Monrovia – The newly elected President of the Liberia Insurance Association (LIA), Mr. S. Ignatius Satiah, has introduced his leadership’s REACH Agenda, which stands for Reconciliation, Education and Enlightenment, Accountability and Transparency, Coordination and Cohesiveness, and Hospitality in Seeking Partnerships. The agenda aims to protect and advocate for the interests of insurers and reinsurers across Liberia.
The new leadership of the LIA was officially inaugurated on Friday, October 25, 2024, at the Sinkor Palace Hotel in Congo Town. Mr. Satiah, who is the General Manager and Chief Executive Officer of Mutual Benefits, along with his Vice President, Austin W. Gahr—Managing Director and Chief Executive Officer of Activa International Insurance Company—will lead the association for a one-year term.
Founded in 1975, the Liberia Insurance Association serves as the umbrella organization for all insurance and reinsurance companies in Liberia. After resuming operations in 2019 following a period of dormancy, the LIA has been instrumental as a bridge between the Liberian government’s regulatory bodies and the insurance industry.
Under the first pillar of his REACH Agenda—Reconciliation—President Satiah pledged to build bridges among member companies as well as with consumers, government agencies, and international partners. “Our collaboration with the Central Bank of Liberia (CBL) has been essential, and we must continue engaging all stakeholders to ensure unity and the common good for the Liberian people,” he stated.
Satiah highlighted the second pillar, Education and Enlightenment, pointing to a shortage of skilled professionals in the sector. “As demand for insurance grows, the quality of our workforce must reflect that reality,” he said, noting that his administration will focus on targeted training and public education on the benefits of insurance.
Regarding the third pillar, Accountability and Transparency, Satiah emphasized that these values are essential for restoring and maintaining public trust in the insurance industry. He stated that the LIA is committed to promoting transparency and upholding ethical standards.
The fourth pillar, Coordination and Cohesiveness, will involve using the LIA as a platform for collaboration to ensure that the association’s collective voice is heard by the government and regulatory bodies. “We will also strengthen international partnerships to introduce innovative products and services,” Satiah added.
The final pillar, Hospitality in Seeking Partnerships, highlights the importance of opening doors to strategic collaborations both locally and globally. Satiah noted that partnerships, whether with government agencies or international associations, are essential to driving innovation and growth.
LIA members 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.
Satiah also announced his administration’s SMART objectives, which aim to expand compulsory insurance coverage, combat fraud through technology, and develop affordable insurance products for low-income consumers.
Additionally, Satiah called for strategic partnerships with government and private sector organizations to provide fee-based services, such as industry training, certification programs, and regulatory compliance support. He emphasized that these partnerships would help the association generate additional revenue while delivering value to its members.
“Equally important, the Liberia Insurance Association needs to improve its physical infrastructure. A suitable office space that reflects the prestige and professionalism of our industry is essential,” Satiah stressed.
He also pointed out the need for improved mobility, stating that adequate transportation is crucial for the association to respond promptly to emerging situations, reach partners, and engage with stakeholders across Liberia. He emphasized that securing resources for mobility would be a top priority for his administration.
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