Africa’s in­sur­ance mar­ket still vi­brant and grow­ing, hears AiO

RISKAFRICA Magazine - - NEWS -

With the fo­cus on in­sur­ance and rein­sur­ance in Africa over the next decade, the 18th an­nual Rein­sur­ance Fo­rum of the African In­sur­ance Or­gan­i­sa­tion (AIO) was a good net­work­ing plat­form for key play­ers within the in­sur­ance arena to un­earth op­por­tu­ni­ties on the African con­ti­nent. Five hun­dred del­e­gates, rep­re­sent­ing insurers, rein­sur­ers and bro­kers from 65 coun­tries gath­ered at the pic­turesque In­ter­con­ti­nen­tal Ho­tel and Re­sort in Bal­a­clava, Mau­ri­tius for the an­nual event, which co­in­cided with the AIO’s 40th an­niver­sary. The fo­rum, held from 30 Septem­ber to 3 Oc­to­ber, was con­cluded with an awards pre­sen­ta­tion.

In his for­mal ad­dress to the del­e­gates, Has­san El Sayed Mo­hammed, the pres­i­dent of the AIO, stated, “The mas­sive at­ten­dance at this dual event is a clear man­i­fes­ta­tion of the firm com­mit­ment to sup­port the growth of a vi­brant in­sur­ance in­dus­try on the African con­ti­nent, ca­pa­ble of fac­ing the chal­lenges pro­voked by eco­nomic mu­ta­tions from out­side Africa.” Speak­ing about the evo­lu­tion of the African in­sur­ance sec­tor, Martin Ziguele, man­ager of Ex­act Con­seil, said, “Africa’s in­sur­ance in­dus­try is mak­ing small steps, de­spite his­tor­i­cal is­sues that were not nec­es­sar­ily in­her­ent only to this con­ti­nent. With a pro­duc­tion of $50 bil­lion in 2006 to $67 bil­lion in 2010, it showed a growth of 34 per cent in five years.”

At the awards pre­sen­ta­tion, ac­co­lades were given to Africa Re in the cat­e­gory for best in­sur­ance or­gan­i­sa­tion while UNC­TAD claimed top hon­ours in the cat­e­gory for in­ter­na­tional or­gan­i­sa­tion. In the in­di­vid­ual cat­e­gory, Al­bert Nduna re­ceived the award for his ef­forts in es­tab­lish­ing the first rein­sur­ance com­pany in Zimbabwe.

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