Monday, March 24, 2014

Continental Reinsurance poised to bridge knowledge gap in Gambian market

Non-life reinsurance training designed to improve knowledge and skills gap in Gambian industry (Photo: Participants - by Lamin Jahateh)
Continental Reinsurance Corporation has on Monday stated it is poised to bridge the knowledge gap in non-life reinsurance in The Gambia.

In that regard, the corporation hold a two-day training (March 24-25) on ‘non-life reinsurance’ in collaboration with Insurance Association of The Gambia (IAG) at a local hotel in Banjul.  

“The training is specifically designed to increase and improve the knowledge and skills gap in non-life reinsurance in The Gambia insurance industry,” the Nigeria-based pan-African company states.

Technical subject

Steve Odjugo, regional director of Continental Reinsurance, says The Gambia training is part of a series of trainings that the Corporation is embarking on in 2014. “This year, we are having nine trainings in different locations in Africa and this training is one of them.”

The trainings are tailor-made to the needs of the specific markets that they are holding it, he says. 

Mr Odjugo explains: “We go around visiting the insurance markets in Africa, from our discussions and engagements with the market we got to know the areas of the business where there is insufficient knowledge in that market.

“When we know of such knowledge gap or gaps in world best practices, we try to bring resources to bridge those gaps, to address those areas of need.” 

He says they have been discussing about this training in The Gambia for two years - finding out what area of need is in the Gambian insurance market that the Corporation can help address. 

Odjugo says after thorough discussions in different areas, they decided to focus on reinsurance because it is a “very technical subject” in insurance.

Develop financial systems

“The purpose of the training is not to make the participants reinsurance expert but to bring some aspects of the practice of reinsurance for all the participants to discuss and learn from,” he explains.

Pa Alieu Sillah, Commissioner of Insurance at the Central Bank of The Gambia, says the training demonstrates the strong ties between Nigeria and The Gambia and is a part of efforts to develop the financial systems in the sub regional economic bloc, ECOWAS.

He says the participants will gain technical knowledge and skills to enable their meaningful contribution to the growth and development of their various insurance companies and the country’s economy in general.

Not a stranger

IAG’s secretary general Henry Jawo says Continental Reinsurance is not a stranger in the Gambian market. 

Most of the insurance companies in the country have been doing business with Continental Reinsurance and the company has been very supportive to the Gambian insurance industry, he says. 

“Along the years, we have always had their backings in all endeavors that the Gambian insurance market undergoes,” says Mr Jawo. 

Continental Reinsurance Corporation is the largest private reinsurance company in Africa if South Africa is excluded.

Written by Modou S. Joof

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