The West Africa Insurance Companies Association (WAICA) has installed a new president of the association to serve for a one-year term.
The new president, H. Momoh Fortune of Liberia, in his induction speech, called for a united front to move the sub-regional association forward and promised to make the institution more viable for the benefit of all member countries.
Fortune also challenged Government ministries and agencies to form part of the association, saying that this would help to improve the insurance industry in Liberia.
The West African Insurance Companies Association is a regional body of insurance companies and institutions in English-speaking West Africa founded in 1973 by insurance institutions in the five countries.
Fortune, who was speaking at the induction ceremony at the Paynesville City Hall in Monrovia, said he wants the insurance industry in Liberia to be overhauled to put it on par with others in the sub-region.
Meanwhile, in his remarks, the outgoing president of the association, Mr. Hassan Kanu of Sierra Leone, expressed gratitude for the time afforded him to serve the organization.
He added that the West African Insurance Institute (WAII) was established under the auspices of the five English-speaking West African governments and the United Nations Conference on Trade and Development (UNCTAD) in Liberia.
Kanu said WAII has encouraged the promotion of insurance education in West Africa, noting that the institution which is a product of WAICA, has enjoyed full diplomatic status in Liberia.