Makareh Badjan, president of IAG in a statement described the comments as derogatory and illustrates “utter ignorance of the operations of insurance companies.” He added that its effect is to “misinform and misguide the unsuspecting” public on the true purpose of insurance.
“All insurance companies operating in The Gambia are fully registered and licenced by the Central Bank of The Gambia which regulates their activities as they do to commercial banks. What is even more disheartening is that the allegations are not only unsubstantiated, the police and Central Bank are also accused of collaborating with the insurance companies in perpetuating the scam," he reiterated.
He told journalists that the insurance industry considers these comments by the GTU President as “irresponsible and unbefitting” of any leader worth his salt.
He continued to assert that the core mandate of all insurance companies is to provide compensation or indemnity to its policyholders in the event of a loss caused by a risk which the policy holder has insured against, and to compensate third parties and victims of road accidents when the policy holders are adjudged to be legally liable for such accidents.
“The IAG notes with concerns the current increase in road accidents in the country and wishes to express our sincere condolences and sympathy to the affected families.”
He assured the public that all legitimate claims would be processed expeditiously, saying it is worth mentioning that some of these accidents may involve uninsured vehicles or unlicenced drivers leaving the victims with no legitimate insurance recovery.
He concluded that IAG would continue to contribute immensely to the socio economic development of the country, stating that they do pay huge amount to government which also contributes to the infrastructural development of the country.
