Gambiaj.com – (BANJUL) – The West African Insurance Companies Association (WAICA) has called for the harmonization of insurance regulation and education to enhance regional cooperation and strengthen the insurance market in the sub-region.

Dr Samson Omale, an insurance expert and lead presenter at the WAICA Annual General Meeting and Education Conference in Banjul, Gambia, highlighted the importance of building a common insurance market in West Africa to fully exploit the economic potential of the sector.

Dr Omale emphasized that the collaboration among markets would lead to exponential synergistic effects, citing examples from the EU and CIMA zone where common regulations have enhanced insurance activities. He noted that as the world’s economies become more interconnected, a coordinated approach to legal issues like harmonization becomes essential.

During the assembly, the Chief Executive Officer and Managing Director of the Gambia National Insurance Company Ltd, Bubacarr Jarju, has been sworn in as president of the West African Insurance Companies Association (WAICA).

The push for increased harmonization in cross-border finance and trade regulations in Africa’s sub-regions is expected to further boost the revenue potential of the insurance sector in the years ahead.