Lagos – The Secretary- General, West Africa Insurance Companies Association (WAICA), Mr Williams Coker, said that the association would employ the services of African Trade Insurance Agency (ATI) to underwrite risks in the region.
Coker stated this in an interview with the News Agency of Nigeria (NAN) on the sideline of the ongoing 38th WAICA Conference on Wednesday in Lagos.
ATI is a multilateral financial institution providing export credit insurance, political risk insurance, investment insurance and other financial products to help reduce the business risks and costs of doing business in Africa.
He said that WAICA would employ the services of ATI with the support of Economic Community of West African Countries (ECOWAS).
Coker said that the capacity for political risk insurance and trade credit insurance still remained a challenge to many markets across Africa.
He said that ATI developed political, credit and riot risks cover insurance in West Africa Region to meet global trends.
“ATI’s main goal is to help increase investments by African countries and two-way trade flows between Africa and the world.
“It facilitates exports, Foreign Direct Investment and trade flows within the continent,” he said.
Coker explained that ATI would operate with a special mandate.
He said, “It would only provide cover for political, credit and riot risk insurance for WAICA members with special mandate.
“ATI is not coming to this region to compete with our insurers or re-insurers.
“What they provide are those covers our insurers are not providing presently.
“ATI would not provide covers that are already available in our local markets.
“This would enable us block loopholes for capital flight within insurance in member countries,’’ he said.
According to the secretary-general, ATI is expected to commence operations in the sub-region before April, 2017.
He urged all insurance companies, brokers and other bodies in the region to operate under one body for efficiency.
Coker said that this would also enable the association to build all necessary supports.
He said: “I am using this opportunity to beckon on the West African Loss Adjusters Association (WALAA) to come under this unifying umbrella.
NAN reports that over 200 participants across six West African countries participated in the 38th WAICA Conference with theme : “The Practice of Insurance In a Challenged Economy’’.
The countries include: Ghana, Liberia, Sierra-Leone, Gambia, Mauritius, Nigeria and others. (NAN)