African insurers mull stronger partnership for sustainable growth

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The African Insurance Organization (AIO), has called for a stronger stakeholder collaboration to deepen Insurance penetration and growth in Africa.

This was a key decision taken at the recently  concluded 47th conference and General Assembly of the Pan-African insurance body which held in Nigeria.

Industry operators after due consultations with other stakeholders reached a resolution and released a 10-point communique that will serve as action plan template.

The communique urged operators across the continent to drive insurance growth and deepen penetration through industry-government collaboration, deployment of technology with focus on artificial intelligence and development of insurance products that cover developmental action of government.

The communique stated: “At the 47th African Insurance Organization Conference, held on 4th to 8th September, 2021, the participants agreed to: “Collaborate and work with respective Governments to ensure that insurance companies can contribute directly and impactfully to the economy.

“Design insurance products that effectively cover the developmental actions of Government and deepen insurance penetration at all levels.

“Invest in Information Technology with focus on artificial intelligence, disruptive, while partnering with FinTech organisations.

“Cross-border collaborations to improve insurance penetration and growth while proactively and collectively embracing AfCFTA.

“Invest in quality education for both the practitioners and the whole populace especially in financial literacy;  and set up of schools and scholarships amongst others.

“Invest in sustainable projects and financing of facilities developments; Move to risk-based supervision in line with current global best practices; Create a thriving business enabling environment for all practitioners.”

It also called for the encouragement of active participation of all female insurance practitioners in the activity of PILA Africa to facilitate effective networking and growth of the African insurance industry.

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