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By Henry Uche
African Insurers Organisation (AIO) has opened up conversations with the Nigerian Insurers Association (NIA) to strengthen collaboration for value addition, industry growth and development. Ajoke Adeyemi, Head, Corporate. Communications /Brand Management, NIA, disclosed this.
The discourse started during an official visit to the Nigerian Insurance Market, led by the Secretary General of AIO, Mr. Jean Baptiste, in company of AIO’s Communication and Public Relations Officer, Mr Charles Moki, who were received by officials of NIA in Lagos.
NIA Chairman, Mr Kunle Ahmed, and his management team, led by the Director-General, Mrs Bola Odukale, were thrilled as the Association held a meeting with the Chief Executive Officers (CEOs) of AIO member companies in Nigeria.
Mr. Baptiste commended the growth and potential of the Nigerian insurance market, noting that the AIO has been led by Nigerian business leaders in the last 13 years.
“This is significant because it reflects strong support for the system and the organization. Nigeria contributes the highest number of delegates to AIO events yearly; hence, we are here to open conversation with our Nigerian members and ready to consider your remarks and suggestions to serve you better.
“I am impressed by the Nigerian insurance market’s resilience and potential for growth. The industry has shown remarkable progress, and I believe that with the right support and guidance, it can become a driving force in Africa’s economy,” he said.
The Secretary General highlighted the organization’s achievements, including convincing the AfCTA Secretariat that AIO is the rightful voice of the African insurance industry. According to him, the AIO is working on a feasibility study to harmonize regulatory frameworks across Africa, in collaboration with the United Nations Development Programme (UNDP) and funding from the Africa Reinsurance Corporation.
This, he said, would enable companies licensed in one country to operate in another without needing a new license and, as such, promote true integration.
The AIO scribe also mentioned the Pan-African Payment and Settlement System (PAPSS) developed by Afreximbank, which recognizes insurers as key stakeholders. He invited the industry’s stakeholders to attend the AIO’s upcoming general assembly at the end of the month, which will focus on the debt burden in Africa and its impact on the insurance industry.
“The theme of our upcoming general assembly is particularly relevant to the Nigerian insurance market. The debt burden in Africa is a pressing issue, and insurers must have a seat at the table where Africa’s future is being discussed,” he said.
Commenting on behalf of the Nigeria member companies, the NIA Chairman, Mr. Ahmed commended AIO’s thoughtfulness, noting that the move to increase the benefits of its members would promote the organization and grow its membership base.
Mr. Ahmed assured the AIO of the unrelenting support and collaboration of Nigerian insurers, however urged the AIO to support the Nigerian insurance market in its efforts to design a Mortality table, develop its Actuarial capacity and leverage on the opportunities in AfCTA.
