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Chuks Udo Okonta
Stringent licensing and market entry restrictions placed by African Governments stifle the growth and reach of the insurance industry, Chairperson, Heirs Insurance Brokers & Avon Healthcare Limited Dr. Awele Elumelu, has said.
She disclosed this in her Keynote Paper entitled: ‘The Future of Insurance: Trends, Challenges and Opportunities’, presented today at the ongoing Africa Insurance Women Association Inaugural Conference 2024 holding in Lagos.
She noted that the stringent licensing and market entry restrictions can be discouraging to both local and foreign investors, stressing that governments must recognise that they and insurance operators are all working towards the same goals and are on the same team.
“We cannot underestimate the impact of regulatory framework and supportive policies in ensuring insurance businesses thrive,” she added.
She submitted that governments must begin to streamline regulatory processes, creating an environment that encourages innovation, and promotes investments in the insurance sector across African countries.
She said governments must simplify licensing processes and consider easing restrictions on foreign ownership, adding that by doing so, Africa can attract the expertise and capital necessary to enhance insurance offerings and provide better services for communities.
“Speaking from our experience, in Heirs Insurance Group, we have encountered these hurdles firsthand.
“Despite our entry into the insurance space in 2013, it took until 2021 to see progress.
“Why? Because of stringent restrictions,” she posited.
She noted that bridging insurance gap calls for innovative solutions tailored to the unique needs and challenges within each of the countries.
“As female professionals, we must recognise and embrace our unique role in all of this transformation.
“We possess the innate abilities to nurture, build trust, and create solutions that resonate deeply with the communities we serve.
“As women, we know what it means to care for others—to protect families, to think about our children’s futures, and to support our immediate communities.
“When there’s an incident, we feel it deeply, and that experience
drives our commitment to secure a stable future,” she said.
According to her, women understand the importance of insurance in people’s lives, not
just as a business but as a lifeline, stating that
through their unique insights, they can craft policies that meet the needs of families, small businesses and underserved groups across Africa.
“We must also ensure we pave the way for other nurturers and multipliers to step forward with confidence and courage,” she added.
Dr. Awele Elumelu submitted that
the urgency to bring more women into this field is clear, adding that
women bring fresh perspectives and empathy and these are essential for designing inclusive, people-centred solutions.
“As we grow in our numbers, we increase the potential for the industry to reach more people, and become more resilient, trusted, and impactful.
“By empowering more women to be daring, and men alike, we can collectively transform the landscape of our industry. This is how we bridge the gap,” she posited.
She said collectively, women can redefine what’s possible for Africa’s insurance
sector, whilst imploring women
to aim to leave the conference with tangible actions that move them closer to their goals and help them establish themselves as essential contributors to Africa’s development.
