Nigerian insurers, others in Africa align with AfCFTA

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By Favour Nnabugwu

 

Nigerian insurers and underwiters in Africa have stated their willingness to participate more actively in the African Continental Free Trade Agreement (AfCFTA).

The President of the African Insurance Organisation (AIO) the Group Managing Director of NEM Insurance Plc, My r Tope Smart said there was need for AIO members to work hard to ensure the situation changed for the better.

Smart stated that he will spend his first year in office focusing on five primary goals aimed at repositioning the African insurance market.

Increased awareness, digitalise action adoption, collaboration with other markets, partnership with government and regulators, and establishing customer trust are among the issues he mentioned.

In comparison to other industries such as banking and telecommunications, the insurance industry in Africa has underperformed, according to Smart.

Bemoaning the low performance of the African insurance market, he said, “Aside South Africa, Morocco, Kenya, Egypt, Malawi, Zambia and Ghana, no other African country has been able to grow penetration to 1%.”

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