The West African Insurance Companies Association (WAICA) confirms it is in talks with the Economic Community of West African States (ECOWAS) to provide insurance cover for infrastructural projects across the sub region.
Mr William Coker, Secretary General/Chief Executive Officer, WAICA, said this at the day-two of WAICA 50th Anniversary and 2023 Educational Conference in Lagos.
Coker said the association had met with the Council of Ministers of ECOWAS and other critical stakeholders who were focusing on financing infrastructure across the sub region on the role West African insurers could play in the project.
He explained that in the same way, the project facilitators in the sub region got banks as a consortium to fund the project, insurance companies in the sub-region were also strong enough to come as a consortium to underwrite the project.
“Project facilitators go to banks for funding and accept them as a consortium due to the huge amount required to fund the project but do not consider that insurers can also come together as a consortium to provide cover for the project.
“Insurers in the sub-region have the capacity and capital to underwrite such infrastructure projects worth more than 100 million dollars, especially under a consortium.
“We are optimistic that insurance companies under WAICA will be considered by ECOWAS and this will not only improve the profitability and growth of the industry but will make the sector relevant in national and economic planning,” he said.
According to him, WAICA has initiated the proceedings with ECOWAS and processes for the approval from the Council of ECOWAS is ongoing.
The WAICA CEO noted that the proposal once approved, would change the landscape of insurance projects in the sub-region.
He, however, urged insurance companies across the region to up their games, as only rated companies would benefit from the business.
WAICA was established in1973 with the purpose of improving the image of the insurance industry in West Africa.
The association assists in creating an enabling environment for industries and economies by promoting cooperation in every respect amongst all insurance and reinsurance companies operating in ithe sub-region.
