African In­sur­ance and Rein­sur­ance Con­fer­ence – the guide to the speak­ers

RISKAFRICA Magazine - - CONTENTS - Neesa Moodley-Isaacs

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

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