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Gambia: Nigeria, Gambia lead delegations to Liberia over insurance crisis

Nigeria, Gambia and two other countries are to lead a team of delegations of insurance operators from those countries to Liberia with the mission to settle lingering  crisis of strange insurance claims in  Liberia.

Mr Olusola Ladipo-Ajayi, chief executive of LASACO Assurance Plc, who is also the chairman of the delegations to Liberia, is to be accompanied by Dr Mike  Ikupolati, Director-General of the West African Insurance Institute (WAII) representing Nigeria, Ms Senor Thomas, President of the West African Insurance  Companies Association (WAICA) from Gambia. She will be the mouth-piece of the four countries to address the Liberian led administration of  Ellen  Johnson-Sirleaf, while Mr Solomon Samba of Sierra Leone and Mr William Agbeyenga of Ghana are to represent the two other countries, Ghana and Sierra Leone
Insurance sector in Liberia,   comprising two state-owned insurance companies and 13 private ones, are being threatened with controversies and litigations on claims  arising from destruction caused by the 15 years of war that broke out in that country. 

Liberian insurance industry is currently saddled with claims of war times damages that are not covered under insurance policies.
A good number of corporate organisations and individuals are pressurising the various insurance companies in that country to pay claims for damages incurred during  the 15 years of war that engulfed Liberia.

The claimants, both nationals and aliens, were said to have termed their claims as “civil disturbances" in order to evade the outright war  in Liberia.
But, as the companies and individuals make their claims, Liberian insurers had reportedly forwarded such claims to re-insurers who were said to have repudiated such  claims for reason that they are not covered by the policies the claimants took.

A meeting to that effect was held in Monrovia last year which deliberates on the serious damages such claims would cost the Liberian underwriters, more so when  such  claims are  not covered under insurance policies.

The delegations are to weigh the various circumstances surrounding the claims, some of which are still in court, while they are also to invoke the best possible ways to  resolving the claims crisis.

Ms Senor Thomas recalled that the Liberian market, from 1978, enjoyed the support of other member countries, including Nigeria, Gambia, Ghana and Sierra Leone,  toppled with support from major international insurers until 15 years ago when the civil war started, thus, resulted to withdrawal of the support from those countries.

In 2004, for instance, Africa Reinsurance Corporation wrote to the government of Liberia (to the then Head of state, Chairman Gyude Bryant) expressing concerns  on how the losses arising out of the Liberian civil war were being handled but without response from Liberia, according to Mr Ken  Aghoghobvia of Africa Re.
Besides, the four countries on the delegation are, however, appealing to Liberian President to make a declaration in line with the Comprehensive Peace Agreement  (CPA), that Liberia’s 15-years' conflict was not a civil disturbance, as being claimed, but an outright and full scale war.