By Chiamaka Ajeamo [email protected] 08060655687
All is set to project the Nigerian and African economies to the world as the insurance industry hosts the 47th Conference and Annual General Assembly of the African Insurance Organisation (AIO) next month.
The event, last hosted by Nigeria 21 years ago, is expected to have in attendance dignitaries from the various sectors of the economy such as; the local and foreign investment space, financial institutions, government entities, Information and Communications Technology (ICT), among others.
Speaking at a press briefing, the Chairman of the Local Organising Committee (LOC) , Ebelechukwu Nwachukwu, explained the event which was to hold last year , but was shifted to this year as a result of the COVID-19 pandemic, adding that all stakeholders are working diligently to ensure the event recoeds a huge success.
According to Nwachukwu, efforts at addressing the devastating effects which the COVID-19 had left on many economies informed the LOC decision to utilise the conference to contribute to discussions and plans around how insurance can contribute to the ongoing efforts at rebuilding economies seriously impacted by the pandemic, hence the conference theme; ‘Rebuilding Africa’s Economy: An Insurance Perspective.’
“We also have four other subtopics to address other contemporary issues affecting the insurance industry and they include the following: The new normal: How leaders can reset for growth beyond COVID-19. Regulation, innovation and the future of insurance. Harnessing the potential for growth and development in the Nigerian insurance market and AfCFTA and the African Insurer: Prospects and Opportunities.
“The resource persons include: Jakkie Cilliers of the Institute of Security Studies, South Africa, Belhassen Tanat of Munich Re, Yinka Sanni of Standard Bank Group and Tawiah Ben-Ahmed of Metropolitan Life Insurance, Ghana,” she said.
She explained that the AIO Secretariat in conjunction with the LOC decided to hold the event as a hybrid due to the COVID-19 so as to cater for those who will not be able to attend physically.
“We need to emphasise that in planning this conference we have taken full cognizance of all the health protocols and restrictions on public gathering, hence the decision to make it a hybrid event. To give further impetus to this decision, we are limiting the number of physical attendees while others are being encouraged to take advantage of the virtual conference to participate from their different locations. For physical attendees, all COVID-19 protocols will be observed and implemented to the letter,” she said.
She assured that the LOC has carefully followed the template provided by AIO Secretariat in planning the conference, stressing they are prepared to host the best and most memorable conference.
While commending the Commissioner of Insurance, Sunday Thomas who has been working assiduously and liaising with the various ministries and agencies to ensure that the organisers get the full support from the government; she equally appreciated the Honourable Minister of Finance, Budget and National Planning, Zainab Shamsuna Ahmed, saying “We owe her a lot of appreciation for the letter of comfort which was the first requirement from AIO as proof that we have the support of the government to host the conference,” she said.
Nwachukwu emphasised that hosting the AIO conference presents many opportunities to the country and the continent.
She said, “Apart from the opportunity to showcase our rich culture and hospitality, it will also be a great opportunity to correct some of the misconceptions about Nigeria and her people. We see this conference as yet another golden opportunity to showcase the insurance industry. The event would also boost the country’s economy through bilateral discussions and partnership for investment with other countries across the continent for immediate and long-term benefits.
She further noted that one of the major highlights of the 47th conference will be the assumption of office by the immediate past Chairman of the Nigerian Insurers Association (NIA) and Group Managing Director of NEM Insurance Plc, Tope Smart as the next president of the pan African organisation for the next one year, adding that he deserves the support and good wishes of all insurance operators.
For his part, the NIA Chairman, Ganiyu Musa, maintained that beyond insurance companies’ participation in this event, there would be a lot of multiplier effects on the nation’s economy.
Musa noted that service providers that are complementary to the insurance business would have the opportunity to advertise their products to Africa and beyond as well as establish solid partnerships.
The AIO is a non- governmental organisation established in 1972 in Mauritius with the objective to develop a healthy insurance and reinsurance industry in Africa, encourage mutual understanding/co-operation and business exchange within the African insurance sector as well as guarantee a more resilient African insurance industry via information sharing, training and networking.
The organisation has 354 members in 48 African countries, 16 members in overseas countries and has nine bodies.