In order to advance the insurance sector as a whole, the President of the African Insurance Organisation (AIO) has asked the various stakeholders in the African insurance market to broaden the scope of their insurance coverage.
According to a message he sent to members of the organization over the weekend, Tope Smart, who is the president of NEM Insurance Plc as well as the Group Managing Director and Chief Executive Officer of the company, believes that this can be achieved through solutions that improve access to insurance through increased awareness across the African market. He stated his belief that this can be accomplished through such solutions.
According to him, in order to close the acceptance gap in the insurance industry, it is essential to find solutions to the problems that are plaguing the sector across all markets.
As the insurance sector works to rebuild its reputation over the next few years, he urged African insurance companies to maintain their efforts to cultivate customers’ faith in AIO leaders throughout this year.
He emphasized that the insurance industry is becoming larger, more powerful, and more resistant to risk by saying that “together, we are working on various projects that we hope will bring us closer and make us stronger and better.” “Together,” he said, “we are working on various projects that we hope will bring us closer and make us stronger and better.”
The African Institute of Oceanography (AIO) will be commemorating its 50th anniversary in Nairobi, Kenya; this is an important milestone that we should remember. We have made significant progress, and we will keep making progress.
“As you are all aware, the African insurance industry still suffers from low insurance penetration rates, when compared to global rates, with an average of less than two per cent if we remove South Africa. This, on one hand, shows the weaknesses of our industry and on the other the vast potential yet to be exploited.
“According to a 2018 Lloyd’s publication, even a one per cent increase in insurance penetration will reduce the disaster recovery burden on developing countries by 22 per cent. We believe it is our mission to improve insurance penetration via solutions that improve access, the reputation of the African insurance industry and awareness.”
