Uganda to host 2017 AIO conference
Uganda will host the 44th edition of the annual African Insurance Organisation (AIO) conference and General Assembly in May 2017, Kaddunabi Lubega the Insurance Regulatory Authority (IRA) has revealed.
AIO has 326 members: 315 of them from 45 countries in Africa and 11 are associate members from 7 overseas countries.
Africa accounts for a paltry 1.4 per cent of the total world insurance premiums due to chronically low levels of penetration.
While speaking at the 43rd Conference and Annual General Assembly of the AIO in Marrakech, Morocco recently, President of AIO, Lamia Ben Mahmoud said: “Insurance penetration is still a hard nut to crack, the share of insurance premiums as a percentage of GDP, has remained exceptionally low.”
“In some countries it only amounts to less than 1 per cent, well below the global emerging market average of 2.7 per cent in 2014, while Africa’s share of the global insurance market is 1.1 per cent for non-life and 1.8 per cent for life but this is a demonstration of the enormous growth potential within the African insurance industry, an indicator that the insurance market is still widely untapped.
“In order to insure Africa’s future, we must devise strategies aimed at facing the continent’s numerous challenges today….there is still wide spread ignorance on the benefits of insurance. Added to this list is an acute insufficiency of product differentiation. Every company should continue to act to promote expertise,” she added.
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