WAICA Reinsurance Corporation is out with a bang for the winner of its maiden edition of ‘Annual Corporate Social Responsibility (CSR) Competition Project and Ambassadors for 2021/2022’ across all its operating countries, with outstanding cash prizes of $100,000.00.
The Group Managing Director of the corporation, Biola Ekundayo, stated that the winner of the competition will become WAICA Re’s goodwill ambassador for a year, while the ambassador will have a cash award of $5000. The 1st and 2nd runners-up will get cash awards of $2000 and $1000 respectively.
Ekundayo said, WAICA Re places premium on CSR projects in all the countries it operates and has taken education is one of the major back bones of the industry resulting in immensely contribution to education in the sub region as well as the development of the insurance industry.
“We also carry out CSR activities to support the countries where we operate, Sierra Leone – Supporting the insurance industry by establishing a college of Insurance designated in the Insurance Commission’s building. We will furnish and supply the needed textbooks, facilitators, and conducive environment for learning. This will be the first insurance training platform in the country,” he stated.
Besides, he said the giant strides WAICA Re has made has earned it top rate support from the reinsurance market across Africa, Middle East and Asia, since the start in July 2011 in Sierra Leone, West Africa.
“Today, it has grown into a group. We have continued to expand throughout Africa and beyond, with four regional offices located in Nigeria, Ghana, Tunisia, and Ivory Coast.”
Also, we have four subsidiaries: WAICA Re (UK) Ltd, WAICA Re Zimbabwe (Private) Ltd, WAICA Re Capital Ltd (Ghana) and WAICA Re (Kenya) Ltd. In the short 10 years of the WAICA Re’s existence, our gross premium grew from USD35,000 in 2011 to USD103 million in 2020.
To him, “In 2020, inspite of the Covid–19 challenges, we grew by about 50%. The performance makes WAICA Re one of the fastest-growing reinsurance companies within the African region.”
According to him the: “Reinsurance in Africa is on a steady growth path despite the turbulence created by the Covid-19 pandemic. The top 10 reinsurance players still control a significant share of the market. There have been improvements in local content; however, significant large risk exposures in engineering, oil and gas are still ferried to non-domestic reinsurers.”
While believing there has been a continued shift in building capacity as major players have conferences, academies, training and competitions tailored to skill enhancement and capacity building, he added that, the level of capital needs to be shored up to provide capital adequate enough to bear risks and meet stakeholders’ expectations.
With myriads of points of involvement he said “Reinsurance companies should focus more on emerging risks such as: political risks, terrorism, cyber security, artificial intelligence, among others. Finally, African reinsurers need to invest and leverage technology in driving their businesses. Support for insurtech is the way to go.”