West Africa: Insurance Operators Seek Stronger Regional Integration

 

Yemisi Izuora

Insurance Industry in West Africa is proposing stronger integration to enhance growth through strategic penetration initiated.

Speaking at the 2nd meeting of the College of Insurance Supervisors of the West African Monetary Zone (CISWAMZ), hosted by Nigeria, its chairman, Agboola Pius, noted that the special nature of Insurance and the fact that it is a business in the financial sector entails that it is highly regulated in the jurisdiction of operation.

Pius stated that as the business expends beyond the jurisdiction of establishment or operation, the need for bi-regional or multi-regional co-operation and/or understanding grew.

“Hence, the need for this regional integration called College of Insurance Supervisors of the West African Monetary Zone.” he said adding that “The College is also established to Complement and implement the ideas, Projects and directives of the parent body – WAISA.

According to him, The scope for Inter-regional (international co-operation is very wide.

Pius, recalled that the desire to establish the College of Insurance Supervisors of the West African Monetary Zone dated back many years ago, but there was no progress made until the present Commissioner for Insurance, Nigeria and the Chairman of the West African Insurance Supervisors Association (WAISA), Mr. Olorundare Sunday Thomas, took over the mantle of the WAISA’s Leadership. “There is no doubt, the current Chairman of WAISA, Mr. Olorudare Sunday Thomas is a goal getter and great achiever. He is highly diligently, pro-active and with him, nothing is impossible. Therefore, on behalf of my Colleagues, I wish to appreciate you sir for this noble achievement.”

He also appreciated other Commissioners of WAISA, whom without their support, the noble achievement of establishing the College would not have been achieved.

“The role played by the Secretariat of WAMI in harmonizing the idea and perfecting the set-up of the College cannot be over emphasised. I therefore express my appreciation to the DG of WAMI, MR Olorunsola Olowofeso and the entire Officers of WAMI for their support and co-operation. The College’s contact officer at WAMI, in person of Dr Augustine Njunwa, has been very supportive.” Pius added.

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