By George M.O Williams
Freetown, Sierra Leone – The Sierra Leone Insurance Association (SLIA) has commenced hosting the West African Insurance Companies Association (WAICA) Annual General Meeting (AGM) and Conference at the Radisson Blu Hotel in Freetown. The two-day event, which began on Monday, April 5, 2025, brings together industry experts and stakeholders from across West Africa to discuss pressing financial crime issues affecting the insurance sector.
Under the theme “Battling Financial Crimes in West Africa: Role of Insurers,” the conference aims to explore strategies for combating financial crimes while promoting more secure and efficient insurance policies within the region.
WAICA, established in 1973, represents insurance institutions from English-speaking West African countries, including The Gambia, Ghana, Nigeria, and Sierra Leone. The association focuses on fostering the development of insurance markets, enhancing education in the sector, and reducing economic losses caused by disasters such as fires and accidents.
Speaking at the opening ceremony, Deputy Minister of Finance II, Bockarie Kalokoh, highlighted the growing threat of financial crimes globally, emphasizing Africa’s significant share of such challenges. He underscored the pivotal role of the insurance sector in safeguarding financial systems and called on insurers to implement stringent security measures, conduct thorough due diligence, and collaborate closely with government agencies.
Outgoing WAICA President, Bubacarr Jarju, reaffirmed the association’s commitment to protecting member states from illicit financial flows and terrorism financing. He stressed the importance of inter-member business exchanges to foster a unified and resilient insurance framework across the region.
Meanwhile, SLIA President, Solomon Sesay, expressed enthusiasm over Sierra Leone hosting the conference, viewing it as a step toward building a stronger and more integrated insurance sector in West Africa. He also disclosed Sierra Leone’s ongoing digitalization of motor insurance, acknowledging the accompanying risks posed by cyber and financial crimes.
“We hope this conference provides actionable solutions for tackling financial crimes, sparks insightful discussions, and encourages knowledge-sharing to strengthen financial systems within the insurance sector,” Sesay stated.
The conference is expected to conclude on Tuesday, April 6, 2025, with resolutions aimed at enhancing insurance security and efficiency across the region.