In Summary
- Despite Africa having one of the lowest insurance penetration rates in the world, the regions’ appetite for insurance is growing.
- Key topics to be discussed include climate risk and agricultural insurance, MSME Insurance, Inclusive digital insurance models, and enabling inclusive insurance market.
Kenya is set to host the 2023 Eastern and Southern Africa Regional Conference on Inclusive Insurance amidst low insurance penetration in the continent.
The conference in its 8th edition themed ‘Driving Inclusive Insurance Agenda: Closing the Protection Gap’, will be hosted by the Insurance Regulatory Authority of Kenya (IRA) and Munich Re Foundation in Nairobi, starting today to April 26.
IRA commissioner of insurance and CEO Godfrey Kiptum said despite Africa having one of the lowest insurance penetration rates in the world, the regions’ appetite for insurance is growing.
“To cater to growing demand, Africa’s insurance market will need a makeover. The conference is aimed at sharing insights on inclusive insurance business models that are making access to low-income market segments in Africa possible,”explained Kiptum.
The conference is a combination of high-quality training and plenary sessions and is supported by the FSD Africa, Association of Kenya Insurers, APA insurance, AB Consultants, FinProbity Solutions, Africa – Re and The Microinsurance Network.
“The organisation and implementation of this conference is based on the strong belief of the power of learning and sharing; the conference therefore brings international, regional and local professionals who will exchange experiences and discuss a number of key themes and topics on inclusive insurance business,” he said.
Representatives from insurance and reinsurance companies, brokers, distribution channels, international organisations, NGOs, development-aid agencies, policymakers, regulators and supervisors in Africa will attend the conference.
Some of the Key topics to be discussed include climate risk and agricultural insurance, MSME Insurance, Inclusive digital insurance models, and how to enable inclusive insurance market, among others.
The IRA 2021 Annual report indicates that Africa reported premiums of $74.2 billion (Sh9.9 trillion) accounting for 1.1 per cent of the world insurance premiums.
This was an increase of 6.2 percent in premium compared to a decline of 1.9 percent in 2020.
Africa’s long-term insurance premium grew by 7.1 percent in real terms to USD 51.32 billion (2020: USD 41.83 billion) whereas, the general insurance premium recorded a growth of 4.4 percent to USD 22.88 billion (2020: USD 20.05 billion) due to economic rebound from pandemic-induced recession in 2020.
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