By Precious D. Freeman
The newly elected president of the Liberia Insurance Association (LIA), S. Ignatius Satiah, unveiled his leadership’s ambitious REACH Agenda during the association’s inauguration ceremony.
The REACH Agenda, which stands for Reconciliation, Education and Enlightenment, Accountability and Transparency, Coordination and Cohesiveness, and Hospitality in Seeking Partnerships, aims to advocate for the interests of insurers and reinsurers across Liberia.
Satiah, who also serves as the Managing Director and CEO of Mutual Benefits Assurance Company, will lead the LIA alongside vice president Austin W. Gahr, the Managing Director of Activa International Insurance Company, for a one-year term.
Founded in 1975, LIA acts as the umbrella organization for all insurance and reinsurance companies in Liberia.
After resuming operations in 2019 following a period of dormancy, LIA has become an essential bridge between the regulatory bodies of the Liberian government and the insurance industry.
In his address, President Satiah emphasized the significance of each pillar of the REACH Agenda. Under the first pillar, Reconciliation, he pledged to foster collaboration among member companies, consumers, and government agencies.
“Our collaboration with the Central Bank of Liberia (CBL) has been essential, and we must continue engaging all stakeholders for the common good,” he stated.
Addressing the second pillar, Education and Enlightenment, Satiah noted a pressing need for skilled professionals in the insurance sector.
“As demand for insurance grows, the quality of our workforce must reflect that reality,” he remarked, committing to targeted training and public education on the benefits of insurance.
The third pillar, Accountability and Transparency, focuses on restoring public trust in the insurance industry.
“We are committed to promoting transparency and upholding ethical standards,” Satiah asserted.
Satiah also outlined the fourth pillar, Coordination and Cohesiveness, which aims to enhance the collective voice of LIA in discussions with government and regulatory bodies.
“We will strengthen international partnerships to introduce innovative products and services,” he added.
The final pillar, Hospitality in Seeking Partnerships, underscores the importance of establishing strategic collaborations both locally and globally. “These partnerships are essential for driving innovation and growth,” Satiah noted.
In addition to the REACH Agenda, Satiah shared his administration’s SMART objectives, which include expanding compulsory insurance coverage, combating fraud through technology, and developing affordable insurance products for low-income consumers.
He also highlighted the need for strategic partnerships with government and private sector organizations to provide essential services, such as industry training and regulatory compliance support.
Outgoing LIA President Ethel V. Knuckles reflected on her tenure, acknowledging the challenges faced but celebrating significant achievements.
She emphasized the need for continued collaboration among industry stakeholders to foster growth and restore confidence in the market.
“As we leave, we extend our full support for this crucial industry, poised to assist in Liberia’s economic growth,” she stated.
The ceremony concluded with promises of loyalty and dedication from the new leadership, as vice president Austin Gahr affirmed his commitment to serving the association and its members.
With a vision to promote growth and development through quality and professional insurance services, the Liberia Insurance Association continues to play a pivotal role in advocating for the interests of its members and enhancing the overall insurance landscape in Liberia.
