Economy to gain as Nigeria hosts African insurers

The nation’s economy, service providers in insurance, including insuretechs, fintechs and other allied services will benefit as Nigeria hosts the African Insurance Industry for the 47th Annual African Insurers Organisation (AIO) Conference and General Assembly.

The global insurance event coming back to Nigeria 21 years after will take place between the 4-8 of September 2021 at the Eko Hotel & Suites, Lagos.

The theme is around how insurance can contribute to ongoing efforts at rebuilding economies seriously impacted by the Covid-19 pandemic.

Ebelechukwu Nwachukwu, chairman of Local Organising Committee (LOC) responding to questions from journalists during a virtual press conference in Lagos said the event provides opportunity to showcase the rich cultural heritage of Nigeria, its hospitality and insurance industry in particular.

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Ganiyu Musa, chairman of the Nigerian Insurers Association (NIA), said there are a lot of multiplier effects, as service providers in insurance, technology providers and fintechs will have the opportunity to pitch their services, seal partnership deals, and make bilateral arrangements that will in the short and long-run bring foreign direct investment into Nigeria.

Musa said the global conference which attracts insurers, reinsurers and other players across the world will no doubt impact Nigeria’s economy because people are coming to spend money in all areas of the economy.

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Nwachukwu speaking in her address said the conference was scheduled to hold last year but due to the covid-19 pandemic, the AIO Secretariat in conjunction with the Local Organising Committee decided to hold it this year as a hybrid event to cater for those who will not be able to attend physically.

She noted that in planning this conference at this time, we have taken full cognizance of all the health protocols and restrictions on public gathering, hence the decision to make it a hybrid event.

“To give further impetus to this decision, we are limiting the number of physical attendees while others are being encouraged to take advantage of the virtual conference to participate from their different locations. For physical attendees, all covid-19 protocols will be observed and implemented to the letter.”

She said one of the major highlights of the 47th Conference is that the immediate past chairman of the Nigerian Insurers Association and group managing director of NEM Insurance plc, Tope Smart will assume office as the next president of the pan African organization for the next one year.

“There is no doubt that COVID-19 pandemic had left in its trail, very debilitating effects on many economies and there are efforts at addressing these challenges. This informed the decision of the LOC to use the opportunity of the 47th AIO conference to contribute to discussions around how insurance can contribute to ongoing efforts at rebuilding economies seriously impacted by the pandemic.”

The theme: ‘Rebuilding Africa’s Economy: An Insurance Perspective.”, while other subtopics are: The New Normal: How leaders can reset for growth beyond covid-19; Regulation, Innovation and the Future of Insurance; Harnessing the Potential for Growth and Development in the Nigerian Insurance Market and AfCFTA and the African Insurer: Prospects and Opportunities.

According to her, the resource persons include Jakkie Cilliers, Institute of Security Studies, South Africa; Belhassen Tanat, Munich Re; Yinka Sanni, Standard Bank Group, Tawiah Ben- Ahmed, Metropolitan Life Insurance, Ghana.