The West African Insurance Companies Association (WAICA) on Tuesday inaugurated a 14 member planning committee with the call on them to create insurance access to the poor and low income earners.
Mrs. Nyamikeh Kyiamah, Commissioner of National Insurance Commission, who inaugurated the committee, said this was crucial in order to improve the low insurance penetration as the low income earners constituted the majority of the population in the sub-region.
She also recommended for the consideration of the committee agricultural insurance since the economy of most countries in the sub-region were agro-based.
"There is very little insurance support for agricultural sector which is a major barrier for the needed investment in agriculture," she explained.
Mrs. Nyamikeh noted that the West Africa sub-region must make reinsurance arrangement that would enable it retain what it could and reinsure what it could not retain at fair rates on the international market.
"Even though the basis for the currently high global reinsurance rates is not relevant to the West Africa sub-region, very little has been done about the situation due to the size of the market in the sub-region."
Mrs. Kyiamah urged the planning committee to consider liaising with the West African Insurance Supervisors' Association (WAISA) to ensure a more coordinated approach to the implementation of decisions and resolutions passed at the end of educational conferences.
Mrs Kyiamah stated the importance of the integration of the West African Financial Markets and urged the planning committee to explore ways to get WAICA involved in the discussions on the integration.
Members of the committee are; Mr. William Agbenyegah, Chairman, Mr. George Otoo, Vice Chairman, Mr. Larry Jiagge, Mr. William Coker, Mr. George Robertson, Mrs. Mary Ohene-Adu, Mr. William Pyne and Mr. Gabriel Glover.
The rest are Nii Otinkorang Ankrah, Mr. Kwame Gazo Agbenyadzie, Mr. Isaac Buabeng, Mr. K. Ashidam, Mr. Atsu Menyawovor and Mr. Desmond Brown.
The West African Insurance Companies Association was formed in 1973 in Accra. Since then Accra has hosted the Annual General Meetings and Educational conferences.
Source: GNA
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