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WAICA Re to back CSR project with $100,000

WAICA Reinsurance Corporation has promised to support the winner of the maiden edition of her ‘Annual Corporate Social Responsibility (CSR) Competition Project and Ambassadors for 2021/2022’ with $100,000 across all its operating countries.

Established in 2011 with the philosophy of strengthening the financial sector of the sub-region by providing greater and viable insurance and reinsurance capacity, the corporation said, the theme of its CSR competition is ‘Practical Solutions to Natural Disasters in West Africa.’

Speaking on this development recently Biola Ekundayo, the GMD of the Corporation said the winner of the competition will become WAICA Re’s goodwill ambassador for a year, having supported the winning project with up to $100,000, while the ambassador will have a cash award of $5000.

There will also be 1st and 2nd runners-up with cash awards of $2000 and $1000 respectively, he stressed.

Besides the competition, he said, WAICA Re has initiated several CSR projects across all its operating countries and has always felt that education is one of the major back bones of the industry and as a result has contributed immensely to education in the subregion as well as the development of the insurance industry.

‘We also carry out CSR activities to support the countries where we operate, for instance in Sierra Leone we have supported 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.

In Nigeria, we have supplied fittings such as cooling systems and computers to the Chartered Insurance Institute of Nigeria, including the installations, while Cote D’ Ivoire we have done tree planting and garden at the insurance college

In Ghana, we are refurbishing the insurance institute’s library and stocking the same with textbooks; The Gambia, we are ponsoringWAII’s digital training platform; in Zimbabwe we are supporting the insurance institute with an operational vehicle.

Furthermore, he stated that WAICA Re has made giant strides because of the inestimable supports it is getting from the reinsurance market across Africa, Middle East and Asia, the corporation, he said, started as a spark 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 4 regional offices located in Nigeria, Ghana, Tunisia, and Ivory Coast. Also, we have four subsidiaries:

Assessing reinsurance business in African continent, he said: “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.”

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