Re­gional con­feR­ence tack­les in­dus­tRy is­sues

The South­ern African in­sur­ance in­dus­try held its first re­gional con­fer­ence in Gaborone from 15 to 16 Au­gust. Open­ing up new mar­ket pos­si­bil­i­ties, im­prov­ing com­mu­ni­ca­tion among in­dus­try bod­ies and the role of the in­sur­ance in­dus­try in sus­tain­able eco­nomic

RISKAFRICA Magazine - - • EVENTS -

The con­fer­ence, hosted by Sisco and the SADC (South­ern African De­vel­op­ment Com­mu­nity) Sec­re­tariat saw del­e­gates from al­most ev­ery SADC coun­try con­vene at the Gaborone Sun Ho­tel in Botswana. Del­e­gates from Switzer­land and the United King­dom were present, too. It was the first of its kind on the African con­ti­nent. Del­e­gates in­cluded rep­re­sen­ta­tives of in­sur­ance as­so­ci­a­tions, in­sti­tutes and reg­u­la­tors from each coun­try.

Con­fer­ence co- or­di­na­tor, Tshep­iso Mphahlane, says the event pro­vided a plat­form for in­sur­ance bod­ies and su­per­vi­sors to in­ter­act at re­gional level. He adds that it pro­vided an op­por­tu­nity for the SADC’s Com­mit­tee of In­sur­ance, Se­cu­rity and Non-Bank­ing Fi­nan­cial Au­thor­i­ties (CISNA) to give feed­back to the in­dus­try re­gard­ing the har­mon­i­sa­tion of in­sur­ance laws of SADC mem­ber states.

The move to­wards mak­ing cross- bor­der in­sur­ance trade pos­si­ble through en­abling leg­is­la­tion opens up new mar­ket op­por­tu­ni­ties.

Build­ing re­la­tion­ships be­tween bod­ies

CISNA is part of the Trade, In­dus­try, Fi­nance and In­vest­ment Direc­torate of SADC and re­ports to the Com­mit­tee of Min­is­ters of Fi­nance and In­vest­ment. CISNA’s vi­sion is to fa­cil­i­tate the de­vel­op­ment of a har­monised, risk-based reg­u­la­tory frame­work for SADC mem­ber states. “The move to­wards mak­ing cross-bor­der in­sur­ance trade pos­si­ble through en­abling leg­is­la­tion opens up new mar­ket op­por­tu­ni­ties,” said speaker Marcelina !Gaoses, man­ag­ing di­rec­tor of Mu­tual & Fed­eral Namibia.

At the con­fer­ence, it was agreed that dia­logue be­tween the in­sur­ance in­dus­try and SADC should im­prove. In light of the re­quest, SADC’s Direc­torate of Trade, In­dus­try, Fi­nance and In­vest­ment in­formed del­e­gates that SADC will es­tab­lish a busi­ness desk which will fa­cil­i­tate com­mu­ni­ca­tion be­tween SADC com­mit­tees and the re­gional in­sur­ance in­dus­try.

Del­e­gates ac­knowl­edged that re­gional eco­nomic in­te­gra­tion also calls for im­proved com­mu­ni­ca­tion among in­dus­try bod­ies. Del­e­gates wel­comed the South African In­sur­ance As­so­ci­a­tion’s (SAIA) plans to es­tab­lish a com­mu­ni­ca­tion hub to fa­cil­i­tate in­for­ma­tion shar­ing. The con­fer­ence also re­quested the SAIA to fa­cil­i­tate the de­vel­op­ment of a frame­work for col­lab­o­ra­tion of in­sur­ance as­so­ci­a­tions.

Sus­tain­able in­sur­ance lim­its risk

Chief ex­ec­u­tive of­fi­cer of the In­sur­ance In­sti­tute of South Africa (IISA) David Harpur’s pa­per, ‘The Im­por­tance of a Com­mon Frame­work for In­sur­ance Ed­u­ca­tional Stan­dards’, pro­poses the de­vel­op­ment of ed­u­ca­tion stan­dards and prod­ucts that can be trans­portable across bor­ders. The pa­per cov­ered the com­mon ap­proach to con­tin­u­ous pro­fes­sional de­vel­op­ment and the

It is im­por­tant for the short­term in­dus­try to of­fer prod­ucts and so­lu­tions that will pro­mote our in­dus­try and not harm our en­vi­ron­ment and com­mu­ni­ties.

es­tab­lish­ment of com­mon stan­dards of lo­cal value with in­ter­na­tional ac­cept­abil­ity.

The con­fer­ence dis­cussed the role of the in­sur­ance in­dus­try in sus­tain­able eco­nomic de­vel­op­ment. Pro­gramme leader at United Na­tions’ en­vi­ron­men­tal ini­tia­tive, Butch Ba­cani, told del­e­gates that the in­sur­ance in­dus­try, with world pre­mium vol­ume of $4.5 tril­lion, was uniquely po­si­tioned to tackle en­vi­ron­men­tal, so­cial and gov­er­nance is­sues.

“Sus­tain­able in­sur­ance is about re­duc­ing risk, de­vel­op­ing in­no­va­tive so­lu­tions and im­prov­ing busi­ness per­for­mance with a view to con­tribut­ing to en­vi­ron­men­tal, so­cial and eco­nomic sus­tain­abil­ity,” says Ba­cani. Gen­eral man­ager of strat­egy and plan­ning at the SAIA, Deb­bie Don­ald­son, told del­e­gates that the South African in­sur­ance in­dus­try has in­deed re­sponded to some of th­ese sus­tain­abil­ity is­sues, in par­tic­u­lar en­ergy se­cu­rity (home own­ers’ in­sur­ance), food se­cu­rity (agri­cul­ture in­sur­ance) and com­mu­nity risk man­age­ment (com­mu­nity risk in­sur­ance). “It is im­por­tant for the short­term in­dus­try to of­fer prod­ucts and so­lu­tions that will pro­mote our in­dus­try and not harm our en­vi­ron­ment and com­mu­ni­ties.”

Over­all con­sen­sus at the con­fer­ence was that Gaborone hosted a suc­cess­ful event. Pres­i­dent of the In­sur­ance In­sti­tute of Mau­ri­tius, San­sjiv C. Nuckchady com­mented, say­ing it was wellor­gan­ised and of a high stan­dard.

Above from left: Riana Gous, In­sur­ance In­sti­tute of Namibia; Nd­joura Tjo­zon­goro, CEO of National Spe­cial Risks In­sur­ance As­so­ci­a­tion; Deb­bie Don­ald­son, gen­eral man­ager: Strat­egy and Plan­ning for the South African In­sur­ance As­so­ci­a­tion.

Molefe Phirinyane, pol­icy an­a­lyst, Botswana In­sti­tute of De­vel­op­ment Pol­icy Anal­y­sis.

Thembi Langa, se­nior pro­gramme of­fi­cer, SADC, ad­dresses del­e­gates.

Marcelina !Gaoses, MD of Mu­tual & Fed­eral Namibia dis­cussed cross-bor­der in­sur­ance.

Tshep­iso Mphahlane, con­fer­ence co- or­di­na­tor and CEO of Sisco Cor­po­rate Ad­vi­sors.

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