Tuesday, August 27, 2013

Abiola Ekundayo highlight ‘obvious challenges’ in marine and aviation insurance

Mr Abiola Ekundayo (photo credit: Lamin Jahateh)
“Obvious challenges” in underwriting marine and aviation insurance in West Africa were Monday highlighted by Abiola Ekundayo, Managing Director and Chief Executive Officer of West Africa Reinsurance Corporation (WAICA Re).

Mr Ekundayo was speaking in Banjul, The Gambia at the start of a weeklong (August 26-29) international training course on “advance marine and aviation insurance” for insurers from various companies in West Africa.

“We know there are challenges in these fields in the sense that we do not have many marine and aviation underwriters,” he said at the training organised by WAICA-Re, a sub-regional reinsurance company based in Freetown, Sierra Leone. 

“Also, if you look at the insurance industry in Africa generally, the old people are going out and the younger ones they are leaving are not well versatile when it comes to underwriting skills, particularly marine and aviation insurance,” Ekundayo told about 50 participants from various insurance companies namely Gambia, Ghana, Liberia, Nigeria and Sierra Leone.  

So we are trying to develop them, the younger ones, in order to prepare them for the future so that the industry will not collapse even if all the old ones retire, he said.

Paritcipants (photo credit: Lamin Jahateh)
Declared open by a representative of the Governor of the Central Bank of The Gambia, Amadou Colley, the training will cover modules such as marine cargo underwriting, marine cargo and hull reinsurance, aviation insurance underwriting, and aviation insurance claims and adjustments.

WAICA Re hopes that at the end of the training the participants will also be versatile in underwriting the two classes of insurance – marine and aviation.

In 2012, WAICA Re organised a similar course on ‘the principles and practice of reinsurance’ in Freetown - part of its objective of building the capacities, the skills of companies that cede business to them, to develop the companies for the future

Owned by the 5 English speaking countries in West Africa, WAICA Re started operations in August 2011. 

Its main objective is to provide reinsurance services to the insurance companies in the sub-regional economic bloc, ECOWAS, and Middle East and some parts of Asia. It also has offices in Nigeria and Ghana.   

Written by Modou S. Joof
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