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Build continental Relationships-Africans' insurance markets advised..

The AIO President Alhaj Kaddunabbi Ibrahim delivering his speech at the 45th AIO conference on Monday 7th May 2018, at Labadi Beach Hotel, Accra Ghana.

The President of Ghana, Nana Akufo-Addo officially opened the 45th African Insurance Organisation (AIO) taking place in Accra Ghana.

Akufo-Addo who was represented by the Senior Finance Minister of Ghana, Hon. Yaw Osafo-Marfo, said the fragmented nature of African’s insurance market is affecting its potential growth thus the need for insurance markets to build relationships among themselves at both sub-regional and continental level.

The AIO President Alhaj Kaddunabbi Ibrahim Lubega also called upon the insurance fraternity in Africa to unite and reflect on innovation in risk management to achieve the desired insurance penetration.

“For too long, we have decried Africa’s low insurance coverage which is barely entering 2% of global insurance. According to the 2018 Africa Insurance Barometer, the continent’s low insurance penetration still presents one of the market’s largest opportunities. We therefore need to re-engineer our strategies and processes to protect those we regulate, insurance service providers need to also embark on actions that shall give the shareholders, clients the desired level of comfort,” Kaddunabbi said.

The theme of this year’s conference is “Innovation, Risk and the Future of Insurance in Emerging Markets.”

 

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