7 May 2014

Liberian Insurance Companies Rated Poorly

The head of the Insurance Commission of West Africa, Madam Lydia Lariba Bawa, has expressed disappointment in the dismal performance of insurance companies in Liberia, urging them to improve services to the public.

Speaking in an interview Monday at the Monrovia City Hill, Madam Bawa disclosed that Liberia to take over the presidency of the Insurance Commission of West Africa, but the rate of insurance here is discouraging, stressing the need to have it increased before the end of 2014.

Commissioner Bawa said the Federal Republic of Nigeria, Ghana, The Gambia, Sierra Leone and Liberia, among others are part of the West African Insurance Companies Association or WAICA. She explained that Liberia, which is about to produce the next president, has only four companies that are part of the association, which according to her, is discouraging.

She called on government ministries here responsible for insurance companies to make sure those insurance companies that are not involved with the West African Insurance Companies Association to become members of the regional body. She said as a nation coming out of war, Liberians should be educated on the activities of insurance companies.

She then provided a brief history of WAICA, disclosing that the West African Insurance Companies Association is a regional association founded in 1973 by five English speaking West African countries with support of their respective governments.

The WAICA Commissioner narrated that activities in member countries are still attended and supported by government officials, including Presidents. Madam Bawa urged Liberians to seize the opportunity as their country is poised to provide the next leadership and enjoy the benefits of the association.

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