Insurance innovation dialogue: Cross-cutting insights and best practices from 8 African countries

Date: 28 July 2022
Time: 2:30pm EAT

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Despite recent improvements, insurance penetration across sub-Saharan African markets remains low, at 2.78%, compared to the global average of 7.3%

For insurance innovations to flourish, a conducive innovation ecosystem or enabling environment is needed. While not all aspects of the enabling environment are within the regulator’s control, a growing number of regulatory authorities around the world have an implicit or explicit mandate to develop their market. Acting on this mandate means taking stock of the challenges to innovate and wielding the full suite of tools that regulators have at their disposal to alleviate the challenges and deepen the market.

To support insurance regulatory authorities in sub-Saharan Africa to strike the balancing act between innovation and risk, we set up the R3Lab as a platform for capacity building and peer exchange amongst regulators. To inform the work of the R3Lab, and individual country regulators, we commissioned Cenfri to review and assess the state of innovation in eight countries in SSA, take stock of the challenges or barriers to further innovation, and through consultation provide tailored recommendations for innovation and an action plan each country.

In this webinar, will be sharing cross-cutting insights and emerging best practices from Ethiopia, Ghana, Kenya, Malawi, Nigeria, Rwanda, Uganda and Zimbabwe. We will also discuss key successes and continuing challenges with selected participant regulators to encourage insurance innovation.