By Mary Kabay
The West African Insurance Companies Association (WAICA) Reinsurance Corporation has handed over a Library and a Training Center for insurers in the country to the Sierra Leone Insurance Commission on the 10th March 2021 during an event that was held at the Sierra Leone Insurance Commission Office on Hill Station in Freetown.
The Commissioner of the Sierra Leone Insurance Commission, Arthur N. Yaskey in his welcome address at the opening ceremony of the training center and library, donated by WAICA Reinsurance Corporation, extended gratitude to the Guest of Honour, the Hon. Deputy Minister of Finance 1, Patricia N. Laverley and to all those who took time off their busy schedules to attend the event.
He said the event is part of the 10th Anniversary Celebrations of the WIACA Reinsurance Corporation, stating that they are indeed proud of their achievements over the years and to be part of the celebrations.
Arthur Yaskey furthered that when the Management of WAICA Reinsurance Corporation proposed to do something remarkable for the insurance industry in the country during their 10th anniversary celebrations they discussed and agreed to establish an Insurance Training Center and a library.
He extended sincere appreciation to the Chairman of WAIC , Koffi Duffor, the entire Board of Directors, the Managing Director and CEO of WAICA, Ezekiel Abiola Ekundayo and his Deputy Dr.Abiba Zachariah and the Management and staff of WAICA for all what they have done for the Commission.
He noted that the creation of the training center is in sync with President Maada Bio’s flagship program of enhancing human capital development in this county.
The Commissioner intimated that one of the key functions of the Commission is to undertake sustained and methodological public education on issues relating to insurance in general.
“This training center and library will be a resource center to help in ensuring that we continue to fulfil this aspect of our mandate,” he underscored adding how it will not only be used by individuals within the insurance industry but also by professional bodies that would wish to engage in professional training of their members.
He stated that the library especially will be open to students who wish to engage in research maintaining how they are ready to encourage them to come and use the facility.
“However, the library will be initially an E-library with state of the art computers and internet connectivity,” he disclosed revealing how later it will be stocked with books not only from one chartered insurance institute of Great Britain but from other insurance institutions around the world.
Yaskey pointed out that during their last annual general meeting of the West Africa Companies Association (WIACA) held in Freetown in 2019, they adopted a vision to have a local insurance institute that would be affiliated to the Chartered Insurance Institute of Great Britain as was done by Nigeria and Ghana.
He reaffirmed that the training center and library are the nucleus of the Sierra Leone Insurance Institute.
On his part, Ezekiel Abiola Ekundayo, Group Managing Director of WAICA Reinsurance Company in his statement disclosed that the institution is an International Reinsurance Company and it was incorporated in Sierra Leone on the 7th March 2011 and launched in Nigeria on the 15th March 2011.
He disclosed how the corporation obtained its license on the 31st July 2011 and commenced operations on the 1st August 2011.
He stated that the Parliament of Sierra Leone ratified the Headquarters Agreement between the Corporation and Sierra Leone in April 2012 and the said Agreement granted Diplomatic status to WAICA Re Plc.
According to him, the corporation is jointly owned by five English speaking countries of West Africa: Sierra Leone, Nigeria, Ghana, Liberia and The Gambia.
He said this year, 2021, marks their 10th anniversary and they are thankful to God Almighty for enabling them to make a lot of accomplishments in their journey so far.
Ezekiel Abiola Ekundayo appreciated the foresight of their founding fathers in the establishment and nurturing of company to the very enviable position it occupies today on the West African continent.
He said since its incorporation in Sierra Leone in 2011, West African Insurance Companies Association (WAICA) Reinsurance Corporation has experienced a rapid growth, becoming the 7th largest reinsurance company in Sub-Saharan Africa (excluding South Africa) as at 1st July 2020.
“As of today WAICA Re has a solid footprint on the continent of Africa with the presence in the major hubs of Tunisia (North), Kenya (East), Zimbabwe, Sierra Leone, Ghana, Liberia, Nigeria, and Cote d’Ivoire,” he further disclosed adding that from these physical locations they service over forty-five countries across the continent and beyond with a subsidiary in the United Kingdom that was incorporated in April 2019.
“As at December 2020 the company’s Gross Written Premium (GWP) stood at over USD 103m which represents a Combined Annual Growth Rate (CAGR) of 122% since inception in 2011,” he revealed maintaining that similarly total assets and shareholders’ funds have experienced a Combined Annual Growth Rate ( CAGR) of 40% and 32% respectively.
He said over these years WAICA has been involved in several initiatives aimed at giving back to the industry as they serve their various regional locations.
“As a responsible corporate citizen in Sierra Leone we have always given back to the community where we operate,” he continued to reveal.
He said some of the projects undertaken by them in the past include: Youth in Agriculture in 2013, the construction project of SLICOM, procurement of furniture for SLICOM, purchase of an official car for the Commissioner, assistance to the St. Georges Home for the Aged, Ebola epidemic donation, landslide victims’ support.
Ezekiel Abiola Ekundayo stated that the presentation of the high profiled training institute and library to the insurance industry through SLICOM is a demonstration of their commitment to the Sierra Leone insurance industry.
The Deputy Minister of Finance 1, Patricia N. Laverley, on behalf of the President said Sierra Leone has been home to this outstanding company since its incorporation on the 7th March 2011.
“Just as the country has provided the economic and political ambiance for WAICA to flourish as a diplomatic entity we are also proud of the immense contributions the company has made to the economy and the growth of the public,” she maintained.
She underscored that WAICA Re has proven to be the true partner in the nation’s development, which is in line with the vision of the founding fathers, geared towards supporting the Sub-Regional socio- economic development efforts of the Economic Community of West African States (ECOWAS).
She stated that the support WAICA Re has contributed to the country include the $30,000 seed money for the Youth in Agriculture Project, the fight against Ebola, support to flood victims, the construction of the Head Office of the Sierra Leone Insurance Commission and since 2018 sponsorship one student each year to study at the West African Insurance Institute in The Gambia with the view to develop insurance professionals in the country.
The Deputy Finance Minister encouraged other insurance institutions to emulate from what WIACA Re has done by bridging the gap for professionals in the insurance sector.
