Insurers urged to continually upgrade supervisory systems and practices

The Honourable Minister of finance, budget and planning, Mrs. Zainab Shamsuna Ahmed has charged insurance operators in the West African sub-region to maintain efficient, fair, safe and stable insurance market for the benefit of policy holders and other stakeholders.

Mrs. Ahmed made the charge on the occasion of West African Insurance Companies Association (WAICA) Educational conference 2023, holding in Nigeria, as well as, celebration of it’s 50th anniversary being hosted by Nigeria in Lagos, from 7th -9 th May, 2023.

In her speech, she observed that the insurance industry has been characterised by low Penetration and poor contribution to most African countries’ financial growth and therefore called for change.

She stated that as an optimist, she believed in “a new dawn for insurance in the continent and therefore called on insurers to leverage on technological innovations and positive paradigm shift focused and poised to meet the anticipated surge in insurance demand.”

The finance Minister equally observed that the insurance industry like other components of the financial systems was changing in response to socio-economic forces.

Consequently, she stated that “it has become imperative for insurance supervisory systems and practices to continually upgrade in other to cope with these developments to mitigate possible financial and systemic stability concerns arising from insurance sector as they emerge.”

She therefore urged the WAICA delegates present to deliberate and recommend ways of repositioning the insurance industry in West Africa for global competitiveness.