AIO Exco meet NIA on Insurance Industry, AfCFTA
The Executive Committee of the Africa Insurance Organisation (AIO) has met with the Nigerian Insurers Association (NIA) on behalf of the Nigerian insurance market.
The AIO Team was led by its President, Mr Tope Smart, who expressed his profound gratitude to the market for hosting a very successful conference.
He further appreciated the market for their support at the investiture ceremony where he became the 47th President of AIO and promised not to disappoint them.
According to a statement, the AIO President informed the gathering that the AIO executives came to formally intimate them of his 5-point agenda, enumerated at the investiture ceremony and to solicit for their support in achieving it.
He, however, highlighted market collaboration, building consumers trust, education, and publicity, among others.
He added that if properly structured, the market will be transformed.
On the African Continental Free Trade Area (AfCFTA), he urged NIA to put robust Custodian Investment’s profit swings from high growth to sharp drop.
He noted that there should be structures in place to enable the market benefit from it, as AfCFTA remains a game changer.
He charged the Nigerian insurance market to upscale its digitisation programme to fast track penetration.
“The meeting with the Nigerian market is the beginning of AIO 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,” he said.
In a related development, the AIO President visited Namibia where he met with the insurance industry regulator and other major operators in the market.
The meeting offered Mr Smart the opportunity to push his 5-point agenda which he listed in his acceptance speech during his investiture that will serve as a guide during his tenure as AIO President., Mr Smart said his tenure will be anchored on five key areas: Increased awareness, adoption of digitalisation, collaboration with other markets, collaboration with governments & amp; regulators and building customers trust.
