The new president of the Africa Insurance Organisation (AIO), Mr Tope Smart, has charged Nigerian insurance companies to leverage on the African Continental Free Trade Area (AfCFTA) to deepen insurance penetration in the country.
Smart, who is also the group managing director/CEO of NEM Insurance Plc, urged the insurance operators, represented by the Nigerian Insurers Association (NIA) to put robust structures in place to enable the market benefit from the African trade agreement.
Speaking during the AIO executive committee meeting with NIA in Lagos recently, Smart challenged the Nigerian insurance market to upscale its digitisation programme to fast track penetration.
According to him, “the meeting with the Nigerian market is the beginning of AIO’s engagement with key markets in Africa in our desire to increase insurance penetration in the region. Also, as part of this engagement, we shall also be meeting with governments and regulators across the region to share with them their own roles in market penetration.”
Similarly, the AIO president visited Namibia where he met the insurance industry regulator and other major operators in the market. The meeting offered Mr. Tope Smart the opportunity to push his 5- Point Agenda.
Earlier at his investiture, Smart had unveiled a five -point agenda that will serve as a guide during his tenure as AIO president.
In his acceptance speech, he said, his tenure will be anchored on five key areas: increased awareness, adoption of digitalisation, collaboration with other markets, collaboration with governments & regulators and building customers trust.