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Uganda To Host 2017 African Insurance Conference

Uganda will host the 44th annual African Insurance Organisation (AIO) Conference and General Assembly in May 2017, says the Ugandan Insurance Regulatory Authority (IRA).

The AIO has 326 members — 315 of them from 45 countries in Africa and 11 associate members from seven countries outside Africa.

Africa accounts for a paltry 1.4 per cent of the total world insurance premiums asa result of its chronically low levels of insurance penetration.

Speaking at the 43rd Conference and Annual General Assembly of the AIO in Marrakech, Morocco, recently, AIO President Lamia Ben Mahmoud said: "Insurance penetration is still a hard nut to crack, the share of insurance premiums as a percentage of GDP (gross domestic product), has remained exceptionally low.

"In some countries, it only amounts to less than 1.0 per cent, well below the global emerging market average of 2.7 per cent in 2014, while Africa’s share of the global insurance market is 1.1 per cent for non-life and 1.8 per cent for life but this is a demonstration of the enormous growth potential within the industry African insurance industry, an indicator that the insurance market is still widely untapped.

"In order to insure Africa’s future, we must devise strategies aimed at facing the continent’s numerous challenges today .... there is still widespread ignorance on the benefits of insurance. Added to this list is an acute insufficiency of product differentiation. Every company should continue to act to promote expertise."

According to AIO reports, total African premiums totalled 69 billion US dollars in 2014, down from US$72 billion in 2013. Life insurance accounted for about two thirds of the 2014 total, with general insurance accounting for the rest.

In 2014, the 10 largest African insurance markets — South Africa, Morocco, Egypt, Nigeria, Kenya, Algeria, Angola, Namibia, Tunisia and Mauritius — generated premium of US$63.4 billion, or 92 per cent of total African premiums.

Jimirasire

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Ibitekerezo

moses lubanga - 8/01/2017 saa 16:30

Nice to know about insurance on our continent thanxs
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