Insurance leaders will today converge in Nairobi at a conference that seeks to stimulate growth in the industry. The African insurance and Re-Insurance Conference (AIRC), which brings together different players from across the continent, will be held on June 22 and 23, at the Crowne Plaza Hotel.
The conference will focus on among other issues, insurance, emerging cyber-risks and application of analytics in making investment decisions. The life insurance industry in Africa continues to be marked by low penetration rates with half of the countries either lacking a life industry or having a marginal market with extremely low penetration.
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Participants will explore the challenges hindering the penetration levels and solutions that can be offered through effective products, delivery and distribution channels.
“The themes for this year’s conference pick up on the increasing optimism as the insurancesector now more than ever, positions itself to play a key role in supporting economic growth the continent is witnessing,” said Aidem Business Solutions Managing Director Naomi Njoroge, the event organiser.
She says to fully realise this potential, operators must carefully rethink their strategies especially in areas of product innovation, business diversification and investment options.
“These fundamentals will be critical in determining who will be best placed to take advantage of this growth,” she says. “AIRC 2015 provides a platform for the operators to get practical insight on how to chart their way forward and capture this growth.” Cyber risk has become a significant enterprise threat and proactive risk management means identifying the risk and implementing appropriate mitigation strategies.
With threat landscapes evolving due to technologies like cloud computing, successful enterprises must adapt fundamentally new approaches to managing the complexity and risk introduced by these new technologies and business services.
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