By Amin Kef Sesay
His Excellency Dr. Sidie Mohamed Tunis, Speaker of the regional ECOWAS Parliament, has on Thursday 28th October 2021, stated that there are immense economic benefits to be derived from a dynamic insurance framework.
The Speaker made that statement during his address at the opening of the 2021 ECOWAS Insurance Training Program for ECOWAS Heads of Institutions holding in Paris, France.
The training, which is being held under the theme: “ECOWAS of The Future: Efficient and Effective Risk Management,” is expected to provide a clear and consistent standard for the attainment of the best result from the region’s insurance policy and foster a more informed relationship between the insurers and ECOWAS institutions, thereby improving security, confidence and trust at all levels of the workplace.
Meanwhile, during his brief remarks, Dr Sidie Mohamed Tunis said that there are indeed economic benefits that are derived from a dynamic insurance framework, whilst at the same time expressing optimism that with the active support of everyone, the West Africa region’s shared objective for a progressive, productive, and inclusive insurance scheme will be achieved.
Furthermore, whilst speaking on the significance of the meeting, the Head of the ECOWAS Parliament stated that “the gathering provides an opportunity for us to abreast ourselves with the policies we have signed up to and build our individual capacities on ways we can guarantee that they are realistic, beneficial, and implemented for the good of the people we lead.”
Honourable Dr Tunis furthered that the most important benefit of insurance is the payment of losses, adding that with a good insurance policy, the uncertainty of paying for losses out-of-pocket is reduced significantly and staffs feel more secure at the place of work. “It is also expected that this gathering will provide clear and consistent standards for the attainment of the best result from our insurance policy and foster a more informed relationship between the insurers and ECOWAS institutions, thereby improving confidence and trust at all levels,” Dr Tunis affirmed.
It is worth noting that the 2021 Insurance Capacity Building training which is being attended by ECOWAS heads of institutions is organized in accordance with item 5 (g) (ii) of the insurance agreement entered into by ECOWAS and the Consortium. It also goes in line with Article 48 of the ECOWAS Staff Regulation which provides that the Community shall subscribe to an accident and group life insurance policy for all its staff members, charging heads of institutions with the responsibility of negotiating the terms and conditions of the insurance policies.
