Integrate community-based mutual assistance schemes, WAICA tells underwriters

The West African Insurance Association (WAICA) has proposed to underwriters in the sub-region to integrate community-based mutual assistance schemes into insurance in order to reach the underserved segments of society.

The recommendation was given by the Managing Director/Chief Executive Officer of AIICO Insurance Plc, Babatunde Fajemirokun in a paper entitled ‘Aligning Insurance Practices in the 21st Century to Serve Public and Private Sectors’.

The paper was presented at the 2023 WAICA Education Conference in Freetown Sierra Leone, and he stated that integrating informal risk management practices, into insurance solutions can be beneficial in reaching underserved populations.

He stated that the West African insurance market has been experiencing notable changes in recent years, driven by evolving economic conditions, regulatory reforms, and shifting consumer preferences, noting that understanding the key aspects of this market is essential to aligning insurance practices effectively in the 21st century.

Fajemirokun highlighted that aligning insurance practices in West Africa is a multifaceted endeavour that requires collaboration, innovation, and a steadfast commitment to the welfare of the region’s citizens and businesses.

He said, “By increasing insurance penetration, enhancing risk management, fostering collaboration between the public and private sectors, and harnessing the power of data, we can pave the way for a more resilient and prosperous West Africa.”

According to him, insurance, as a catalyst for economic stability and growth, has the potential to transform the region, providing protection, peace of mind, and a solid foundation for a brighter future.

He stated that West Africa’s journey toward insurance alignment is a journey toward resilience, prosperity, and shared progress for all.

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