R-L: Anna Ndiaye; Biola Ekundayo,MD/CEO Waica Re; Abiba Zakariah Hanene Boukhris and Clement Owusu during the2019 AIO Conference in Johannesburg, South Africa.
BY NKECHI NAECHE-–In a bid to improve its operations, WAICA Re said that it has reposition and strengthened its business across all the regions of Africa where its business is located.
The Managing Director/ CEO, Bola Ekundayo disclosed this to insurance journalists on the sideline of just concluded Africa Insurance Organization (AIO) Conference held in Johannesburg, South Africa, that it has employed services of a GCOO to contribute his wealth of knowledge and experience into the company.According to him, as for today WAICA Re is present in all the regions of Africa.He said that they are also assisting insurance companies in training and retraining of their staffs in the area of terrorism and Agric insurance that is not being taking seriously in some part of the region.
He explained that the company is also training insurance companies in special risk areas such as oil and gas in order to to improve their knowledge. Speaking on its performance for 2018, he said that business has been good and their premium income has grown.” Our premium income is growing, because last year we made profits and we going to pay dividend to our shareholders.”We have been consistent in paying dividend for the past four years and some times we issue bonuses in orde to increase the capital base of the company which has made us to be one of the biggest reinsurance companies in Africa when it comes to capitalization.”On claims payment, he said “We have paid a lot of claims in Nigeria and Ghana. We also suffered some major loses even in some French speaking countries but despite that our premium has been growing as we had expected.”
Global Credit Ratings in December last year placed WAICA Re national scale claims paying ability rating of A+(NG) ‘Under Review’. Furthermore, the international scale claims paying ability of B+ assigned to WAICA Reinsurance Corporation Plc is also placed ‘Under Review’.
