Liberia: ICA Celebrates 50 Years of Existence
Monrovia – The Insurance Company of Africa (ICA) has vowed to make Liberia an insurance friendly environment through its (ICA) policies and program that will benefit the country and its people.
Report by Edwin G. Genoway, Jr (231886458910)[email protected]
The CEO of the company, Samuel Mintah, said the many developmental strides of ICA are aimed at making Liberia a major insurance zone within the West African sub region.
As the company celebrates its golden jubilee — 50 years of existence — the Chief Executive Officer (CEO) of the company, has recounted the many successes by the company over those years.
He said Liberians deserve an insurance company that covers many sides including home, small business and auto insurance, as well as retirement and finance.
Mintah noted that Liberia needs to be on par with other nations that have insurance policies that help develop the minds of the people and contribute to their economies.
“We from the ICA stand ready to put Liberia on par with other insurance sectors around Africa and the world-at-large,” he said.
He named the acquisition of several properties as one of the major successes scored by the company.
“In 1969 ICA was a Monrovia-based company but now, ICA is in every county and every district; serving over 20,000 individual life policyholder and over 60 corporate clients spread throughout the districts and counties of the country,” disclosed Mintah.
Speaking in Sinkor at the head offices of the insurance giant, at the weekend, CEO Samuel Mintah, further said while there have been some major challenges, especially as those posed by the 14-year civil war, the company has made great strides to improving its services.
Giving highlights of the company’s achievements, Mintah named the decentralization of ICA to all 15 counties and all districts of the country as one of its major achievements.
According him, with the decentralization, ICA is no longer a Monrovia-based company.
Between 1969 and 2011, [for a period of 42 years], ICA operated from leased premises, but now (from 2011), ICA operates from its own premises. It costs us US$850,000 from our resource to put it up. Now evaluation puts it at US$1.5 million,” he said.
“In 1969 up to the war in 1990, ICA did have a hand-full of trained personnel, but ICA has the highest number of trained insurance staff from West Africa Institute (WAII) in the industry.
“Currently, we have a chartered insurance and there are two others who have passed four of the professional qualification exams with London ACII leading to chartering,” he stated.
Mr. Sirleaf Tyler, Director for Insurance at the Ministry of Transport (MOT), congratulated the ICA for the “good job done” over the year. “The MOT is elated to celebrate with you. Your service delivery has been second to none. You have settled 80 percent of your automobile claims,” he added.