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“New Economic Barriers in Afro Asian Insurance Market”

Africa and Asia have many things in common including a great potential for continued growth, similar challenges and shared objectives such as the goal to increase the wealth of their large populations.

The level of development and growth these two regions seek is however currently impeded by existing economic challenges and legislative barriers.  These factors, coupled with geographic distance and differences in culture and language have rendered mutual sustained efforts and goodwill crucial to the achievement of measurable, sustainable growth and prosperity for both regions.

Multi-regional insurers, through their robust financial standing and risk diversification capabilities on one side, their high quality service and superior claim paying abilities on the other side, are currently able to design the perfect insurance product along with the appropriate services and offer the same in the right place at the right time.  For this reason, and in order to be equally competitive on a regional and global level, Afro Asian insurance companies need to come together and create strong, strategic alliances.  Jointly, they must address dominant regional challenges they all face including:  modernization, human capital development, skills enhancement, underwriting risk management, technological advancement implications, ERM, NPD….

Many workable solutions are currently available and should be leveraged throughout this collective effort.  Among them:

  1. The sharing of best practices,
  2. the sharing of success stories,
  3. the creation of new product design labs
  4. the launch of an insurance management academy.

In addition to this, the development of various offerings such as digital solutions as well as micro-insurance, agricultural, motor, and health insurance products can further enhance these regional players’ collaboration. We therefore invite you to use this forum as a first step towards launching and strengthening this collective effort and a stepping stone towards reaching shared objectives.

Lastly, the number of governments having sought to introduce new protective measures in recent years has increased which has inspired the theme of this conference: “New Economic Barriers in the Afro Asian Insurance Market.”  Serving as a platform for dynamic debate and constructive exchange among international experts, this gathering aims ultimately to forge stronger bonds and develop tools of collaboration between these two growing regions.