AFCFTA: REGIONAL REGULATORS ADVISED ON HUMAN CAPITAL DEVT

As the implementation of Africa Continental Free Trade Area (AFCFTA) agreement gradually takes shape, members of Organisation of African Insurance Supervisory Authorities (OAISA), have been reminded of the need to developing human resources and creating a platform for standardisation of insurance laws, and supervisory structures.

Giving the advice at the General Assembly meeting of the group in Abuja, the Commissioner for Insurance, Mr. Sunday Thomas, said the step was more pertinent than ever, especially in light of the ongoing implementation of the trade agreement.

He said “AFCFTA presents an immense opportunities for trade and economic integration across our continent. As insurance regulators, it is imperative that we work collaboratively to ensure that our regulatory frameworks align with the objectives of the AFCFTA in facilitating seamless trade.” Welcoming the members, he expressed delight to see such a gathering of esteemed colleagues and industry experts dedicated to the advancement of the insurance sector in Africa.

“OAISA stands as a beacon of regulatory excellence, entrusted with the formidable task of developing, harmonising insurance regulations and ensuring effective supervision of the insurance sector on the continent. “Our missions are aimed not only to foster a fair, secure, and stable insurance market but also to play a pivotal role in bolstering regional financial stability,” he added.

He pointed out that the Nigerian insurance industry’s efforts in the development of the market was an all-inclusive one. He said it included creation of avenues, deepening of insurance penetration; increasing access to insurance products via digital platforms, and increasing visibility of insurance. “Consequently, the Commission in its effort to open up the market across the geo-political zones where insurance penetration is perceived to be very low has implemented various market developmental initiatives to lift the insurance sector.