African Insurance and Reinsurance Conference – the guide to the speakers
The Africa Insurance and Reinsurance Conference in Kenya in June this year is the ideal platform to find out more about recent developments in the insurance industry and discuss what is needed to spur further growth. RISKAFRICA chats to a few of the speakers ahead of the conference to get a taste of the insights and expert information in store for delegates.
Africa is on the cusp of a period of significant economic development. Over the past two decades, improved regulatory reform, political stability and governance have led to increased investor confidence and, in turn, the financial services industry in Africa is on the verge of explosive growth.
However, as the world becomes a global village, insurers cannot operate in a bubble. The Africa Insurance and Reinsurance Conference aims to bring together industry leaders from across the continent to discuss issues affecting the industry and charter a growth trajectory for the future.
Session 1: Aligning to the economic growth – the regulatory priorities in Africa’s insurance industry. The regulatory landscape must transform and align to the economic growth in this region. Firms that embrace the regulatory changes and are actively involved in shaping the new reforms stand to gain a competitive advantage and will be best prepared to meet the new challenges ahead. This session will address current and anticipated regulatory changes in the industry.
Israel Kamuzora, the chief executive officer of the Tanzanian Insurance Regulatory Authority (TIRA)
Kamuzora is the chairman of the African Trade Insurance Agency and the Insurance Commissionerioner of Tanzania. He has previously said that thehe insurance sector is constrained by severall factors such as different licensing requirements,ents, different investment laws, absence of information exchange mechanisms and strict confidentiality requirements.
“These dissimilarssimilar insurance environments are affecting cross-ross-border investment as insurance companiess hoping to expand into regional markets are subjectedted to fresh scrutiny. These differences in insurancece policies are due to lack of mutual recognitionn among supervisors and the absence of an agreeded regional supervisory structure.” He warns thatt without co-operation and interaction between regulators in different countries, an integrated market will not be possible.
Session three: Regional insurance panel – where do we go from here as we build momentum for profitable growth? Growth in insurance demand in Africa is underpinned by a growing economy, underinsurance and growing risk awareness. New products requiring new structures and skills will be launched to match regional growth. Strategic focus must be balanced to include greater emphasis on both technical and operation profitability.
A qualified actuary with more than 22 years’ experience in pensions and investment consultancy work gained in the United Kingdom and Kenya, Raichura is the founder and immediate past chairman of the Actuarial Society of Kenya.
He is a key pensions consultant for the East African region and is scheme actuary to more than 100 schemes in Kenya. Raichura has considerable experience in pensions re-engineering work, particularly consultancy projects involving diagnostic reviews, developing strategic restructuring plans, administration and implementation.
He has particular experience with public service, parastatal and social security schemes in Africa, having played a key role in the development of the pensions regulatory framework in Kenya and was instrumental in making representations on pensions reform in Uganda.
Raichura is the founder and immediate past chairman of the Actuarial Society of Kenya.
Session four: Positioning to thrive – the retail segment. Rising income levels and dramatic demographic shifts are leading the way to the emergence of distinct consumer segments that need to be served in fundamentally different ways. Insurers must take a hard look at what really differentiates them from their competitors and position themselves to adapt and thrive in a dynamic business climate, where customer needs and business partner alliances are subject to quick change.
These dissimilar insurance environments are affecting cross-border investment as insurance companies hoping to expand into regional markets are subjected to fresh scrutiny.
In trying to penetrate low- income markets, companies need to focus on building appropriate products and then work to educate consumers about insurance and why it is necessary.
Sundeep Raichura, the managing director of Alexander Forbes, Kenya