Restrictions, exemplified by stringent licensing and market entries placed by African Governments have been identified as some of the factors stifling the growth and reach of the insurance industry.
The Chairperson of Heirs Insurance Brokers & Avon Healthcare Limited Dr. Awele Elumelu stated this in her keynote paper titled, “The Future of Insurance: Trends, Challenges and Opportunities”, presented at the Africa Insurance Women Association Inaugural Conference 2024 in Lagos.
She stressed that the stringent licensing and market entry restrictions can be discouraging to both local and foreign investors, noting that governments must recognise that insurance operators and government are all working towards the same goals.
Dr. Awele Elumelu added, “We cannot underestimate the impact of regulatory framework and supportive policies in ensuring insurance businesses thrive”.
According to her, governments must begin to streamline regulatory processes, creating an environment that encourages innovation, and promotes investments in the insurance sector across African countries.
She called on the governments to 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.
Dr. Awele Elumelu further stated, “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 asserted 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,” Dr. Awele Elumelu stated.
She highlighted that women understand the importance of insurance in people’s lives, not just as a business but as a lifeline, saying that
through their unique insights, they can craft policies that meet the needs of families, small businesses and underserved groups across Africa.
She added, “We must also ensure we pave the way for other nurturers and multipliers to step forward with confidence and courage.”
She stressed that the urgency to bring more women into this field is clear, adding that
women bring fresh perspectives and empathy which are essential for designing inclusive, people-centred solutions.
She further said, “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.”
Dr. Awele Elumelu said women can collectively redefine what is possible for Africa’s insurance sector, and implored them to aim to leave the conference with tangible actions that move closer to their goals and help establish themselves as essential contributors to Africa’s development.
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