Captains of the insurance industry have continued to live on their dream of having an insurance-conscious society to make sure that even the newly born baby will taste the sweet cake of insurance companies in the country – a process many believed sounds like casting pearls before swine. The dream does not only stop at the society, but has cut across to oceans and rivers, as marine insurance has begun to capture the interest of insurers.
The fact that insurance is a defensive measure used against future conditional losses to prevaricate the possible risks of the future, aside from ancillary benefits to the nation and the economy, it does not seem to be acknowledged by the people.
However, with a significant growing population and a burgeoning marketplace, insurance companies and brokers are gathering momentum, as people, especially the young ones are becoming aware of the importance attached to the insurance industry, says Momodou Lamin S. Bah, administration and finance manager of Patriot Insurance Brokers (PIB). The young people in this country are beginning to take seriously the importance of insurance; a dream comes true.
Momodou Lamin S. Bah, administration and finance manager of Patriot Insurance Brokers (PIB).
An absolute paradigm shift is indispensable in the insurance industry, especially on changing the culture of the people towards the insurance business, vis-a-vis the abundant socio-economic advantages attached to the industry. This is why those pulling the strings at the insurance industry have been urged to cast their nets wide and target the young ones especially students.
However, on the other side of the story, insurance companies have continued to yearn for a ‘national marine insurance legislation’, which is a vital component for investors and the economy
Marine insurance as it is sometimes called is one of the various forms of insurance, which covers the loss of damage or loss of ship, goods, and property at sea. Such insurance acts as a necessary talisman for exporters and cargo businesspersons against factors like rough weather conditions, rough handling of cargo, fire, shipwreck, and so on. It however excludes losses that can be recovered from a carrier.
BAH HELPS TO DEFINE MARINE INSURANCE
Speaking on the genesis of marine insurance, Bah explained that this form of insurance is generally considered to have been the very first type of insurance. The oldest tangible evidence of this insurance is a policy written in 1343. In a different form, however, marine insurance was introduced many centuries prior to that time.
Trade of various sorts was an important feature of ancient civilization. At first trade was conducted primarily on land, but gradually water transportation became more important commercially, Bah explained.
Bah went on: “Marine insurance can be traced back to the bottomry bonds and respondentia bonds used in ancient Greece and Rome and, even further back, to the relationship between Babylonian traders and their Darmathas. Sometime during the Middle Ages, the first true insurance transaction took place.
By the seventeenth century, marine insurance was being transacted by individual underwriters who congregated in London coffeehouses, most notably Edward Lloyd’s coffeehouse, which was the predecessor to the modern Lloyd’s of London.”
Cargo insurance covers the interest of shippers, consignees, distributors, and others in goods and merchandise shipped primarily by water or, if in foreign trade, also by air. Most cargo insurance involves foreign trade across oceans, but the cargo may also be transported within a nation or between nations on inland waterways.
Ebrima Ceesay CEO of PIB
Ebrima Ceesay CEO of PIB added his voice on the topic: “It is noted that the Gambian giving its geographical location and population, is becoming paramount to have ‘marine insurance’ laws passed by [those at the helm of affairs]. Through this theoretical shift, the country can stand to compete with any other countries in the sub-region and Africa when it comes to solid insurance businesses.”
However, with the development processes in almost all the profit-driven sectors, such as oil, gas, fisheries, agriculture, transportation and others, Ceesay is optimistic that the insurance companies and its agents – the brokers --, would have their lips sign in term of growth and opportunities realisation.
Marine insurance can be broadly classified as either ‘property or liability insurance.’ Property insurance insures against financial loss resulting from damage to, or destruction of, property in which the insured has an insurable interest.
Liability insurance insures against financial loss resulting from some person or organization making a claim against the insured for damages because of bodily injury, death, property damage, or some other injury for which the insured is allegedly responsible, explained the insurance guru, Mr Ceesay, who said that PIB is set on building “efficient insurance service delivery system based on professionalism and commitment to integrity, sincerity, honesty, prudence and uncompromising quality service delivery.”
A MAJOR BREAKTHROUGH
After paddling the boat of insurance business for less than a year, Patriot Insurance Brokers has finally being appointed by GAMTEL – the nation’s communication gateway – to serve as brokers between the conglomerate and its insurers.
“Gamtel has appointed us as their insurance brokers and consultants, following a successful consultancy service conducted by Patriot Insurance Broker the company.” However, this was a worthy ventures, Bah explained, adding that Patriot Insurance Brokers are purely Gambians and are here to lift the burden of the Gambian people.
“We are also looking forward to receiving more brokerage and consultancy appointments from big companies and institutions soon, this is due to our professionalism and hard work we are rendering to our esteem customers in the insurance industry we entered the burgeoning insurance market,” he adds.
ACCOLADES ON THE ELECTIONS
Both Momodou Lamin S Bah and his doyen Ebrima Ceesay were over the moon for what they described as “conduct of a peaceful presidential election”, noting that Gambians have adjusted themselves to maintaining peace and security in the country.
For Ceesay, this year’s election is one of the most peaceful if not the most peaceful election that have ever happened in Africa, citing numerous other elections that have torn countries apart. He however, called on the Gambian people, particularly the youth cohort to hold high their country and work together for the betterment of the nation.
