The President of the African Insurance Organisation, Mr Tope Smart, (pictured) has implored insurance professionals and governments in the continent to advance insurance solutions to improve penetration and reduce the vast burden of uninsured risks including natural and man made disasters.
Mr Smart said the insurance low ranking by individuals and businesses has confined the insurance performance to the last rung of global penetration despite the vast potentials for industry development. He therefore, called for coordinated efforts to change the narrative.
He cited Lloyd’s to refresh stakeholders on the imperative for new thrust for revamp, “In 2018 Lloyd’s publication, even a 1% increase in insurance penetration will reduce the disaster recovery burden on developing countries by 22%. We believe it is our mission to improve insurance penetration via solutions that improve access to insurance, the reputation of the African insurance industry and insurance awareness in Africa.”
Smart who is also the group managing director at NEM Insurance Plc, pointed Africans to the potentials for insurance in African Continental Free Trade Area (AfCFTA), noting that it is one of the flagship projects of the African Union’s Agenda 2023: “the Africa We Want”. “We believe that the AfCFTA could play a significant role in improving insurance services through liberalization (eliminating non tariff barriers and refraining from introducing new ones) and integration.”
Activities to mark this milestone anniversary will hold in Nairobi, Kenya alongside our 48th Conference and Annual General Assembly. The host Kenya market and the AIO Secretariat have been working tooth and nail to make the celebration a memorable one. However, this can only be achieved through your support. I wish to appeal to AIO members to come out in their numbers and give their flagship event its merited grandeur.
Imploring members to attend The 48th AIO Conference in Nairobi, Kenya, Smart said the focus will be on one of the key global issues, Climate Change under the theme ‘Insurance and Climate Change: Harnessing the Opportunities for Growth in Africa’.