Insurance has an ever more important role to play in enabling business, allowing for infrastructure development and building communities.
That was the key message from the opening session of the African Insurance Organisation’s (AIO) 52nd conference and annual general assembly held in Cairo. Attracting some 2,000 delegates from 57 countries and 1,200 companies, the event was opened by Mohammed Farid, Egyptian minister of trade and investment on behalf of the prime minister.
The minister stressed “We have the capacity, skilled professionals with sufficient knowledge and companies that are growing. Insurance is not only about placing risk but about economic development.
“Insurance should be there for people, so they don’t carry risks on their own shoulders,” he added. Ahmed Rostom, Egyptian minister of economic development, agreed, saying that insurance was not just about traditional risk exchange but being a driver for growth and financial stability.
Insurance for sustainable growth
Rostom pointed to the way African economies are still outperforming growth in other markets with 22 countries on the continent achieving more than 5% growth in GDP. Rostom emphasised that the growth was backed by a growing insurance market and would only be enabled by an equally sustainable and resilient insurance market.
Yared Mola, outgoing president of the AIO, agreed that insurance is a powerful enabler and stressed “it speaks to one of the most important problems facing the continent: how do we grow sustainable and inclusive economies.”
Mola said insurance gave investors confidence in the continent while, at the same time, helped to rebuild after natural catastrophes. “Our challenge,” he said, “is that insurance becomes more accountable, relevant and resilient to the needs of business, governments and people across communities.
“Insurance is the backbone of the economy,” he concluded.
New AIO president
As part of the opening ceremony, the presidency of the AIO was handed over to immediate vice president Alaa El Zoheiry, chairman of the Insurance Federation of Egypt.
Speaking at the ceremony, El Zoheiry stressed the need for the insurance industry to move ever forward, supporting plans for an annual AIO awards programme for scientific research and innovation, aimed at recognising outstanding contributions to the development of the sector while encouraging a culture of research, innovation and knowledge exchange.
He echoed Mola, saying his year as president would centre on expanding insurance inclusion, accelerating digital transformation, empowering youth and women, and strengthening the institutional and knowledge infrastructure of the insurance sector to enhance efficiency, transparency and long-term sustainability.
The new president said there would be deepening integration among African insurance markets in the years ahead, with sustainable institutional empowerment and transforming traditional co-operation into more impactful continental partnerships.
El-Zoheiry also reaffirmed his commitment to strengthening strategic partnerships with regional and international organisations, while positioning innovation and capacity building as key drivers of insurance sector growth across Africa.
Among the organisation’s priorities during the coming period, he highlighted the expansion of AIO membership to encourage broader participation from regulatory authorities, insurance federations and national insurance associations across African markets. He concluded by saying expansion “would reinforce collaboration among stakeholders and strengthen the organisation’s role as the unified voice of Africa’s insurance industry”.
African insurance database
El Zoheiry pointed to the ever-present conversation around the lack of data on the continent and said the AIO planned the development of a comprehensive African insurance database as one of the organisation’s flagship strategic initiatives. The project aims to establish an integrated continental platform providing reliable data and performance indicators for regulators, insurers, researchers, investors and policymakers.
He stressed that access to accurate and consistent data is essential for informed decision-making, effective risk management, greater market transparency, and enhanced investor confidence.
Innovation will remain a central pillar of the organisation’s agenda, he added, calling for stronger engagement from InsurTech and FinTech companies within the African insurance ecosystem. He also proposed the launch of an annual African insurance technology hackathon to stimulate innovation, foster collaboration and develop digital insurance solutions capable of expanding coverage to underserved communities.
The messages from the opening ceremony continued as Kanayo Awani, executive vice president, intra-African trade and export development at Afreximbank, stressed the importance of insurance in enabling trade in and out, as well as across, the continent.
She focused on how Africa can leverage insurance to unlock trade opportunities, strengthen resilience, mobilise capital and support the continent’s economic transformation agenda.
Awani pointed to data as the single most important element in enabling insurers to underwrite with confidence but said no one should under-estimate the value of insurance.
“Trade is an agreement between two strangers, only made possible by the sharing of risk,” she stressed, adding that insurance would remain the enabler of the future, whether for government, business or individuals.