By Favour Nnabugwu
The new President of the African Insurance Organisation (AIO), Mr. Tope Smart has unveiled a five-point agenda that will serve as a compass for his one-year administration.
The baton of leadership handed to him on Wednesday at the gala dinner marking the end of the 47th Conference and General Assembly of the AIO in Lagos, Nigeria.
The new president said in his acceptance speech that one-year administration will anchor on five key areas namely: increased awareness; adoption of digitalization; collaboration with other markets; collaboration with government and regulators and building customers trust.
Tope Smart noted that the insurance industry in Africa has underperformed compared to other sectors such as banking, telecommunication, and promised to reverse the trend.
While expressing displeasure on the low performance of the African insurance market, he noted that aside from South Africa, Morocco, Kenya, Egypt, Malawi, Zambia and Ghana, no other African country has been able to grow penetration to one per cent and called on all AIO members to work hard to ensure the reversal of the trend.
In his earlier remarks, Commissioner for Insurance Mr. Olorundare Sunday Thomas, commended the outgoing President of the AIO, Mrs. Delphine Traore for his contributions towards the growth of the African insurance market.
While reminding the new President of AIO on the tasks ahead of him and his team, NAICOM boss expressed confidence in Mr. Smart’s ability to make positive contributions to the growth of the African insurance market.
“I am confident that you are equal to the task and with you as the President of AIO, there is no doubt that Nigeria will reap the benefit of AIO in line with its strategic agenda,“ Thomas said.
He charged the new AIO President to collaborate with governments of various member countries to persuade them to play their roles well especially in the promotion of healthy competition and industry-friendly regulations and policies.
While promising government support for the new AIO president, Thomas equally urged him to leave no stone unturned by ensuring that great achievements are recorded when his tenure is over.
The event was also used to give recognition awards to some insurance professionals in Africa who contributed in one way or the other to the growth of the African Insurance market. This year’s AIO prestigious Hall of Fame Award went to Mr Elhassani Muhammed of Sudan.
Next year’s AIO Conference and General Assembly will hold in Kenya.