Take Heed… President Koroma warns insurance leaders
President Ernest Bai Koroma has warned Leaders of the West Africa Insurance Companies Association (WAICA) to avoid dancing to the tunes of the global financial world if they are to maintain a steady sub regional economic growth.
The President made this warning while at the launching of the new WAICA re-insurance corporation in Lagos, Nigeria.
President Koroma, who doubles as one time President of WAICA said, the sub regional economy would not have suffered from global recession if countries had not followed some of the modern high leverage model that have proved disastrous in other countries.
“Let me warn you,” President Koroma said “do not dance to the gospel of modern fashion in the world of finance.”
He reminded colleagues in the field of insurance that their main business is security, which means that they should manage risk and not create new ones.
The President however called on the new WAICA re-insurance corporation to pursue aggressively, the new economic opportunities in the area of oil and gas, infrastructure and others.
To this development, he believes the new re-insurance corporation will smoothly trade in meeting to the international stock exchange of member countries in the enhancement of economic assimilation.
President Koroma however took the advantage in congratulating WAICA Secretariat for making tremendous progress since its establishment some years ago.
“The establishment of WAICA has brought numerous benefits to the sub region,” he emphasized.
Such he said has to do with “the development of a desperately needed re-insurance capacity, greater retention of foreign currency, greater investment, improved risk management, enhance regionalization and Technical Corporation and finally increase the level of innovation.”
Highlighting successes of Sierra Leone in the field of business, President Koroma, mentioned amongst other things, the introduction of newer legislations and the initiation of some elements of positive leadership in major institutions.
The West Africa Insurance Company Association (WAICA) is promoted by four countries: Sierra Leone, Nigeria, Ghana, Liberia and Gambia and holds its headquarters in Nigeria.
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