In order to ensure deeper penetration of insurance across African countries, stakeholders in the continent have been urged to synergise in developing as well disseminating innovative insurance packages that are attractive to the masses.
They are also called to invest in awareness creation, data collection and management , manpower development of practitioners and building of institutions that can handle bigger risks, as part of strategies to achieve quicker results.
Those were the remarks of some global insurance risk management experts at a meeting in Lagos on building a viable and resilient insurance industry in Africa.
The programme was the initiative of Financial Sector Deepening Africa (Fsdafrica) and UKaid in partnership with National Insurance Commission.
Speakers expressed dismay that patronage of insurance among Africans has remained very low with less than 3 percent penetration.
Of that 3 percent, south Africa is far ahead with over 70 percent of the premium.
The experts argued that given the vulnerability of the continent to the impacts of climate change and lots of other natural and human threats including insecurity and COVID-19, African nations should massively embrace insurance to secure the people’s future and build resilient economies.
In a remark, the Commissioner for Insurance, Nigeria and CEO National Insurance Commission, Mr. Sunday Thomas said the fact that the discussion shifted from regulation to building the industry first, made the event interesting, as he expressed hope for a better insurance industry in Africa.
Discussions were centered on the introduction of R3 Lab in Africa, which entails building a viable insurance industry in the continent within the context of Risk, Resilience and Regulation.
In paper on R3 Lab, a policy and regulatory expert , Dr. Elias Omondi who is a Senior Manager Risk Regulation at FSD Africa stated that, there was urgent need for African nations to collaborate, cooperate and interact more to achieve insurance breakthrough.
While expressing gratitude over the impressive attendance of key insurance stakeholders in the continent, the CEO, FSD Africa, Mr. Mark Napier urged that Nigeria and others should adopt the Ugandan model of simplifying insurance in a way that citizens could subscribe to insurance with their airtime.
A panel discussion, saw representatives of Nigeria, Kenya, Ghana, Uganda and Tanzania sharing best practices in their countries and they came to an agreement that all must come together to fix the industry, so that insurance can begin to work for Africans and transform their lives.
The event brought together insurance experts from across Africa, with dignitaries including the UK High Commissioner in Nigeria.