Page 97 - 33 edition GAIF Post-Conference July 2022

Dr. Abiba Zakariah (Group Chief Operating Officer - WAICA Re)

Besides being a good reinsurer, we want

to be the reinsurer who makes a difference

r. Abiba Zakariah is the Group Chief Operating Officer of WAICA Reinsurance
DCorporation. She assists the management team in designing and implementing appropri-
ate international best practice managerial structures, policies and procedures, as well as the
objectives, strategies, monitoring and controls required for the effective and efficient opera-
tions and performance of the company in accordance with laid-down regulations. Dr. Zakariah
has helped the insurance and reinsurance industry make strides in West Africa, in addition to
transforming the continent’s insurance market. Born and raised in Ghana, Dr. Zakariah
moved through various positions over 14 years, helping change the mindset of the market on
issues such as bringing transparency to the reinsurance rating process, which previously was
opaque for reinsurance buyers. She broadened her insurance education by obtaining U.K. pro-
fessional qualifications, and she obtained a doctorate in management through online studies
with a Swiss business school. In addition to her day job, she also promotes the advancement of
women in the African insurance market and chaired the committee that established the
Chartered Insurance Ladies Association of Ghana. Al Bayan Magazine met Dr. Zakariah and
following is the interview conducted.

Covid-19 led to what we call the “new normal” and it has write an essay identifying a natural risk in their country and give practical solu-
tions to it and then we fund the implementation of that solution up to a hun-
its advantages & disadvantages
dred thousand US dollars so that whatever environmental challenges that are
• How do you evaluate the insurance market overall post-pandemic? happening, we will be able to contribute a solution. For example, the current
- Covid led to what we call the “new normal” but like everything in life, it has project is about reducing plastic waste and its impact. We are hoping to cre-
its disadvantages and advantages. Generally, the insurance companies have ate awareness and encourage a positive behavior change in the use of and
been lucky, we were expecting huge losses and some markets did suffer such disposal of plastic which can be replicated in other countries.
losses but across the globe, but it has been better than what we thought. We
are recovering from Covid and the challenges of Covid has showcased the We provide protection when there is loss or a risk
importance of insurance / Security. For example, people have started taking
life insurance seriously, and insurance companies can begin to provide life • In which areas or lines do you see opportunities nowadays for the
insurance sector?
and personal products and coverages that are useful and beneficial to the
- Climate change has become a big issue in the world and unfortunately some
world. It is an area that we are looking to develop as a market, so that should
of the challenges come from our attitude and behavior as a people. Every
we suffer a similar event in future, the average person out there will be pro-
nation is experiencing very strong fluctuations in climate. The role of insurers
tected. The other aspect of Covid is the it has soon as the importance of the
is to provide protection when there is a loss or a risk, we join the world to find
internet and the virtual world. Working from home was new to us, we now have
risk mitigating solutions or offer financial compensation when the lost occur.
to deal with workers who are looking to have work-life balance, a balance
As insurers, we are beginning to develop our solutions to climate change, one
between how much of themselves they give to the work and still have time for
is on agriculture, we are beginning to develop lines along climate change so
friends and hobbies. It is an area that insurers are learning to develop. We are
one of the products that we have developed is Index-based agriculture which
learning to set targets for people working at home and to have the infrastruc-
links the product to climate change. For example, if you want to ensure a
ture to support our staff who are working from home sometimes outside the
farmer you link the production and performance of the crop to the weather at
country to still be productive and efficient. We must also be mindful of the chal-
a particular time. If the crop fails because of bad weather, the farmer is com-
lenge of cyber risk that comes with it. It is a scary area for us as insurers, we
pensated. The Index-based product has a lot of benefits, but it requires some
not only have to learn how to protect our data from cyber risk, we also must
third party support us such as government. One of its biggest challenges is
put in place policies that protect our institutions as well as develop policies that
basis risk.
protect other institutions. As an insurance industry, this is what the “new nor-
mal” means.
Waica Re always strives to be near its clients
WAICA Re not only develops the insurance industry but
• Do you have any expansion plans in your pipeline?
also develops the economies where it works in
- Waica Re always strives to be near its clients not just to write business but
• Waica Re recently has been very active in the Arab region and partici- also to be relevant to the client. If we are close to our clients, we understand
pating in various forums. What is the added value behind your partici- the risk we are exposed to and the best way to help. Our purpose is to devel-
pation in these forums? op the economy. When we open up an office, every income we make remains
- The foundation, in which Waica Re in the particular country, we employ
was built, was to help develop not only people in that country but and support
the insurance industry but also the in the area of CSR.
economies where we have presence That is one of our key policies. We are
in. We want to be the reinsurer who serious about supporting the economy
makes a difference in the insurance that we work with. The only way we
industry and in the economy that we can do it is by investing completely and
operate in. We developed ourselves fully in that economy. For the Mena
and made ourselves stronger and region, we already have an office in
starting from West Africa where we Tunisia and we are looking to open
originated, made inroads into the rest another office in Dubai. We hope it will
of Africa and now expanding beyond. work well so that we can expand even
One of the projects we are running is more and better in the Arab World,
called The Waica Re Champion where especially that we have received a lot
every year we encourage people to of support from the Mena region.
97 AL BA Y AN ECONOMIC MAG - ISSUE 608 - JULY 2022