• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Saturday, July 5, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

Experts Charge African Insurers On Risk Retention, Opportunities

by Zaka Khaliq
3 years ago
in Business, News
Risk
Share on WhatsAppShare on FacebookShare on XTelegram

Experts have charged insurance companies across Africa to increase their level of risk retention locally to grow and develop African insurance market profitably.

 

Advertisement

The experts, who spoke at the just concluded 48th African Insurance Organisation(AIO) conference in Nairobi, Kenya, stated that, insurers on the continent must increase their capacity and appetite to wrestle substantial part of the risks ceded abroad annually.

 

They also believe there are opportunities for insurance growth on the continent as investment shifts more towards African countries of which insurance sectors across countries will benefit from.

 

RELATED

I’ve Solution To Abia’s Dev’t Crisis – ADC Guber Candidate

Forget 2027, Presidency Tells Coalition’s ADC

2 hours ago
More Than 50% Of Medicines In Circulation Are Fake — Pharmacists

More Than 50% Of Medicines In Circulation Are Fake — Pharmacists

2 hours ago

Kenyan President, Uhuru Kenyatta, at the 50th anniversary of AIO, encouraged insurers and reinsurers operation out of Africa to increase their retention capacity and through increased investments.

 

“With increased investments, the continent, I am sure, will also encourage and ensure that we meet our ESG goal as envisioned in the theme of conference, ‘Insurance and Climate Change: Harnessing the Opportunities for Growth in Africa’.,” he stressed.

 

Speaking on the theme of the conference, Kenyatta, who was represented at the event by the chief administrative secretary, the National Treasury and Planning, Kenya, Hon.

 

Eric Simiyu Wafukho, said insurance industry has a critical role to play in helping companies and nations manage, measure and reduce the impact of climate change.

 

To him, “we therefore cannot continue with business as usual in the face of increasing frequency and scale of risks caused by climate change, we must adjust our business models to better support Environmental, Social and Governance(ESG) issues.”

 

Stressing that Africa is one of the world’s most attractive region for investment in the insurance sector, he added that, steady economic growth in most countries combined with a largely underdeveloped insurance sector have positioned the continent to the second fastest growing region for insurance globally after Latin America.

 

“Prior to the impact of COVID-19, the insurance market was expected to grow compound annual growth rates(CAGR) of 7 per cent per annum between 2020 and 2025, nearly as fast as North America, over three times than that of Europe and better than Asia’s 6 per cent,” he pointed out.

 

Earlier, the president of AIO, Mr. Tope Smart believes, growth opportunities in the African continent remain high, largely driven by a young and growing population with increasing utilisation of technology.

 

Despite the additional pressures of unrelenting regulatory and insurance accounting changes, and the huge costs associated with the changes, he noted that, there are also some positive developments and opportunities for growth.

 

According to him, “the younger generation is looking for new ways to connect and protect, bringing affordability and access to the continent. These market conditions and dynamics are likely to continue to give rise to Insurtechs who, through technological innovation, are able to tackle consumer awareness and resistance and address inefficiencies within the financial system for product development, distribution, and settlement.”

 

Smart, who is also the group managing director/CEO, NEM Insurance Plc, stated that, there is a vital responsibility on the shoulders of the AIO to lead the action towards a synergised African insurance industry, working towards standardisation and harmonisation within the African insurance industry.

 

“We have the lessons of the past to guide us and there is no better time to start than now. The Covid-19 pandemic caught many of us unprepared with regards to digitalisation and innovation; we need to be more proactive and move away from our old ways which are no longer relevant and move towards insurance which people can trust, insurance which is tailored towards the needs of customers, insurance that is affordable, insurance that is accessible and relevant to the problems of today,” he stressed.


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel

BREAKING NEWS: Nigerians can now earn US Dollars from the comfort of their homes with Ultra-Premium domains, acquire them for as low as $1700 and profit as much as $25,000. Click here to learn how you can earn US Dollars consistently.


Tags: Africa
SendShareTweetShare
Previous Post

Ardova Posts Revenue Of N62.9bn In Q1

Next Post

Afreximbank Signs Project Preparation Financing With UTM Offshore

Zaka Khaliq

Zaka Khaliq

You May Like

I’ve Solution To Abia’s Dev’t Crisis – ADC Guber Candidate
News

Forget 2027, Presidency Tells Coalition’s ADC

2025/07/05
More Than 50% Of Medicines In Circulation Are Fake — Pharmacists
News

More Than 50% Of Medicines In Circulation Are Fake — Pharmacists

2025/07/05
Edo Senator Intervenes In Army-Oghede Community Land Dispute
News

Edo Senator Intervenes In Army-Oghede Community Land Dispute

2025/07/05
Oyo SEMA Issues Flood Alert In  3 LGAs, Warns Residents
News

Oyo SEMA Issues Flood Alert In  3 LGAs, Warns Residents

2025/07/05
Ribadu Leads Delegation To Chad President Deby
News

Federal Gov’t Surmounting Inherited Security challenges — NSA

2025/07/05
BBNaija Season 9 Reunion Ends With Drama, Apologies, Closure
News

BBNaija Season 9 Reunion Ends With Drama, Apologies, Closure

2025/07/05
Leadership Conference advertisement

LATEST

Liverpool Stars Honour Diogo Jota, André Silva At Funeral In Portugal

Chelsea Complete £48.5m Signing Of Gittens From Dortmund

Forget 2027, Presidency Tells Coalition’s ADC

More Than 50% Of Medicines In Circulation Are Fake — Pharmacists

Edo Senator Intervenes In Army-Oghede Community Land Dispute

Oyo SEMA Issues Flood Alert In  3 LGAs, Warns Residents

Federal Gov’t Surmounting Inherited Security challenges — NSA

Burnley Sign Walker From Man City In £5m Deal

BBNaija Season 9 Reunion Ends With Drama, Apologies, Closure

Lagos Street Photo Walks To Spotlight Youth Entertainment, Empowerment

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.