Continental Reinsurance Plc and The Gambia Insurance Association (GIA) collaborated to provide educational support to the Gambian insurance market.
Their recent collaboration involved organising a technical accounting training session focused on the topics of “The Provision of Reserves & Preparation of Final Accounts,” specifically tailored to meet the needs of the Gambian market.
The training took place on May 15th and 16th, 2023 at the West Africa Insurance Institute (WAII) in the Gambia.
It received active participation from key stakeholders in the Gambian insurance industry, including the President and members of the GIA, Managing Directors, and representatives from various insurance companies in the country. A total of 24 delegates attended the training session.
Led by Bola Oniyide, who heads the Treaty Underwriting team – Anglophone Region at Continental Reinsurance, the training covered a range of important topics. Participants were educated on proportional treaty accounting methods, premium and loss reserve deposit, different types and purposes of reserving, the calculation of reserves, and the impact of reserving on underwriting decisions.
In addition, Mr. Ogadi Onwuaduegbo, the Regional Director for the Anglophone Region, was present to share his expertise and shed light on how inappropriate reserving can adversely affect insurers.
This collaborative effort between Continental Reinsurance and the Gambia Insurance Association aims to enhance knowledge and skills within the Gambian insurance market, ultimately benefiting the industry.
By providing targeted training sessions on crucial accounting practices, participants gained valuable insights to help them navigate and make informed decisions in their professional roles.
