WAICA SECRETARIAT (West African Insurance Companies Association)’s Post

Last week, we had the pleasure of joining the WAICA SECRETARIAT (West African Insurance Companies Association) – Accra 2024 Education Conference, where our Africa Regional Coordinator Karimi Nthiga, and our Board Member and Executive Director at AB Entheos Ltd. Anne Kamau participated as speakers. Karimi shared how insurers are leveraging satellite data in agricultural insurance, using big data analytics to better segment customers and design tailored products, and employing technology - such as chatbots and imagery - to streamline the customer experience. She also provided insights into how the digital financial ecosystem, including MNOs, is enhancing access, coverage and payments: 👉 35% of payments are now made via direct debit and 11% via mobile money (Landscape 2023) 👉 Mobile subscriber penetration at 44% and smartphone adoption rate at 55% in Subsaharan Africa (GSMA, 2023) 🌐 In remote regions, AI and mobile network operators (MNOs) are breaking barriers, improving accessibility and service delivery Karimi also emphasised the importance of regulatory development in fostering innovation: currently, 29 African countries have implemented microinsurance regulations, promoting the adoption of sandboxes and open finance which are catalysing innovation. Two more countries are developing the regulations (A2ii Regulation Map). Meanwhile, Anne’s presentation focused on the low insurance penetration in Africa, currently at just 3.5%, which primarily covers the wealthy and upper middle class. This leaves the majority of economically active middle- and lower-income populations uninsured. Anne challenged the industry to address this gap by balancing client value with a sustainable business case. She urged insurers to reflect on: 🔹 What value proposition are we offering the excluded? 🔹 What strategies ensure a viable return for shareholders? Together, these insights underscore the importance of innovation, regulation, and partnerships in transforming microinsurance in Africa.

Matomola Joins IAIS Executive Committee as Sub-Saharan Africa's Voice Kenneth Simataa Matomola, CEO of the Namibia Financial Institutions Supervisory Authority (Namfisa), has been appointed to the executive committee of the International Association of Insurance Supervisors (IAIS). He emphasized collaboration among regulators and the need for technological innovation and skilled workers to improve the insurance industry. Full article: https://lnkd.in/dP_U_Z4H Source: New Era Get all the latest updates on your phone 📲: https://lnkd.in/dGDrnG4B

What is the AfCFTA? The African Continental Free Trade Area, or AfCFTA, is a critical agreement made by 54 African countries to trade with each other without facing high taxes or barriers that make goods expensive and difficult to sell across borders. It's like making a huge market where everyone in Africa can buy and sell things more easily. #AfCFTA #Tradeandinvestment #Abujaglobalshapers #AloinettAdvisors #InvestinAfrica

Under the African Continental Free Trade Area (AFCFTA), Mauritian companies may benefit from preferential trade terms to African markets such as Namibia, which itself boasts over 3 million consumers. By eliminating tariffs and non-tariff barriers, the AFCFTA opened up new opportunities for businesses to access larger markets, expand their customer base, and increase trade volumes within Africa. As an example: An Indian national or corporation can now leverage on the AFCFTA advantages by virtue of setting up presence in Mauritius, which is an African country and an AFCFTA member, for the purposes of directing their trade. Órama helps international investors to set up and position their business in Mauritius to benefit from the AFCFTA incentives. #AfCFTA #Namibia #Mauritius #BilateralTrade

We’re excited to announce that our CEO, Ms. Cikay Richards, will be representing the Africa College of Insurance & Social Protection (ACISP) at the highly anticipated Africa Insurance Women Association Conference 2024 in Lagos, Nigeria! 🇳🇬 This event brings together leading voices from across Africa’s insurance sector. Ms. Richards will share her expertise on two of today’s most critical topics: Corporate Governance and Environmental, Social, and Governance (ESG) practices in African insurance. Her insights promise to spark meaningful discussions on how these pillars can strengthen our industry, drive sustainable growth, and create a positive impact across the continent. This participation not only highlights ACISP’s commitment to these vital areas but also reinforces our role as champions of innovation, leadership, and excellence in African insurance. We’re proud to be part of the conversation, building a more resilient and responsible industry. Stay tuned for updates, insights, and key takeaways from Lagos! #AIWA2024 #WomenInInsurance #LeadershipInAfrica #CorporateGovernance #ESG #SustainableInsurance #AfricaInsurance #WomenLeadership #CikayRichards #ACISP #InnovationInInsurance #ImpactfulLeadership #InspiringChange

In the framework of its regular review of ST political risk, Credendo has upgraded five countries and downgraded two countries https://bit.ly/3VxX6o4   #Upgrades #Downgrades #Albania #Anguilla #AntiguaAndBarbuda #Gambia #SaintVincentAndTheGrenadines #DominicanRepublic #NewCaledonia #ShortTermPoliticalRisk #EconomicRisk #CreditInsurance #Export

I had the pleasure of speaking at the AfCFTA Business Forum in Kigali last week where I presented my idea which I called THE BIASHARA CHALLENGE - A call to banks, DFIs, IFIs etc to collaboratively accelerate intra-African trade finance. Gap notwithstanding, a lot of trade finance flows through Africa, but how much of that financing goes towards Intra-African trade? We cannot hope to grow intra-African trade without mobilising intra-African trade finance as much as we can. If we set THE BIASHARA CHALLENGE in motion, I have no doubt it will catalyse new financing for African businesses and intra-African trade first from within the continent, and then give others the impetus to chip in. How does $50-100bn in Intra-African trade finance sound over the next 3 years as a challenge to African banks and other global partners who share the belief in what the AfCFTA means to Africa’s development. Not intended commitments or pledges but actual financing to real businesses. Your Excellency Secretary Wamkele Mene , shall we make this happen? #tradefinance #afcfta #africatrade #intraafricatrade

We are immensely grateful to African Reinsurance Corporation, the pan-African reinsurer, for being the 𝐏𝐥𝐚𝐭𝐢𝐧𝐮𝐦 𝐒𝐩𝐨𝐧𝐬𝐨𝐫 of the 39th IIK Annual Conference. Established in 1976 by the African Union (formerly the Organisation of African Unity), Africa Re plays a crucial role in developing the insurance industry across the continent, supporting African economic growth. Headquartered in Lagos, Nigeria, Africa Re operates through six regional offices, including Nairobi, Kenya, and two subsidiaries in South Africa and Egypt, providing reinsurance capacity for both life and non-life policies in over 60 countries. The corporation also serves select markets in Brazil, Asia, and the Middle East, and holds impressive international ratings: “A” (Stable Outlook) from A.M. Best and “A-” (Stable Outlook) from Standard & Poor's. Ranked among the 𝐓𝐨𝐩 40 𝐆𝐥𝐨𝐛𝐚𝐥 𝐑𝐞𝐢𝐧𝐬𝐮𝐫𝐞𝐫𝐬, Africa Re has earned numerous accolades, including "𝐁𝐞𝐬𝐭 𝐑𝐞𝐢𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 𝐎𝐫𝐠𝐚𝐧𝐢𝐬𝐚𝐭𝐢𝐨𝐧 𝐢𝐧 𝐀𝐟𝐫𝐢𝐜𝐚" and multiple 𝐁𝐞𝐬𝐭 𝐑𝐞𝐭𝐚𝐤𝐚𝐟𝐮𝐥 𝐂𝐨𝐦𝐩𝐚𝐧𝐲 𝐚𝐰𝐚𝐫𝐝𝐬. Their contributions as both sponsor and delegates at the conference have been invaluable, and we are honoured to have them as partners in shaping the future of insurance in Africa. #IIKAnnualConference2024 #InsuranceInnovation #InsuranceIndustry #NetworkingOpportunities

#AfricaInFocusTV one-off edition Demystifying a worrying development in the Common Monetary Zone (CMA) zone comprising South Africa; Namibia; Eswatini; and Lesotho. Regulators of CMA want to end cross-border transactions within the CMA zone being treated as domestic transfers from 9 September (ironically AU Day). At a time #AfCFTA is all the rage with Pan-African Payment Settlement Systems (PAPSS), why must states party to the AfCFTA protocol endure this development, which will inure to the disbenefit of the CMA zone's integration process! @ecowasbusinessnews @summermkhululi https://lnkd.in/eqjgFn3K

Age is just a number – or is it? Middle-aged Singaporeans were found to be the most socially resilient across all age bands in the Singapore Resilience Study conducted by Income Insurance and Singapore Management University’s Centre for Research on Successful Ageing (ROSA). Hear our colleagues’ take on the finding and what they think the Singapore Resilience Study means for our society. 💪🏻   #ResilienceMadeYours #SingaporeResilienceStudy