The insurance Association of The Gambia (IAG) was formed on 11th August 1987 by insurance companies operating in the industry. The founding member companies are Gambia National Insurance Co. Ltd, Capital Insurance Co. Ltd and Senegambia Insurance Co. LTD, Under the leadership of their Chief Executive namely: Mr. Omar Dibba of GNIC, Mr. Dodou Taal of Capital Insurance Co. Ltd and Mr. Babou A.M Cisse of Senegambia Insurance Co. Ltd., the Insurance Association of The Gambia was established.
A constitution was drafted by the interim committee and adopted in which the objective of the Association were listed as follows:
- To provide insurance education with a view to increasing awareness and enhance the public image of the industry.
- To promote the development of insurance services.
- To create and maintain a closer cooperation between members.
- To provide a forum to discuss mutual problems of the industry and arrive at firm resolutions.
- To encourage and facilitate the exchange of information and experience among members.
- To take the necessary steps which are in the interest of members for promoting the objectives of the Association.
- To encourage the exchange of Insurance business between members in a bid to conserve foreign exchange and cut down on insurance costs.
- To consult and co-operate with other Association or similar bodies on matters of mutual interest and affiliate with all insurance bodies within The Gambia and abroad.
The Association elects an executive committee every two years at an annual general meeting, which is attended by delegates from all member companies. The executive committee meets once every quarter and is headed by a president. The president assisted by the Secretary General is responsible for the implementation of the decisions of the executive committee.
Further to the emergence of new companies in the industry which led to an increase in membership of the IAG, a Permanent Secretariat was established on 1st September 2000. A full-time Secretary General was employed and charged with the overall administration of the secretariat.
The Secretariat is also in charge of the co-ordination of the ECOWAS Brown Card Insurance Scheme under the auspices of the Gambia National Bureau. All the Insurance companies operating in the market are members of the National Bureau and are represented on the Board of Directors by their Chief Executives.
The Chairman and Vice Chairman of the board are appointed by the other board members. The chairman or in his absence the vice-chairman are assisted by the executive secretary in the day to day administration of the Bureau.
The membership of the IAG comprises all the eleven companies in the Market.