From left: Lassaad Zarrouk; President Ftusa; Salim Chakcn; Minister for Finance Tunisia and Ms Prisca Soares; Secretary of African Insurance Organisation (AIO) at the opening of the 42nd AIO Conference today holding from 24th – 27th May in Tunis, Tunisia.
Chuks Udo Okonta and agency report
Political leaders in Africa have been told to provide favourable environment through tackling the various ills in their nations so that businesses can thrive.
The President, African Insurance Organisation (AIO), Jean-Baptiste Ntukamazina, said this during the opening of the 42nd African Insurance Organization conference with the theme “African Insurance facing mass events” holding from May 24 to 27 in Tunis, Tunisia.
He said for different economies to prosper in Africa, there should be favorable political environment; security and good governance, adding that positive change in African economies will impact on healthcare services; housing and urban infrastructure; protection of assets and increased savings among others.
"We Need favorable political environment, security and good governance. That is why our political leaders should understand that the prosperity of their different nations is among their first responsibility. The promising Africa cannot arise without peace, security and good governance,”he said.
He also urged Insurance operators to take advantage of projected resources boom and economic growth; industrialization and infrastructure development to deepen insurance penetration in the continent.
“These are exactly the opportunities we have to tap in by proposing new products, increasing insurance penetration, improving distribution techniques, cost-cutting etc.
“And because our profession is risk taking, we can boost, push and support other businesses by mitigating their risks and hence ameliorate the lives of our populations. Africa can show a better face to the world," he added.
He noted that Africa today is synonymous of turbulence and setbacks, civil wars, political violence, terrorist attacks, natural disasters, HIV/AIDS disease, Ebola outbreak and other natural catastrophes.
He said despite this problems and risk, insurance contribution today to the world insurance gross premium is only 1.5percent when the projections say that by 2025, 24 per cent of humanity will be Africans.
He said conflicts in Africa since the end of the cold war have cost the continent $235bn, equivalent to all the foreign aid it has received over the same period.
He noted that Insurers as important actors of Africa’s economy will need to rise up to wars and violent conflicts create inflation, increase debts, reduce investment, cause unemployment along with thousands of innocent victims.
Declaring the conference open, Salim Chakcn, Minister of Finance, applauded the turnout of over 1000 delegates that attended the conference, adding it will contribute immensely to the development of African insurance.
He said that the Tunisia government is poised to develop the insurance sector in the country to contribute to the growth of African risk management, infrastructural development and employment.
He however said that his country is faced with the challenge of low awareness in vehicle and life insurance, urging the conference to develop a framework to educate the insuring public on the issues of insurance.
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