BY NKECHI NAECHE-ESEZOBOR--The West African Insurance Companies Association ((WAICA) said plans are on the way to provide covers for infrastructural projects across the sub region.
The former Secretary General/Chief Executive Officer, WAICA, Mr William Coker, disclosed this at the just concluded 2023 Education Conference held in Lagos, Nigeria, that the Association is discussing with Economic Community of West African States ( ECOWAS) for this to be a reality.
According to him, sometime last year, we had meeting with ECOWAS and other industry stakeholders on private partnership and the trust of it was infrastructure and how it can be financed. ECOWAS is looking at bringing more infrastructure projects within West Africa and they have been forcusing only on financing of infrastructure.
” One of the reasons I was invited to that meeting was to see the role the insurance industry in West Africa can play in this infrastructure projects. The question was, can the insurance industry cover the million dollar infrastructure projects across West Africa.?
” I answered, just the same way, sub region got banks to formed consortium to fund the project, insurance companies in the sub-region were also strong enough to come as a consortium to underwrite these projects.
“Project facilitators go to banks for funding and accept them as a consortium due to the huge amount required to fund the project but do not consider that insurers can also come together as a consortium to provide cover for the project.
“Insurers in the sub-region have the capacity and capital to underwrite such infrastructure projects worth more than $100 million, especially under a consortium.
“We are optimistic that insurance companies under WAICA will be considered by ECOWAS and this will not only improve the profitability and growth of the industry but will make the sector relevant in national and economic planning,” he said.
He said nine resolution from the conference will be sent to the Council of Ministers of ECOWAS for approval.
He added that once it is approved insurance companies will seriously be considered to be part of the infrastructure projects by providing covers.
he proposal is waiting for the approval council of ECOWAS for approved the project will take off.
