By Cynthia Alo
WAICA Reinsurance Corporation has said that Nigeria is one of its strongest contributors as the country accounted for 52 percent of its gross premium written of $58 million for the 2018 financial year.
Chairman of the reinsurance firm, Mr. Kofi Duffor, who disclosed this at the annual general meeting of the company in Sierra Leone said that the company is set to raise its issued capital to $100 million in six tranches.
Speaking on the financial performance of the firm, Duffor said: “There was a subdued gross premium growth of four percent from $55.8 million in 2017 to $58 million in 2018 resulting from decision to concentrate on profitable businesses and stop business dealings with some brokers who only add negatively to debt ratio by not paying premiums. The growth was driven mainly by Tunisia with 134 percent, Nigeria 52 and Francophone markets which is 51 percent.”
Duffor said that the increase in capital will position the Corporation to underwrite larger businesses in the oil and gas sector saying, “The additional capital will also augment our working capital, enable us strengthen our subsidiaries and boost investments income.
“As a proactive measure, we also envisage to register formally our operations in both Ivory Coast and Nigeria within the next two to three years, thereby transforming these centres into fully fledged subsidiaries of WAICA Re with all the privileges of a domestic reinsurance operator.”
Other countries also accounted for growth with Sierra Leone 50 percent and Liberia 33 percent while there was negative growth of six and 39 percent in the Ghanaian and the Diaspora markets respectively.
He said that with the advancement of information and technology, WAICA Re is adopting modern technologies to deliver quality service to its esteemed clients saying, “The Corporation implemented a Wide Area Network which enables us to harmonise and integrate our operations in all regional offices and subsidiaries. The Corporation has also implemented a cloud disaster recovery application for our critical applications to ensure we resume operations quickly in the face of any eventualities without losing critical operational information.”