All Risks Limited Insurance
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Enterprise Risk Management: Risk Management & Insurance Strategy for Sierra Leone
Risk management has been defined as the process of identifying and analyzing loss exposures, evaluate the technical feasibility of risk management to prevent risk of loss, selecting and applying the best techniques and monitoring results, so that any organization or government entity can achieve its reduction targets — The adverse effects of accidental losses.
It is certainly a truism that the insurance industry can play a very important and crucial in the development process of a nation. In most developed countries and developing insurance and measures of risk management practices have and continue to provide the basis for a sustained modern socio economic infrastructure in which development and economic growth have flourished.
United States of America, for example, risk management and insurance not only permeates all facets of economic activity and social health from the procurement, but is the key to stimulating innovation, development, trade, investment, governance and social change.
In the situation in Sierra Leone, on the contrary, the challenge remains how insurance professionals and government policies can be used so creative principles of risk management techniques and business insurance in the private and public sectors for economic development the country and growth.
A by using the principles of risk management business, government entities and organizations are provided a rigorous systematic approach to managing risks from all sources that threaten their development of strategic partnerships, the socio-economic and financial resources.
In Sierra Professionals Insurance Leone for decades every major loss, they are accidental or by design in the country has always said that the insurance will compensate losses if it was on fire by the rebels of machinery for the construction of the Bo / highway Freetown or destruction of mining of the infrastructure company Sierra Rutile, which culminated in the construction contracts Recent Nacsa Sababu, understanding that our country lacks a risk management office and National Insurance to ensure that the country is recovering compensation or held "harmless" in these events is certainly a cause for concern.
Therefore, in this context that we coordinate and promote the development and implementation of a national of Sierra Leone insurance and office management to risk strategy:
- Serve as a directory of all government contracts and agreements.
- Risk management and technical review of all contracts of insurance-governmental Past, present and future agreements to which the government in May recovering from past damage and insurance current.
- The design and introduction of new products and innovative services, micro-insurance.
- Working together with ministers, permanent secretaries Heads of departments and professionals to establish a framework and an effective system of risk management within their departments so that they can identify risks, analyze risks and mitigate risk exposures, through measures to control losses.
- Provide assurance review of all government contracts and agreements for compliance with the terms and conditions.
- Control of loss of control in all departments, departments and agencies.
- Protect government property and minimize losses to the government and people.
Also with to initiate and add a new perspective to the wider debate of how insurance and a national strategy for managing risks could be used in the treatment of macro and microeconomic risks and risks of loss inherent in all aspects and sectors of socio-economic economic infrastructure of the nation and governance.
For an administration composed of insurance professionals in positions very key strategic, including the President, the Foreign Minister, Minister of Labor and Social Security and the Minister of Trade and industry, the need to create the "National Insurance and Risk Management Strategy should be more intelligent and should not take urgent seriously in others than the president's stated goal of "run like a business".
The basic law governing the conduct of insurance in Sierra Leone is the Insurance Act, 2000 which created the Insurance Commission of Sierra Leone (SLICOM). Under Article 3 (1) the Act, is responsible for the commission to ensure "an effective administration, supervision, regulation and supervision of the insurance company Sierra Leone, with action and exercise of various statutory functions.
Although the Sierra Leone Insurance Commission (SLICOM) and, especially, the Commissioner has done an outstanding job for years in its regulatory and oversight, the insurance industry at large has however, in alignment with the potential of its contributions to national development.
However, the law does not provide the type of management Risk monitoring and assurance provided by the establishment of risk management and insurance.
Because of their inability to innovate and increase their capacity and market reach beyond traditional instruments targeting only the formal sector, whose customers are businesses and wealthy individuals, with products such as compulsory insurance for motor insurance industry in Sierra Leone continues to fail the nation.
In conclusion, the recruitment of government decisions day about risks of contract, insurance, limits, coverage and assessment insurance. By providing the right tools and resources to help make these business decisions is very important for the development aspirations any nation.
About the Author
The author, Mr. Kortor Kamara has over 25 years experience in the insurance industry both in Sierra Leone and the United States. He is a Chartered Property & Casualty Insurer and holds the Workers Compensation Claims Professional (WCCP) designation. He is a Member of the Chartered Insurance Institute ( London); Certified Self-Insurance Claims Administrator-State of California; Registered World Bank Consultant and has served as a Consultant on various Insurance initiatives in Sierra Leone, including design of the country’s first Title Insurance Policy.
In addition, Mr. Kamara is a graduate of Fourah Bay College, University of Sierra Leone, 1978-1981; studied Law at both the Univerisity of West Los Angeles School of Law and the California Southern School of Law in Riverside. He is currently a Doctoral Candidate in Insurance and Risk Management.
Through association with Saddleback Re, were he serves as the Regional Manager, Africa Division, Mr. Kamara is intimately involved in the provision of reinsurance coverage, policy design, loss control, training and risk management services to the African Insurance marketplace.
www.saddlebackre.com.
What is a fair compensation package for% commission and a basis for an agent of an agency @ new brand nationally?
I'm thinking to leave my current phone staff inside sales paylines job.current upto 50K is more than half 37-43 My style is more face to face sales feel constrained by what the earnings potential. My current insurance agent is out of the agency that works @ and is creating a new agency NatWide I met him and the sales manager corp. Well.They was very sorry to be a great asset to the new agency. It cited a total commission of 12% of the agency with 8% going for me and a base salary, bennies possibly TBD. Is this a% standard. It's only me, and he grows so im next in line. I dont want 2 below me my compensation package. I need to know 2: What is appropriate compensation for the risk of Leavin a job with a big partner. w / threshold of personal growth (I have no degree) and bennies big. 4 potential.Im revenue over 32 years, has a 200k condo, nonresident, 9yo boy. My personal spending $ 2700 a month. All comments are welcome, Freel licensed agents contact me directly through my profile
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