Brief History of the Institute
The West African Insurance Institute (WAII), an Institution with full diplomatic status, was established in 1978 by the Governments of the Anglophone West African nations of Nigeria, Ghana, Sierra Leone, Liberia and The Gambia and the United Nations Conference on Trade and Development (UNCTAD), to train insurance personnel in the sub-region through the Full-Time residential One Year Diploma in Insurance Program which is run from February to December annually.
The Agreement establishing the institute, in brief, states among others that it shall:
- Be a multinational Insurance Center with full diplomatic status and juridical personality and financial authority.
- Provide professional insurance education to the personnel of the insurance industry as well as to that of the supervisory service.
- Serve as a centre for the collection of technical and other insurance data and shall provide technical assistance to member countries, if requested by any, and such request is approved by the Governing Council.
- Organize research programmes and projects in all aspects of insurance, reinsurance and allied subjects.
WAII has since its inception contributed immensely to the growth and professional development of insurance in the sub-region and has graduated well over 5,000 students who are captains of industry and CEOs of several Insurance and Reinsurance companies.
WAII is affiliated to both the Chartered Insurance Institutes of London and Nigeria. Holders of the WAII Diploma are awarded substantial exemptions/credits in examinations leading to qualification with both bodies.
WAII is also affiliated to The Institutes in America. Holders of the WAII Diploma who opt for this route receive a waiver for CPCU 500.
Awards and recognitions
As evidence of its contributions to the development of the insurance markets in the continents, WAII has received a number of awards from institutions across the globe. Some of such awards are:
- 1982 – the AIO’s first class award certificate and gold medal for its modest contribution to the development of African Insurance Market
- 1982 – CICA Re Medal for excellent performance
- 1985 – WAII was admitted as Associate member of Federation of Afro Asian Insurers and Reinsurers (FAIR)
- 1996 – the Institute became an Affiliate of the Chartered Insurance Institute (CII)
- 1997 – AIO Certificate of Appreciation
- 1997 – it became a member of the Institute for Global Insurance Education for Insurance professional bodies with members like UK (CII), USA (CPCU) and Canada (IIC)
The West African Insurance Institute has contributed greatly to the development of manpower in West Africa and beyond as could be seen with the number of its Alumni practicing not just in Africa but even in the advanced market. The Institute will not relent on its effort to ensure that it continue to carry out this mandate given to it by its founding fathers.