Women insurers urged to play actively in shaping African economics

Insurance women in Africa have been urged to play actively in shaping the Continents economics for growth and development.

Olusegun Ayo Omosehin, commissioner for Insurance/CEO National Insurance Commission (NAICOM) gave the charge during the inaugural conference of the African Insurance Women Association (AIWA) held in Lagos.

Omosehin said with women playing a vital role, the prospects for the African insurance industry are bright, and we are poised for remarkable growth and development.

He said, the theme of the Conference “The Future of Insurance: Trends, Challenges and Opportunities” couldn’t have come at a better time than now.

Read also: Changing financial, lifestyle needs driving insurance offerings –NSIA MD

According to him, the current realities and shapes of our economies across Africa presently require high level of confidence from decision makers, hard work, resilience, foresight and determination.

“We as regulators will give the Association the necessary support it requires as we have always done to our own PILA but in return we expect that Nigerian women are going to reap all benefits coming from our support in line with the core objectives of AIWA.”

The National Insurance Commission, under my leadership is committed to continuous development and growth of the Nigerian Insurance Sector and would always offer its hands of partnership to the African Insurance Women Association (AIWA), he said.

He said that the African insurance market faces complex challenges that transcend gender and regional boundaries, necessitating collaborative efforts and synergy across the continent.

“To drive growth and development, it is imperative that we prioritize the development of young professionals, unhindered by gender or age constraints, and foster expertise across markets.”

“The insurance sector must evolve beyond traditional ownership and embrace innovation. With vast growth potential existing across Africa, not just Nigeria, unity and industry development can significantly contribute to the continent’s economic prosperity.”

“I encourage the African Insurance Women Association (AIWA) to capitalize on these opportunities, leverage innovative solutions, and promote educational advancement to propel the African insurance sector forward.”

Mukhail Adetokunbo Abiru, chairman, Senate Committee on Banking, Insurance and Other Financial Institutions in his remark at the conference said the foundations we are building today will pave the way for an industry that is more inclusive, resilient, and responsive to the evolving needs of our people.

He said, this is why his Committee has taken active steps toward legislative reforms aimed at modernising Nigeria’s insurance framework.

“With the Nigeria Insurance Industry Reform Bill, 2024, we aim to create a comprehensive legal foundation that empowers insurers to serve their communities better, safeguard customers, and operate with global standards.”

Abiru said empowering women in this industry is essential to achieving these goals. “Women bring unique perspectives and insights that drive the creation of inclusive and responsive products. Your leadership is critical as we work to overcome our challenges and harness the full potential of this industry.

Dr. Awele Elumelu, in her keynote remarks at the event said as female professionals, we must recognise and embrace our unique role in all of this transformation.

“We possess the innate abilities to nurture, build trust, and create solutions that resonate deeply with the communities we serve.”

Read also: Unitrust Insurance pays out N3.2bn on claims

As women, we know what it means to care for others—to protect families, to think about our children’s futures, and to support our immediate communities. When there’s an incident, we feel it deeply, and that experience drives our commitment to secure a stable future.”

Elumelu therefore charged the women that through their unique insights, we can craft policies that meet the needs of families, small businesses, and underserved groups across Africa.

“We must also ensure we pave the way for other nurturers and multipliers to step forward with confidence and courage. The urgency to bring more women into this field is clear.

She noted that women bring fresh perspectives and empathy, and these are essential for designing inclusive, people-centred solutions.

“By empowering more women to be daring, and men alike, we can collectively transform the landscape of our industry. This is how we bridge the gap. Collectively, we can redefine what’s possible for Africa’s insurance sector.”