The African Insurance Organisation (AIO), and the West African Insurance Companies Association (WAICA) have signed a strategic partnership deal to advance the frontiers of insurance in the subregion.

The aim is to recognise the important role that cooperation plays in developing the insurance and reinsurance industry in Africa, and by extension, in the West African market region.

The partnership which aims at establishing the basis for cooperation between the parties without imposing any legal obligation on either party, will enhance technical know-how and expertise of the human capital, exchange of information, statistics and reports and encourage exchange of business ideas among members.

Specifically, both organizations have agreed the framework for cooperation that will enable each party to benefit from the common activities of the other party and pursue their respective goals.

Areas of Common Interest

In recognition of the important role that the insurance and reinsurance industries play in protecting the savings of individuals and assets of corporates and in mobilisation of financial resources needed for economic growth, the parties have agreed to support and promote regional and continental discussions aimed at the development of the (re)insurance industry, actively promote the conferences and events organised by either party and participate in the conferences, seminars and workshops organised by either party.

The others are extended invitations to the President and Secretary General to attend the other party’s conferences and forums at no fee. Each party will determine its publication which will be shared on the website of the other party.

Under no circumstance shall the reports/publications shared by either party be used for financial or pecuniary benefits.

Speaking on the agreement, Secretary General of the African Insurance Organisation (AIO), Jean Baptiste Ntukamazina, said:

It is quite fulfilling and exciting for me to sign this agreement that will enhance and improve the practice of insurance and reinsurance across the West African subregion. I am sure that both the AIO and WAICA will benefit immensely from this initiative which will be for the collective good of all professionals.

On his part, the Secretary General of the West African Insurance Companies Association (WAICA), Davis Iyasere stated that the MOU will open a new vista in the cooperation between the two organisations, even as he expressed the hope that both AIO and WAICA will benefit from the deal.

The insurance industry in West Africa will benefit immensely from this deal given the network and resources available to the AIO. The agreement will be reviewed periodically.