Stakeholders and foreign Insurance firms are optimistic about huge potentials that abound in Africa to grow their business. According to some who spoke at an insurance forum recently, they are being attracted by the continents rising economic growth which are primarily supported by resources boom, growing industrialization, infrastructure development and rapid urbanization as great opportunities for the insurance industry to increase their relevance and become competitive globally.
Some industry operators who made remarks at the African insurance Organisation (AIO) Conference and General Assembly in Tunisia shared the understanding that rising employment levels, demography, social change, technology, environmental change, regulatory change and political stability would help insurance build capacity that will enable them support the continent. President of AIO, Jean-Baptiste Ntukamazina, As insurers, operators must take advantage of the opportunities and benefit from the perspective growth in various sectors.
Positive changes of African economies will impact on healthcare services, housing and urban infrastructure, protection of assets and increased savings among others. “These are exactly the opportunities we have to tap into by proposing new products, increasing insurance penetration, improving distribution techniques and cost-cutting among others.”