the LOC chairman, the Honourable Minister of Finance, Budget and National Planning, Dr. Mrs. Zainab Shamsuna Ahmed will declare the conference open while the Group Managing Director of Africa Reinsurance Corporation, Mr. Corneille Karekezi will chair the first session which will feature the paper on: International Rating Agencies and their impact on the operations of Insurance companies.
The paper will be presented by Mr. Tim Prince, Director of Analytics, A.M. Best, a U.K. based rating agency. The second paper on: “Creating Value, Finding Focus: The Fulcrum of International Rating on Insurance Business” will be presented by Mr. Ganiyu Musa, Group Managing Director and Chief Executive Officer, Cornerstone Insurance Plc. Musa is the immediate past chairman of the Nigerian Insurers Association (NIA).
The second day of the conference will start with the paper on: “Positioning Insurance companies in West Africa for Transnational Competitiveness: The Likely Pitfalls” and this will be presented by Madame Jackie Benyi, Managing Director/CEO, Enterprise Life, Ghana while Mr. Daniel Sackey, Regional Executive, Anglophone West Africa, Ecobank Group, Accra, Ghana will present another paper on the same topic but from the banking perspective. This session will be chaired by the Commissioner for Insurance, Sierra Leone, Mr. Arthur Yaskey.
“The fact that Nigeria is hosting this year’s 50th anniversary and Education Conference is yet another opportunity for Nigeria to showcase her hospitality. It gives us a unique opportunity to showcase Nigeria’s rich cultural heritage”. Odukale stated
“It is a vote of confidence on the Nigeria insurance market and it creates an opportunity for networking and exchange of business information”. she noted.
“I believe the Nigerian Insurance market stands to benefit from this event. I also know that the delegates from other countries will have fond memories of their stay in Nigeria,” she enthused.
Odukale urged all the players in the Nigerian insurance market including underwriters, brokers, Loss Adjusters and Surveyors to see the conference as a unique opportunity to make a lasting impression about the Nigerian market.
The events of the day will round off with an open forum which will be chaired by the President of WAICA, Mr. George Mensah.
There will be an awards night where the past presidents from the five English speaking West African countries and others who have supported WAICA since its inception will be honoured.
Speaking on the award, Odukale said that “Our legend in the Nigerian Insurance market and a founding father of WAICA, Prof. J.O Irukwu, will be given an award at the 50th anniversary ceremony. It is good to celebrate him and others who have worked tirelessly to bring WAICA to the enviable position it now occupies” Other Nigerians listed for the award include Alhaji Mohammed Kari, Dr. F.K. Lawal, Sir Ogala Osoka, Mr. Joe Ameh and Alhaji Rotimi Fashola.
“The insurance regulators in WAICA member countries will also be recognized for their unflinching support to the body” she added.
WAICA is the Sub-Regional Association of Insurance Companies and Brokers in West African. The Association provides a platform for sharing business information and cross-fertilization of ideas. It also provides the platform for knowledge sharing and amongst members networking.