The Liberia Insurance Association recently installed a new president, Madam Ethel V. Knuckles, the Managing Director & Chief Executive Officer of Insurance Company of Africa. Madam Knuckles’ mandate as president, as per the association’s constitution, will be for a term of two years.
The Liberia Insurance Association is the umbrella association recognized by the Central Bank of Liberia for companies operating in the insurance industry in Liberia. The LIA is actively engaged in improving insurance education and services in Liberia and is currently comprised of fourteen insurance companies and two brokerage firms. At the installation ceremony, held at the Sinkor Palace Hotel, Monrovia, on October 5, 2023, the outgoing Association President, Cllr. Saye Gbalazeh, expressed his confidence in the new team, and promised to continue to support their efforts. The Association also used the occasion to honor outgoing President Gbalazeh for his contributions to the Insurance sector in Liberia and in the region.
The following insurance companies in Liberia were elected as Board Members for the 2023-2025 term: Mutual Benefits Assurance, Sunu Assurances, Saar Insurance, and Activa Insurance Liberia. The Managing Directors of those companies were installed for a term of two years.
The installing officer Mr. Lekan Balogun, The Liberia Banker’s Association President, and CEO of Global Bank Liberia, admonished the Insurance Association to work along with the Banking industry to strengthen the Liberian financial sector. Dr. Musa Dukuly, the Deputy Governor of the Central Bank of Liberia certificated the Liberia Association Board members. Those in attendance at the LIA installation program included Cllr. Oswald Tweh, the President of the Liberia Chamber of Commerce (key note speaker) and Mr. Nathaniel Gbaba, the Director of Insurance Supervision, Central Bank of Liberia. Others included The Director of Insurance, Ministry of Transport and the Secretary General of the Ecowas Brown Card Liberia office, Mr. Sahr Kaba.
Insurance Company of Africa is Liberia’s oldest insurance company that was incorporated in 1969.
Madam Knuckles comes to the role with a strong managerial and leadership background which includes serving as Chief Financial Officer at International Bank for ten years, serving on the Board of Insurance Company of Africa for four years and also currently serving on the West African Insurance Companies Association’s (WAICA) governing council for 2023-2024, representing Liberia. She holds a Master of Business Administration from Kennesaw State University, USA. She expressed her thanks for the confidence imposed upon her by her colleagues in the industry and promised to work with industry stakeholders, including the regulators, to ensure positive growth of the insurance industry in Liberia.
