The Liberia Insurance Association (LIA) held its eagerly anticipated Annual Strategy and Planning Retreat at the prestigious Farmington Hotel from July 14th to the 16th, 2023. This landmark event marked the first retreat of its kind since the Association’s reestablishment in 2019 and brought together 11 leading insurance companies in the Country.
The retreat provided a unique opportunity for the LIA to reflect on its achievements since its revival and strategize for a promising future. Attendees representing the eleven participating insurance companies delved into discussions that covered critical aspects of the insurance industry in Liberia, paving the way for the sector’s further growth and development.
One of the key highlights of the Retreat was the establishment of a bold new vision for the Liberia Insurance Association. This visionary roadmap aims to propel the industry to new heights, emphasizing innovation, customer-centricity, and sustainable growth. By aligning their efforts around this shared vision, the Association and its member companies are setting the stage for a prosperous future for the insurance sector in Liberia.
Furthermore, it was announced during the Retreat that the Liberia Insurance Association is on the verge of a significant leadership transition. The current leadership, with their unwavering commitment and dedication, has steered the Association through the initial phases of its rebirth. As they prepare to pass on the baton to a new set of leaders, there is optimism and enthusiasm about the opportunities that lie ahead for the LIA and the broader insurance landscape in Liberia.
In an address to the attendees, the outgoing President of the LIA, Cllr. Saye D. Gbalazeh, expressed his gratitude to all participants for their support and dedication in shaping the Association’s renewed journey. He stated, “Our collective efforts in the last four years have been instrumental in reestablishing the Liberia Insurance Association as a powerful force in the nation’s insurance sector. As we look forward to welcoming new leadership, I am confident that the future of the LIA is in capable hands. As you know, the Insurance Industry has enormous potential, and this potential needs to be developed by increasing our penetration rate to a minimum of 5% for the industry to contribute fully to national economic development.”
In addition, he highlighted a series of significant accomplishments, notably the donation of 30 chairs and large umbrellas to the Ministry of Transport to facilitate the annual inspection of vehicles, the hosting of the West African Insurance Companies Association (WAICA) Education Conference in Monrovia and a US$20,000 grant from the Africa Re Foundation among many others.
The Annual Strategy and Planning Retreat served as a testament to the LIA’s commitment to foster collaboration and innovation within the insurance industry. By bringing together key stakeholders under one roof, the Association demonstrated its resolve to tackle challenges collectively and embrace new opportunities as they arise.