The Federal Government has decried the low level of insurance penetration in Africa and the poor contribution of the sector to the economy of most African economies.
Minister of Finance, Budget & National Planning, Dr. Mrs. Zainab Shamsuna Ahmed, expressed this position at the 2023 West African Insurance Companies Association, WAICA, Education Conference in Lagos yesterday.
Speaking at the conference with the theme: ‘Repositioning the Insurance Industry in West Africa for Competitiveness’, Ahmed noted that a stable insurance market in the West African sub region must be promoted.
The Minister who was represented by the Commissioner for Insurance, Mr. Sunday Thomas, noted that maintaining an efficient, fair, safe and stable insurance market in the West African sub region must be promoted for the benefit of the policyholders and other stakeholders.
Ahmed said: “Insurance business in Africa has been characterised by low penetration and poor contribution to most African countries financial growth. As an optimist, we are encouraged to believe in a new dawn, leveraging technological innovations, and a positive paradigm shift focused and poised to meet the anticipated surge in the demand and untapped side.”
She however urged the delegates to deliberate and recommend ways of repositioning the insurance industry in West Africa for global competitiveness.
In his remarks, Chairman of Nigerian Insurers Association (NIA), Mr. Segun Omosehin said: “Our commitment to excellence, innovation, and professionalism is reflected in the way we have prepared for this conference, and I am confident that it will be a resounding success.
Speaking on the theme of the conference, he said the theme “is both timely and relevant, adding that it underscores the need for us to embrace and drive growth and innovation of the insurance sector in our Region.”
Also Vice President of WAICA, Eddie Efekoha noted that the theme of the conference captures “our thoughts and expectations while the resource persons have been carefully selected to address the issue in a manner that presents all shades and perspectives.”