The African Insurance Organisation(AIO) has applauded government of the Republic of Cameroon for its supports over time, even as the headquarter of the association had resided in Cameroon for the past 38 years.
The president, AIO, Mr. Tope Smart, while delivering a speech on the occasion of the ‘Revision of the Headquarters Agreement Between Cameroon and AIO,’ in Yaoundé, Cameroon, at the weekend, noted that, “by revising our headquarters agreement, President Paul Biya has once again proven that he is a real architect of inter African cooperation as enshrined in the missions of the AIO.”
Reeling out the several advantages Cameroonian government is grant his association, Smart, who is also the group managing director/CEO of NEM Insurance Plc said: “the holding of funds in local currency or hold foreign currency bank accounts, the possibility to transfer AIO funds or currencies or convert any currencies held by us into any currency, tax exemptions, immunity and protection of our expatriate staff, advantages to local staff, among others, granted to AIO cannot be over-emphasised The list is long, and for this, we remain very grateful.”
Stating that AIO has 446 members from 48 countries in Africa and 14 associate international members from nine countries, he added that, membership is open to actors from the insurance industry, regulatory/supervisory authorities, insurance training centres, national and regional insurance associations and insurtech companies.
The main objectives of AIO are the development of a healthy insurance and reinsurance industry and the promotion of inter-African co-operation, he said.
Noting that AIO is 50 years old and that within its 50 years of existence, the headquarters of the AIO has been in Cameroon for 38 years, he noted that, the theme of the association’s anniversary celebration is; ‘AIO At 50: A Call For African Insurance Renaissance.’
Through a symposium, he said, some seasoned African insurance professionals will through this theme examine the state of insurance in Africa in the past fifty years and make predictions on how to better the industry on the continent in future.
To him, “through this reflection, we hope to address serious issues like Africa’s low insurance penetration rate, bringing insurance services closer to our populations and at more affordable costs lifting insurance to the level of a solution to problems rather than a counter for the sale of insurance products only.”