Mr Ezekiel Abiola Ekundayo, Group Managing Director/CEO of WAICA Reinsurance Corporation Plc (WAICA-Re) Sierra Leone, is a seasoned insurance practitioner with more than three decades experience in the industry. In this interview, Ekundayo who has been using his wealth of experience to pilot the affairs of this leading insurance provider, X-rays the impact of WAICA-Re on the insurance industry in Sierra Leone. Excerpts:

What is your assessment of the insurance industry in Sierra Leone?

The insurance industry in Sierra Leone is still developing and faces challenges related to regulation, supervision, market penetration, infrastructure and technology, risk management and actuarial expertise, as well as financial stability and solvency. There are 13 insurance companies and eleven 11 insurance brokers operating in the country. The industry has shown growth, especially in the life insurance segment, but there is room for further expansion and innovation. Addressing the challenges facing the industry in Sierra Leone requires collaborative efforts among industry stakeholders, including policymakers, regulators, insurers, brokers, and consumers, to strengthen regulatory frameworks, enhance market awareness, invest in infrastructure and technology, and improve risk management practices.

Could your briefly give us an insight into WAICA-Re’s journey so far in Sierra Leone?

WAICA Reinsurance Corporation Plc was incorporated in Sierra Leone in 2011. Over the past 12 years, WAICA-Re has played a significant role in providing reinsurance capacity to the insurance in Sierra Leone, other African countries and beyond. The journey has been marked by growth, commitment to training, and contributions to the regional insurance landscape. Presently, WAICA-Re is erecting an architectural masterpiece in Sierra Leone that will be a pride of the country in particular and the West African sub-region as a whole.  WAICA-Re has also continued to respond to the needs of the less privileged in Sierra Leone. 

How would you rate the impact of WAICA-Re on Sierra Leone’s insurance industry?

WAICA-Re has been positively impacting the insurance industry in Sierra Leone by providing reinsurance support, capacity building, and technical expertise. Its presence has contributed to the overall stability and development of the local insurance market. WAICA-Re is supporting the industry through the WAII One year Diploma in insurance course by sponsoring a good number of persons with regards to tuition, accommodation, feeding and a subtle monthly allowance.  The Commission has been privileged to nominate a candidate each year to this programme. Clearly, the presence of WAICA-Re in Sierra Leone has projected the image of the country in the insurance landscape worldwide.

What exactly does Integrating Environmental, Social, and Governance (ESG) by WAICA-Re entail?

As a signatory to the Nairobi Declaration on Sustainable Insurance, WAICA-Re is committed to Integrating Environmental, Social, and Governance (ESG) criteria into its business activities. The corporation aims to promote sustainable practices, risk management, and responsible investment within the industry.

What is the outlook for WAICA-Re Sierra Leone?

WAICA-Re Sierra Leone aims to continue its growth trajectory in the next five years. It plans to strengthen its shareholder equity, enhance its product offerings, and contribute to the economic development of Sierra Leone and the African region. WAICA-Re remains dedicated to its mission of providing reliable reinsurance solutions while promoting sustainability and responsible business practices.

Leave a Reply

Your email address will not be published. Required fields are marked *

%d bloggers like this: