{"id":27626,"date":"2022-12-01T09:58:17","date_gmt":"2022-12-01T09:58:17","guid":{"rendered":"https:\/\/www.africa-press.net\/liberia\/all-news\/liberia-cbl-urges-insurance-companies-to-increase-penetration-risks-to-us100m"},"modified":"2022-12-01T09:58:17","modified_gmt":"2022-12-01T09:58:17","slug":"liberia-cbl-urges-insurance-companies-to-increase-penetration-risks-to-us100m","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/liberia\/all-news\/liberia-cbl-urges-insurance-companies-to-increase-penetration-risks-to-us100m","title":{"rendered":"Liberia: CBL Urges Insurance Companies to Increase Penetration Risks to US$100M"},"content":{"rendered":"

Africa-Press – Liberia. <\/strong><\/span>The Central Bank of Liberia (CBL) has encouraged the insurance industry to apply more efforts to increase penetration risks, saying the “economy is carrying more risks and need institutions to mitigate the risks.\u201d<\/p>\n

The CBL revealed that this year, the companies, under the banner of the Liberia Insurance Association (LIA), have exceedingly improved in gross premium intake of US$30 million, but are urged to increase risk penetration in \u201ctwo or three years\u201d to US$100 million.<\/p>\n

The CBL is the regulator and supervisor of financial (banking) and non-financial institutions such as insurance companies. Dr. Musa Dukuly, the CBL\u2019s Deputy Governor for Economic Policy, said the increased penetration risks of more than US$100 million, will aim to mitigate the financial \u201ccrisis or crash\u201d of a country with deposits of L$135 billion (equivalent to about US$800 million), as well as of a country with a GDP of about US$3.2 billion.<\/p>\n

The CBL executive made the definitive but spurring remarks on Monday at the EJS Inter-Ministerial Complex in Congo Town, during the formal opening of the West African Insurance Companies Association (WAICA) in Monrovia, which brought together about 140 delegates from five anglophone countries including, Nigeria, Ghana, The Gambia Sierra Leone and host Liberia. The 2022 WAICA Education Conference took place from November 27-29.<\/p>\n

Dukuly said \u201cthe economy is expanding; from US$1.4 billion or US$1.5 billion to US$3.2 billion. This is a manifestation that we need a sector to accommodate the risks in order to mitigate any financial crisis or instability. The economy is carrying more risks. We need institutions to mitigate the risks.\u201d<\/p>\n

The Deputy Governor meanwhile congratulates the Liberian insurance industry for being the \u201csafety net\u201d in terms of insurance, and for showing signs of growth and development, but wants them to strive more to address the financial risks of the country.<\/p>\n

He, therefore, encouraged Liberians and residents to insure their lives and properties. During his opening statement, the President of the Liberia Insurance Association (LIA), Saye D. Gbalazeh, said they (insurance companies) recognize the urgent need to make the regulatory environment within which the insurance industry operates independently operative and separate from the Central Bank of Liberia, whose original mandate is to regulate banking activities.<\/p>\n

\u201cWe need to expedite efforts toward regulatory reforms,\u201d Gbalazeh said. \u201cMoreover, we need an independent commission to regulate activities in the sector to enable it to attain its fullest potential and contribute meaningfully to national development.\u201d<\/p>\n

Also, Gbalazeh stated that hosting this year\u2019s WAICA Annual Educational Conference is important for Liberia. He said the Annual Educational Conference allows governments and industry players to interact and find areas where consensus can be reached in advancing much-needed reforms and this edition of the educational conference is being held at a time when the global economy faces new challenges posed by the Russian\u2013Ukraine War, rising inflation, and other domestic issues.<\/p>\n

He also said various authoritative scholars will provide their professional perspectives on the sub-topics to be discussed.<\/p>\n

\u201cIt is a time for lessons and knowledge-sharing, during which emerging trends in the insurance industry are assessed, and the sector\u2019s significance to the growth, development, and advancement of our various economies are reinforced,\u201d he said.<\/p>\n

\u201cDespite these global and local challenges, a low penetration rate below 1%, the insurance industry in Liberia continues to make strides and contribute significantly to national and economic development through employment, facilitation of international trade through imports and exports, public policy, risk management, and investment stimulation through premiums deposits in banks.\u201d<\/p>\n

On behalf of the insurance companies, he said the premiums generated in 2021 and 2022 in Liberia were over US$75 million.<\/p>\n

\u201cOut of this amount, the industry remitted to government revenue 2% in advance tax, 15% in withholding tax on exportable premiums, and 25% in corporate tax on gross profits. The industry\u2019s contribution to employment is reflected in the Quarterly Employment Statistics that the Ministry of Labor generates. The sector employs over 400 permanent Liberian workers and offers scholarships for technical capacity building.\u201d<\/p>\n

Meanwhile, the President and Secretary General of WAICA, George Y. Mensah and William B. Coker (respectively) provided the historicity, challenges, and prospects. The opening program was climaxed with Goodwill messages from Everett J. Clarke, UNDP former Assistant Resident Representative for Operations; GIZ Country Manager, Christian Widmann for Liberia, Guinea, and Sierra Leone and a Goodwill message from Ghana’s Ambassador to Liberia, Kwabena Okubi Appiah.<\/p>\n

For More News And Analysis About Liberia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Liberia. The Central Bank of Liberia (CBL) has encouraged the insurance industry to apply more efforts to increase penetration risks, saying the “economy is carrying more risks and need institutions to mitigate the risks.\u201d The CBL revealed that this year, the companies, under the banner of the Liberia Insurance Association (LIA), have exceedingly […]<\/p>\n","protected":false},"author":84,"featured_media":27625,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[233,237,234],"class_list":["post-27626","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-liberia","tag-liberia"],"yoast_head":"\nLiberia: CBL Urges Insurance Companies to Increase Penetration Risks to US$100M - Liberia<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/liberia\/all-news\/liberia-cbl-urges-insurance-companies-to-increase-penetration-risks-to-us100m\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Liberia: CBL Urges Insurance Companies to Increase Penetration Risks to US$100M\" \/>\n<meta property=\"og:description\" content=\"Africa-Press – Liberia. The Central Bank of Liberia (CBL) has encouraged the insurance industry to apply more efforts to increase penetration risks, saying the “economy is carrying more risks and need institutions to mitigate the risks.\u201d The CBL revealed that this year, the companies, under the banner of the Liberia Insurance Association (LIA), have exceedingly […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/liberia\/all-news\/liberia-cbl-urges-insurance-companies-to-increase-penetration-risks-to-us100m\" \/>\n<meta property=\"og:site_name\" content=\"Liberia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-12-01T09:58:17+00:00\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/liberia\/all-news\/liberia-cbl-urges-insurance-companies-to-increase-penetration-risks-to-us100m#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/liberia\/all-news\/liberia-cbl-urges-insurance-companies-to-increase-penetration-risks-to-us100m\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/liberia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Liberia: CBL Urges Insurance Companies to Increase Penetration Risks to US$100M\",\"datePublished\":\"2022-12-01T09:58:17+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/liberia\/all-news\/liberia-cbl-urges-insurance-companies-to-increase-penetration-risks-to-us100m\"},\"wordCount\":743,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/liberia\/all-news\/liberia-cbl-urges-insurance-companies-to-increase-penetration-risks-to-us100m#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/liberia\/sites\/37\/2022\/12\/postQueueImg_1669880060.00.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Liberia\",\"Liberia\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/liberia\/all-news\/liberia-cbl-urges-insurance-companies-to-increase-penetration-risks-to-us100m#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/liberia\/all-news\/liberia-cbl-urges-insurance-companies-to-increase-penetration-risks-to-us100m\",\"url\":\"https:\/\/www.africa-press.net\/liberia\/all-news\/liberia-cbl-urges-insurance-companies-to-increase-penetration-risks-to-us100m\",\"name\":\"Liberia: CBL Urges Insurance Companies to Increase Penetration Risks to US$100M - 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