AIO charges reinsurers firms to deal with industry’s setback

African Insurance Organisation (AIO) has called on reinsurers across the continent to tackle challenges facing the industry and provide lasting solutions to move the sector to a greater height.

The President, AIO and the Group Managing Director, NEM Insurance, Tope Smart, who spoke at just concluded 25th African Reinsurers Forum held in Kigali, Rwanda, urged participants to leverage the event while doing an objective dissection of the theme: ‘Insurance Integration in the Context of African Continental Free Trade Area (AfCFTA)’.

Smart said the AfCFTA remained an instrument for ensuring a healthy, resilient and robust economy, adding that after deep reflection the AIO Secretariat thought it necessary to incorporate insurance integration into the agreement.

According to him, the AIO is committed to returning to the birthplace of the AfCFTA, Kigali, to examine not only how the insurance sector could be best integrated into the AfCFTA, but also to provide a conducive venue for the insurance industry to reflect on the way forward.

He said AfCFTA has the potential to lift 30 million people out of extreme poverty but that achieving its full potential would depend on putting in place significant policy reforms and trade facilitation.

He noted that in concrete terms, the AfCFTA emphasises the reduction of tariffs and non-tariff barriers, and the facilitation of free movement of people and labor, capital, right of residence, right of establishment and investment.