With Ghana being the new destination for global oil and gas,stakeholders in the insurance industry have expressed their readiness to underwrite oil and gas insurance to retain premium for national development.
Already, some insurance professionals have been sent abroad to learn about oil and gas insurance.
William Agbenyegah, the incoming President of the West Africa Insurance Companies Association (WAICA) said, “Since oil and gas is a huge business there is the need to take advantage of the oil find so as to prevent insurance business from going to companies abroad.
“As it is now, it is only Nigeria that has a local content and can underwrite oil and gas insurance but everything is being done to ensure that the indigenous insurance companies can play a major role in the oil insurance.”
He disclosed this ahead of the 32nd Annual General Meeting (AGM) and Educational Confab of WAICA.
Government, in collaboration with the National Insurance Commission, has already begun a programme to encourage local insurance firms to control oil insurance in Ghana.
The programme is also aimed at building the capacity of insurance companies in the management of oil and gas.
This year’s conference is under the theme, “Oil discovery in West Africa: Its impact on the socio-political and economic development of the sub-region and the vital role of the insurance industries in the management of this natural resource.”
About 200 participants from five Anglophone West African countries attended the three- day conference, which ended on 24 March 2010.
Willie Coker, Secretary General of WAICA further revealed that the conference would focus on whether the oil and gas find would be a blessing or a curse for Ghanaians.
In addition, he said there was the need for the West African market to be ready to manage the risk associated with oil and gas effectively.
“We have to ensure that insurance firms are well positioned for the oil boom,” Mr. Coker reiterated.
Several issues such as the response of the insurance industry, risk management concerns, gas underwriting and reinsurers and pool managers’ perspective were discussed at the conference.
Recommendations ware outlined at the end of the conference,of which participants said it would assist in fast-tracking the development of oil and gas in West Africa.
WAICA, which was formed in the 70’s in Ghana, is currently made up of members from five West African countries, including Ghana, Nigeria, Sierra Leone, Liberia and The Gambia.
Already, some insurance professionals have been sent abroad to learn about oil and gas insurance.
William Agbenyegah, the incoming President of the West Africa Insurance Companies Association (WAICA) said, “Since oil and gas is a huge business there is the need to take advantage of the oil find so as to prevent insurance business from going to companies abroad.
“As it is now, it is only Nigeria that has a local content and can underwrite oil and gas insurance but everything is being done to ensure that the indigenous insurance companies can play a major role in the oil insurance.”
He disclosed this ahead of the 32nd Annual General Meeting (AGM) and Educational Confab of WAICA.
Government, in collaboration with the National Insurance Commission, has already begun a programme to encourage local insurance firms to control oil insurance in Ghana.
The programme is also aimed at building the capacity of insurance companies in the management of oil and gas.
This year’s conference is under the theme, “Oil discovery in West Africa: Its impact on the socio-political and economic development of the sub-region and the vital role of the insurance industries in the management of this natural resource.”
About 200 participants from five Anglophone West African countries attended the three- day conference, which ended on 24 March 2010.
Willie Coker, Secretary General of WAICA further revealed that the conference would focus on whether the oil and gas find would be a blessing or a curse for Ghanaians.
In addition, he said there was the need for the West African market to be ready to manage the risk associated with oil and gas effectively.
“We have to ensure that insurance firms are well positioned for the oil boom,” Mr. Coker reiterated.
Several issues such as the response of the insurance industry, risk management concerns, gas underwriting and reinsurers and pool managers’ perspective were discussed at the conference.
Recommendations ware outlined at the end of the conference,of which participants said it would assist in fast-tracking the development of oil and gas in West Africa.
WAICA, which was formed in the 70’s in Ghana, is currently made up of members from five West African countries, including Ghana, Nigeria, Sierra Leone, Liberia and The Gambia.
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