Enabling Environment Will Transform Insurance In Africa- NAICOM 

Yemisi Izuora

The New President of African Insurance Organisations (AIO), Mr Tope Smart, has been told to adopt collective and collaborative strategy that will help in establishing clement environment to drive insurance growth in Africa.

Nigeria’s Commissioner for Insurance and chief executive of the National Insurance Commission, NAICOM, Mr Sunday Thomas, who dropped the charge on Monday advised Smart, to prioritise the development of insurance markets across the continent.

Thomas, urged him to seek collaborations with governments across the continent in order to create an enabling environment for insurance to thrive.

“The new AIO leadership under Smart, should also persuade the governments on continued lifting of border barriers that is making movement of resources almost impossible.

“Promote healthy competitions amongst member states and promote knowledge sharing across the continent among other objectives, that will make insurance business thrive within the African markets,” he said.

Thomas expressed optimism that Nigeria would reap all the benefits of its membership of AIO in line with the new strategic objectives of the organisation.

He said that the African insurance market was in dare need of serious collaboration and synergy, now than before and must look inward if it truly wanted to make an impact.

Smart, also Managing Director, NEM Insurance plc, listed his priority areas to include increased awareness, adoption of digitalisation, collaboration with other markets, partnership with government and regulators and building customer’s trust.

According to him, the insurance industry in Africa had underperformed, compared to other sectors such as banking, telecommunication, and this narrative must change.

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