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