President Ernest Bai Koroma on Thursday 19th April 2012 assured the staff and management of West African Insurance Companies Association (WAICA) Reinsurance Corporation PLC of his Government’s continued support. He made this assurance whilst formally launching the corporation’s headquarters at the Maritime House at Government Wharf in Freetown.

President Koroma expressed happiness for being part of the commissioning of WAICA’s headquarters in Sierra Leone. He said WAICA has sailed through difficult times since its establishment in 1973. According to the President, it has been a long dream, to reach this stage, adding that WAICA has formed so many branches all with the aim of having a reinsurance company to improve the West African insurance companies. He said, the hosting of the company in Sierra Leone and the entire West Africa was very timely. President Koroma further expressed Sierra Leone’s happiness to host the company, adding that Sierra Leone has given WAICA  full diplomatic status, free office and resident for it executives.

The President further expressed hope for more employment and training of middle level manpower of the country by WAICA, to build the human resource capacity to the best. He also informed that WAICA will help to reduce the hike in the much needed foreign exchange rates. He appealed to all insurance companies to seed 10% of their business to WAICA so as to boost its status. He used the forum to appeal to other governments in the sub-region, to support WAICA as according to him, if they sustain the efforts of WAICA, it will be above all.

Earlier, Managing Director & CEO of WAICA, Mr. Abiola Ekundayo, said WAICA was formed by various West African countries as a reinsurance to all insurance companies in the region. The company, he went on, does not deal with individuals but insurance companies.

He thus informed that, the corporation was built on the vision to develop a diversified insurance sector with the aim of providing greater reinsurance capacity with the view to widening the economy and financial growth in West Africa. He said the corporation has an authorized share capital of $100 million and hope to raise $25 million at the end of the fund raising exercise, through the private sector placement by member companies.

He said the corporation aims to foster economic, social and cultural developments across the sub-region, through the promotion of economic integration, provision of coverage for emerging special risk. Such risk he went on, include oil exploration and drilling, mining and aviation and proposed West African pipeline projects.