*As insurance leaders advocate need for regulatory reforms in protection gap
WorldStage– Industry leaders have called for bold regulatory reforms and digital innovation to close Africa’s insurance protection gap.
In a statement issued in Abuja on Monday, the Commissioner for Insurance/CEO, National Insurance Commission (NAICOM), Mr Olusegun Omosehin, said that the reforms would unlock inclusive economic growth across the continent.
The commissioner said these were part of resolutions reached at the just concluded 52nd African Insurance Organisation (AIO) Conference held in Egypt.
Omosehin that Africa’s low insurance penetration represents a multi-billion-dollar opportunity rather than a limitation.
He said in spite the recorded gap in Africa’s insurance penetration, the continent already commands an estimated 68 billion dollars premium pool, signaling strong underlying demand where access exists.
“The gap is not about willingness to pay, it is about our ability to design and distribute products that reach people where they are,” he said.
Omosehin in his proposal to the challenge of balancing Innovation with Consumer Protection, said technology such as AI and blockchain was driving efficiency.
He cautioned on emerging risks including, data privacy, cybersecurity threats, and Algorithmic among others.
According to him, the conference ended with a call for coordinated action across regulators, insurers, and technology providers to achieve between three and five per cent insurance penetration within the next five and seven years.
He said the conference also expanded access to financial protection for under served populations, and for a greater economic resilience across African economies.
