Monrovia – The newly elected President of the Liberia Insurance Association (LIA), Mr. S. Ignatius Satiah has unveiled his leadership’s REACH Agenda: Reconciliation, Education and Enlightenment, Accountability and Transparency, Coordination and Cohesiveness, and Hospitality in Seeking Partnerships aimed at protecting and advocating for the interests of insurers and reinsurers across the country.
By: Blamo N. Toe, contributing writer
The new leadership of the LIA was officially installed on Friday, October 25, 2024, at the Sinkor Palace Hotel in Congo Town. Mr. Satiah, General Manager and Chief Executive Officer of Mutual Benefits along with his Vice President, Austin W. Gahr, who is also the Managing Director and Chief Executive Officer of Activa International Insurance Company, was elected to stir the affairs of the association for a period of one year.
The insurance industry is the second largest financial sector in the country. The Liberia Insurance Association (LIA) was established in 1975 as the umbrella organization for all insurance and reinsurance companies in Liberia. Since resuming its business activities in 2019, following a period of dormancy, the organization has played a pivotal role as a liaison between the regulatory arm of the Liberian government and the insurance industry.
President Satiah, who is the Managing Director and Chief Executive Officer for Mutual Benefits Assurance Company, under the first pillar of his REACH Agenda – Reconciliation, promised not only to build bridges among member companies but also with consumers, government agencies, and international partners. “Our collaboration with the Central Bank of Liberia (CBL) has been critical in this effort, and we must keep engaging all stakeholders to ensure unity and the common good for the Liberian people”.
“The second pillar is Education and Enlightenment,” he stated. “We face a significant shortage of skilled professionals in our sector. As the demand for insurance grows, the quality of our workforce must reflect that reality”. The president said among other things, his administration will focus on targeted training and development to build a competent workforce, while also working to educate the public on the benefits of insurance.
According to him, Accountability and Transparency which is the third pillar of his agenda is non-negotiable. Mr. Satiah believes these values are essential for regaining and maintaining public trust in the insurance industry, adding that the LIA is committed to promoting transparency in all its dealings and ensuring that ethical practices are followed.
In addition, the president indicated that the LIA will serve as a platform for collaboration, ensuring that their collective voice is heard by the government and regulatory bodies under pillar four – Coordination and Cohesiveness. “We will also strengthen international partnerships to introduce innovative products and services”.
The final pillar highlighting Hospitality in Seeking Partnerships underscores the importance of opening the doors of members to strategic collaborations both locally and globally. The association boss noted that whether with government agencies or international associations, partnerships are essential to driving innovation and growth.
Members of the LIA include Accident & Casualty Insurance Company, Activa International Insurance Company, American Underwriters Group, Atlantic Life and General Insurance Company, Blue Cross Insurance Company, Insurance Company of Africa, Medicare Insurance Corporation, Mutual Benefits Assurance Company, Palm Insurance Corporation, SAAR Insurance, Secure Risk Insurance Company, Sky International Insurance Company, and Sunu Assurances Liberia.
Mr. Satiah announced his SMART objectives for growth. “Let me now outline the SMART objectives we seek to achieve during my administration”.
His SMART objectives seek to expand compulsory insurance coverage, combat fraud through technology, and develop affordable insurance products for low-income consumers.
He however called for the establishment of strategic partnerships with government and private sector organizations to offer fee-based services like industry training, certification programs, and regulatory compliance support. According to him, the partnerships will help the association members provide value to their members, while generating additional revenue.
“Equally important, the Liberia Insurance Association needs to improve its physical infrastructure. A befitting office space that reflects the prestige and professionalism of our industry is essential,” he stressed
In addition to office space, Mr. Satiah also named mobility as another area that requires urgent attention.
“To effectively carry out the important work we do, our association needs adequate transportation. This will enable us to respond quickly to emerging situations, reach out to partners and engage with stakeholders across Liberia and strengthen the work of the secretariat,” the LIA boss noted.
He emphasized that securing the necessary resources for mobility will be his administration’s top priorities.
