The Commissioner for Insurance, Mr. Sunday Thomas, has charged the newly inaugurated President of African Insurance Organizations (AIO), Mr. Tope Smart, to prioritize the development of insurance markets across the continent.
Thomas, also Chief Executive Officer, National Insurance Commission (NAICOM), said this while addressing journalists in Lagos on Monday.
He urged the new AIO president to seek collaborations with governments across the continent in order to create an enabling environment for insurance to thrive.
“The new AIO leadership under Smart, should also persuade the governments on continued lifting of border barriers that is making movement of resources almost impossible.
“Promote healthy competitions amongst member states and promote knowledge sharing across the continent among other objectives, that will make insurance business thrive within the African markets,” he said.
Thomas expressed optimism that Nigeria would reap all the benefits of its membership of AIO in line with the new strategic objectives of the organization.
He said that the African insurance market was in dare need of serious collaboration and synergy, now than before and must look inward if it truly wanted to make an impact.
Smart, also Managing Director, NEM Insurance plc, listed his priority areas to include increased awareness, adoption of digitalization, collaboration with other markets, partnership with government and regulators and building customer’s trust.
According to him, the insurance industry in Africa had underperformed, compared to other sectors such as banking, telecommunication, and this narrative must change.
