The role of AIO in the development of insurance business in Africa
After 21 years in the cooler, the governance organ of the African Insurance Organization (AIO) has accorded Nigeria the hosting rights of the 47th Conference and General Assembly holding in Lagos from 4th to 8th September, 2021 at Eko Hotel and Suites, Victoria Island, Lagos.
The theme of this years conference “Rebuilding Africa’s Economy: An Insurance Perspective,” may look at the challenges that the economies in Africa faced as a result of Covid-19 pandemic.
The Chairman of the Local Office Committee (LOC) of AIO 2021, Mrs. Ebelechukwu Nwachukwu, addressing a press conference (virtual) on Tuesday in Lagos said “there is no doubt that Covid-19 pandemic had left in it’s trail, very debilitating effects on many economies and their efforts at addressing these challenges. This informed the decision of the LOC to use the opportunity of the 47th AIO Conference to contribute to discussions around how insurance can contribute to ongoing efforts at rebuilding economies seriously impacted by the pandemic.
Therefore, what are the role of the Pan-African organization in the development of the economy particularly the insurance sector as shock absorber to the economy.
Ideally, the Conference is expected to attract dignitaries from the governments, insurance technocrats, foreign and local investors ready to network for investment opportunities, and information technology.
The AIO was initially established to help develop a healthy insurance industry and insurance co-operation, to promote co-operation and encourage mutual understanding/co-operation and business exchange within the African insurance sector.
Besides, health insurance consolidation and strengthening the insurance industry in other to provide better quality services to Africa’s Population.
Establish reinsurance industry, building a more robust reinsurance industry and contribute to Africa’s economic development.
It aimed at providing security, guaranteeing a more resilient African insurance industry through information sharing/exchange, training, capacity building, new products and networking.
The new strategic plan of the AIO. The AIO was initially established to help develop a healthy insurance industry and co-operation in Africa.
However, today’s world is quite different. Therefore, the AIO tends to dwell on capacity building, to facilitate solutions that address the needs of the industry through research, training, reputation building, advocacy and events.
A truly African organization with 354 members in 48 African countries. Established in 1972, membership is open to the following entities. Full membership and associate members.
Benefits of members – the AIO established the Aviation Insurance Pool and the Oil & Energy Insurance Pool to create capacity and encourage the growth of these lines of business. Other AIO bodies are the Life Committee, Micro-insurance working Group and Associates for African Brokers, African Insurance Supervisors and African Insurance Educators and Trainers.
AIO Events provide the perfect opportunity for insurance leaders to meet their counterparts and promote productive professional relationship. The AIO annual conference brings together more than 800 participants from all the continents. Members also benefit from AIO’s excellent relationships with International Organizations.
