|Captains of The Gambia insurance industry|
It was the 26th annual general meeting of the Insurance Association of The Gambia (IAG) during which senior insurance practitioners from various companies noted that the insurance industry has made modest progress in the year under review. They also pointed out that the industry continued to be faced with challenges like unhealthy competition among companies which is hindering its growth.
Speaking on the occasion, the new president of the IAG, Almamy B Jobarteh, said his ambition is to gradually tackle the main challenges of the industry to enable to the insurance companies tap the fallow fertile areas in the market.
|Mr Jobarteh, IAG President|
“The Executive Committee (of the IAG), under my leadership, is convinced that one robust way of achieving this is to lobby for the establishment of a National Insurance Commission which would be the driving force for the growth of the insurance industry,” said Mr Jobarteh, who is also the managing director of Sunshine Insurance Company.
“This is a major project for our industry and I wish to call upon each and every one of us (the insurance practitioners) to put together all the necessary resources and efforts to ensure the realization of this project,” he added.
Already a position paper on the establishment of a National Insurance Commission for The Gambia has been prepared for presentation to the authorities.
Code of conduct for the industry
The IAG President, Mr Jobarteh, stated that another area that his executive would like to look into is the issue of the self-regulation and collaboration in practices especially in the area of underwriting and claims management.
He said a code of conduct has been drafted and already reviewed by the Executive Committee (of the IAG) to address these concerns.
The code of conduct is expected to take care of the unprofessional and unethical insurance practices that are partly responsible for the slow growth and development of The Gambia insurance industry.