Chiamaka Ajeamo
The African Insurance Organisation (AIO) has passed the mantle of leadership to Tope Smart as its new president for the next one year.
Smart who is the current Managing Director of NEM Insurance Plc, was invested as the President of the organisation yesterday at the Gala Night marking the end of the 47th AIO Conference and General Assembly in Lagos.
Giving his acceptance speech, Smart disclosed his one year in office will focus on five major objectives targeted at repositioning the African insurance market. He highlighted these areas to include: increased awareness; adoption of digitalisation; collaboration with other markets; partnership with government and regulators and building customers trust.
According to him, the insurance industry in Africa has underperformed compared to other sectors such as banking, telecommunication, and vowed to change the narrative.
While bemoaning the low performance of the African insurance market, he stated that aside South Africa, Morocco, Kenya, Egypt, Malawi, Zambia and Ghana, no other African country has been able to grow penetration to one per cent and called on all AIO members to work hard to ensure the situation changed for the better.
The Commissioner of Insurance, Olorundare Sunday Thomas, earlier in his remarks, commended the outgoing President of the AIO, Mrs. Delphine Traore for her contributions towards the growth of the African insurance market.
Reminding the new President on the tasks ahead of him and his team, Thomas expressed his confidence in Smart’s ability to make positive contributions to the growth of the African insurance market.
“I am confident that you are equal to the task and with you as the President of AIO, there is no doubt that Nigeria will reap the benefit of AIO in line with its strategic agenda,“ he said.
Going further, he urged  Smart to collaborate with governments of various member countries to persuade them to play their roles well specifically, in the promotion of healthy competition and industry-friendly regulations and policies.
While promising government support for the new AIO president, Thomas equally charged him to leave no stone unturned by ensuring that great achievements are recorded when his tenure is over.
The event was also an avenue to award and recognise some insurance practitioners in the continent who have contributed greatly to the growth of the industry. The Hall of Fame Award went to Sudan.
The next year’s AIO Conference and General Assembly will hold in Kenya.