At
least 70 insurers in the sub-regional economic bloc, Ecowas, Wednesday gather
in Banjul to discuss claims management regarding the Brown Card Insurance
Scheme in West Africa.
The
April 23-25 event is the 1st zonal meeting this year of the Ecowas Brown Card Scheme hosted by the The Gambia
National Bureau of Ecowas Brown Card.
It
is being preceded by an extra-ordinary general assembly to enable the Scheme
adopt a new ‘Consensus Brown Card’ for use in all Ecowas member states.
The
Brown Card Scheme is a compulsory insurance cover for third party liability
against accident involving vehicles traveling across the West African
sub-region. It covers death, medical
expenses, bodily injury and material damage.
“The essence of insurance is
defeated when companies default on their most basic function, the timely
settlement of genuine claims,” says Basirou Njai, a deputy governor of the
Central Bank of The Gambia (CBG).
He
says claims management and settlement lies at the heart of the Scheme as one of
the most important aspects in the functioning of an insurance company.
Njai
says speedy claims settlement could make a difference in a market that is
highly competitive and economically challenging.
Ebou L. Bittaye, chairman of the Gambia National Bureau, says “the
meeting is expected to arrive at firm resolutions and decisions about the new
brown card and settlement that would be acceptable by all.”
The three-day meeting will discuss pertinent issues relating to the
Consensus Brown Card and claims settlement under the scheme, adds Mr Bittaye,
also the managing director of Global Security Insurance Company.
Technocrats say “the Ecowas Brown Card Insurance Scheme is the
most successful tool for integration within the sub-region as it facilitates
the safe movement of peoples and goods in West Africa.”
Soriba Cisse,
chairperson of the Ecowas Council of Bureaux, explains that the Scheme was
established by a Protocol signed by Ecowas heads of state in Cotonou, Benin in
May 1982.
Written by Modou S. Joof
Follow on Facebook: The-North-Bank-Evening-Standard
Hey,
ReplyDeleteThanks for sharing such an amazing and informative post. Really enjoyed reading it :)
Thanks
Apu
Claims Management Services