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By Henry Uche
With the African Continental Free Trade Area (AfCFTA) opening new frontiers for economic integration, Nigerian insurance brokers are strategically positioning themselves for growth. In a bid to harness these opportunities, industry stakeholders recently gathered for a high-impact seminar organized by the Nigerian Insurance Industry AfCFTA Committee.
Held in Lagos, the event, titled “Preparing the Insurance Brokers for the Takeoff of the African Continental Free Trade Area”, was designed to equip brokers with essential knowledge and skills to navigate the evolving landscape. The seminar provided a platform for in-depth discussions on emerging opportunities, regulatory dynamics, and strategic pathways to ensure the sector thrives under AfCFTA.
Speaking at the workshop, the Commissioner for Insurance at the National Insurance Commission (NAICOM), Mr. Olusegun Ayo Omosehin, represented by the Deputy Commissioner, Technical, Dr. Usman Jankara, highlighted the critical need for Nigerian insurance brokers to fortify their competitive edge in response to the transformative regulatory landscape shaped by the African Continental Free Trade Area (AfCFTA).
The workshop explored pivotal themes designed to empower brokers in navigating this evolving terrain. Key discussions centered on enhancing capacity in risk management, underwriting, and claims administration; fostering professionalism and integrity; embracing digital transformation; deepening understanding of regional markets; and strengthening industry-wide collaboration.
Reaffirming NAICOM’s unwavering commitment to supporting insurance brokers, Omosehin emphasized the imperative for brokers to elevate their value proposition, ensuring their relevance and sustainability in an increasingly competitive market.
In her address, Emily Mburu-Ndoria, Director of Trade Services, Investment, Intellectual Property Rights (IPR), and Digital Trade at the AfCFTA Secretariat in Ghana, highlighted the crucial role of mutual recognition agreements in facilitating seamless insurance sector integration across African nations. Speaking during a session at the Nigerian Insurance Industry AfCFTA Committee’s workshop in Lagos, she elaborated on the delicate balance between trade liberalization and national regulatory autonomy.
Mburu-Ndoria clarified that while AfCFTA fosters the liberalization of trade and services, it does not diminish the necessity of domestic regulatory frameworks.
