The African Insurance Organisation and the West African Insurance Companies Association have signed a strategic partnership deal to advance the course of insurance in the subregion.
According to a statement from WAICA recently, the partnership recognises the important role that cooperation plays in developing the insurance and reinsurance industry in Africa and, by extension, in the West African market region.
The partnership, aimed at establishing the basis for cooperation between the parties without imposing any legal obligation on either party, will enhance the technical know-how and expertise of the human capital, the exchange of information, statistics, and reports, and encourage the exchange of business ideas among members.
Speaking on the agreement, Secretary-General of the African Insurance Organisation, Jean Baptiste Ntukamazina, said, “It is quite fulfilling and exciting for me to sign this agreement that will enhance and improve the practice of insurance and reinsurance across the West African sub-region. I am sure that both the AIO and WAICA will benefit immensely from this initiative, which will be for the collective good of all professionals.
On his part, the Secretary-General of WAICA, Davis Iyasere, stated, “The MOU will open a new vista in the cooperation between the two organisations, even as he expressed the hope that both AIO and WAICA will benefit from the deal. The insurance industry in West Africa will benefit immensely from this deal, given the network and resources available to the AIO.”
Specifically, both organisations have agreed on the framework for cooperation that will enable each party to benefit from the common activities of the other party and pursue their respective goals.
He added, “In recognition of the important role that the insurance and reinsurance industries play in protecting the savings of individuals and assets of corporates and in the mobilisation of financial resources needed for economic growth, the parties have agreed on the following: Support and promote regional and continental discussions aimed at the development of the (re)insurance industry. Actively promote the conferences and events organised by either party.
“Participate in the conferences, seminars, and workshops organised by either party. Extend invitations to the President and Secretary-General to attend the other party’s conferences and forums at no fee. Arrange joint technical webinars/seminars/workshops. Exchange reports and publications as each party may deem feasible; each party will determine its publication, which will be shared on the website of the other party, and under no circumstance shall the reports/publications shared by either party be used for financial or pecuniary benefits.”
The agreement is subject to periodic review.
