Nigeria insurance hosts WAICA 38th AGM Monday

The Nigerian Insurance market will host the 38th Annual General Meeting (AGM) and Education Conference of the West African Insurance Companies Association (WAICA). 

The three day event tagged “The Practice of Insurance in a Challenged Economy” will commence on Sunday, April 24 to Wednesday, April 26, 2016, in Lagos.

Mrs. Kemi Adeosun, Nigeria’s Minister of Finance and Mr. Sory Diomande, Chairman of the Local Organizing Committee of the Conference, are expected to declare the Conference open at exactly 10:00am on Monday.

According to the Chairman of the Local Organizing Committee and Regional Director, Africa-Re, Mr. Sory Diomande, “the fact that Nigeria is hosting the 38th WAICA AGM and Education Conference is yet another opportunity for Nigerians to showcase her hospitality.  It gives us a unique opportunity to showcase Nigeria’s rich cultural heritage”.

“It is a vote of confidence on the Nigeria insurance market and it creates an opportunity for networking and exchange of business information”.  He noted.

“I believe the Nigerian 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” he enthused.

He urged all the players in the Nigerian market, underwriters, brokers, Loss Adjusters and Surveyors to see this event as an industry event and a unique opportunity to make a lasting impression about the Nigerian market.

WAICA is the Sub-Regional Association of Insurance Companies and Brokers in the West African Sub-region.  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.

Highlights of this year’s Conference will be the swearing-in of Mr. Rotimi Fashola, Managing Director/Chief Executive Officer of Industrial And General Insurance Plc. as WAICA President during the Closing Dinner.

At the three day event which starts with an Opening Cocktail on Sunday, April 24, 2016, two papers will be presented.

The first paper on “Insurance as a Growth option in a Challenged Economy” will be delivered by Mr. Wole Oshin, Past Chairman of the Nigerian Insurers Association and Group Managing Director, Custodian And Allied Insurance Plc.

Oshin’s paper will be discussed by Mr. Udai Patel, Managing Director, Afro-Asian Insurance Services Limited, London, and Ms. Hope Murera, Deputy Managing Director, Zep-Re, PTA Reinsurance Co, Nairobi, Kenya, while Mr. Mike Hamah, Chairman, Board of Directors, SIC Insurance Company Ltd, Accra, Ghana will chair the session.

WAICA Executive Meeting will follow thereafter.

On Tuesday, April 26, 2016, Mr. Gustav Siale, Managing Director/CEO Ghana Reinsurance Co. Accra, Ghana will take the second paper titled: “Traditional Insurance vs the need for Recaliberation of Industry Practices in dealing with Future Challenges for Insurers”.

The paper will also be discussed by Messrs. Shola Tinubu, M.D, Scib Insurance Brokers and Edward F-Kyei, Managing Director, Glico Life Insurance Co, Accra, Ghana while the President of the Chartered Insurance Institute of Nigeria and Managing Director of Nigeria Re, Lady Isioma Chukwuma will chair the Session.

This will be followed by the open forum which will be chaired by the out-going President of WAICA and President of Ghana Insurers Association, Mr. Ivan Avereyireh, who is also the Managing Director/CEO, Ghana Life Assurance Co. Ltd.

There will also be a crucial meeting of West African Insurance Supervisors Association (WAISA) which will be attended by all the Commissioners for Insurance from the West African Sub-Region.

The WAICA Annual General Meeting and Governing Council Meeting will take place thereafter before the Closing Dinner.