The Executive Committee of the Africa Insurance Organisation has met with the Nigerian Insurers Association, on behalf of the Nigerian insurance market, to examine insurance growth in the region.
A statement on Friday said the AIO team was led by its President, Mr Tope Smart, who expressed his gratitude to the market for hosting a successful annual conference of the organisation.
Smart said, “The meeting with the Nigerian market is the beginning of AIO’s engagement with key markets in Africa in our desire to increase insurance penetration in the region.
“Also, as part of this engagement, we shall also be meeting with governments and regulators across the region to share with them their own roles in market penetration.”
He appreciated the market for its support at the investiture ceremony where he became the 47th president of AIO, and vowed not to disappoint them.
The AIO president informed the gathering that the AIO executives came to formally intimate NIA of his five-point agenda, enumerated at the investiture ceremony, and to solicit support towards achieving it.
He highlighted market collaboration, building consumers trust, education, and publicity, among others, as part of his focus.
Smart said if properly structured, the market would be transformed.
Speaking on the African Continental Free Trade Area, he urged the NIA to put robust structures in place to enable the market benefit from it, describing the AfCFTA as a game-changer.
He also challenged the Nigerian insurance market to upscale its digitisation programme to fast-track penetration.
The statement said the AIO president visited Namibia, where he met with the insurance industry regulator and other major operators in the market.
It said the meeting offered Smart the opportunity to push his five-point agenda.
During Smart’s investiture at the last AIO conference in Lagos, he said he would focus on five major areas, namely increased awareness, adoption of digitalisation, collaboration with other markets, collaboration with governments and regulators and building customers trust.
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