#National News

Insurance Association of Gambia marks Insurance Awareness Week

Jun 2, 2022, 1:38 PM | Article By: Lobbeh Jallow

Insurance Association of The Gambia (AIG) last Tuesday organised Insurance Awareness Week with a caravan walk from Youth monument to Jah Oil at Churchill’s Town to Serrekunda market and then to back to Youth monument at West field.

The event was held under the theme; ‘The Future of Insurance in The Gambia Perspective of the Regulation, Brokers and Insurers’. The caravan walk was designed to sensitise and enlighten the populace on the work and importance of Insurance Association of The Gambia.

Speaking to journalists shortly after the caravan walk, Makareh Badjan, President of the Insurance Association of The Gambia (AIG), acknowledged the crucial role of Insurance Associations in the socio-economic development of countries, as they provide financial protection.

This protection, he said, allows people to stay away from a variety of unforeseen situation and misfortunes.

“So we feel we need to sensitise people all the times, particularly to give it a focus during a time of the period. This is why we have it a tradition, that every year we hold an Insurance Awareness Week, where we get a lot of activities and stakeholders on the way forward."

Maikaru acknowledged that people and institutions are coming forth to insure their businesses.

He, however, revealed that the penetration level is still low and that is the case in most African countries, thus the need for greater sensitisation and for people to really appreciate insurers.

He expressed optimism that with reforms currently on course, many Gambians would come out to get insured.

He disclosed that there are over five-fifty classes of insurers that people and institutions could benefit from, saying it is wise every individual and institution have the opportunity to protect themselves financially.

Molefa Sanneh, secretary general of the association, said the association has been organising similar events for more than three decades.

“Every year we come out and talk to people about insurance. This association was established in 1987 and it is about 35 years now. In those days we only have three insurance companies namely; The Gambia National Insurance Corporation, Capital Insurance Company and Senegambia.”

Sanneh acknowledged that in those days the association was not that much strong as it today, noting that activity is all about sensitising the populace on the importance of insurers.

“We now have eleven insurer companies including two live companies.”

He, however, spoke about their challenges and that there are other activities in the pipeline.

Momodou M. Joof of West Africa Takaful Limited, acknowledged that any successful industry must be backed by successful insurance.

“As insurance are the only business that guarantees all other businesses that in times of difficulties, we give them necessary support to continue.”

Joof however, underscored the importance of planning in any endeavor, pointing out that, it is a saying that one need to plan when you get into businesses.

“When you get involved in any business or whatever in life one needs planning. Certainly, if you don’t plan, indeed you have plan to fail.”

He encouraged businesses to go into insurance schemes, as it is the only guarantee they could fall back on in times of difficulties.

He equally thanked all those who participated in making the event a successful one, saying they will continue to create more advocacy on the importance of insurers.

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