Nigeria : AIO President canvasses insurance penetration in African market
- 17 May 2022 / News / 228 / Fares RAHAHLIA
The President of the African Insurance Organisation (AIO) has called on stakeholders in the African insurance market to drive insurance penetration to take the industry to a greater height.
The president, who is also the Group Managing Director/ Chief Executive Officer of NEM Insurance Plc, Tope Smart, in his message to members of the organisation at the weekend, believes that this could be achieved via solutions that improve access to insurance through awareness across the African market.
According to him, there is a need to bridge the gap of low insurance acceptance by addressing challenges confronting the sector across the markets.
He urged African insurance operators to renew their commitment this year to build their trust in AIO executives as the industry looks forward to a better image builder for the years to come.
The insurance industry is growing bigger, stronger and more resilient, he stressed, adding: “Together, we are working on several projects, which we believe will bring us closer and make us stronger and better.
AIO will be celebrating 50 years of existence in Nairobi, Kenya, and this is a milestone we need to celebrate in grand style. We have done much and we will do more.
“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.”
MAROC - "Officine Expo", une vitrine de l’industrie pharmaceutique nationale
- 27 February 2023
La 20è édition d’Officine Expo a constitué une belle vitrine pour l’industrie pharmaceutique nationale, a souligné, samedi à Marrakech, Layla Sentissi, directrice exécutive de la Fédération Marocaine...
MOROCCO - IMF Mission Highlights Moroccan Central Bank's Transparency Practices
- 28 December 2022
This mission, whose expertise and relevance of recommendations praised Bank Al-Maghrib, focused on examining the bank's transparency practices in five areas, relating to "Governance", "Policies", "Ope...
MOROCCO - Morocco Has Strong Inflation Fundamentals, Says Economy Minister
- 27 December 2022
"Morocco has long had the lowest inflation in the region, and has been able to minimize the impact of the crisis on the purchasing power of citizens despite a difficult economic situation in 2022," sa...
MOROCCO - Ambassador to AU Urges PAP to Ensure Full Participation of African Citizens in Continent's Development
- 20 December 2022
The PAP was established with a clear statutory mandate to ensure primarily the effective participation of African citizens in the economic integration and development of the continent, the Moroccan di...
MOROCCO-Morocco Opposes Modernity, Social Reality's Hopes to Fractures, Fears Expressed in Fragmented World - Azoulay Tells 'The Atlantic Dialogues'
- 19 December 2022
"Carried by the committed and proactive leadership of His Majesty King Mohammed VI, Morocco has chosen, in the land of Islam, to make the legitimacy and richness of all its diversity the central engin...