Insurers target quick wins as AIO confab opens Sept 4

..Nigeria’s Tope Smart to emerge as president

Arrangements have been concluded for the hosting of the 47^th edition of a continental insurance summit; the African Insurance Organisation  (AIO) which will see Nigeria playing host to legions of insurance practitioners from across the African continent with representatives from Asia, Europe and America in attendance. Already, the Nigerian insurance market is neck deep in its plans to cease the opportunity of the conference to deepen its market penetration by drawing top government and institutional functionaries into discussing the interplay of insurance as a variable risk management option.

Scheduled to hold at the Eko Hotels and Suites in Victoria Island, Lagos, the AIO conference which is to hold from September 4 through to 8, 2021 will draw participants from all the countries which make up the African Union. The high point of the conference would be the installation of the immediate past chairman of the Nigerian Insurers Association (NIA) and Group Managing Director of NEM Insurance Plc, Tope Smart as the new president of the pan African organization.

It would be recalled that the AIO conference was to be hosted by Nigeria in 2020 but was put on the hold at the behest of the rampaging COVID -19 pandemic, the same excuse which was responsible for the cancellation of major world events last year including the Tokyo Olympics and the European league finals all of which were hosted in 2021.

The event which will take place at Eko Hotels & Suites, Victoria Island, Lagos has the flexibility to hold virtually and few physical attendees of dignitaries from government, insurance sector; foreign and local investment world; Information and Communication Technology (ICT); media etc.

Speaking in Lagos ahead of the September 4 opening ceremony, chairman of the Local Organising Committee (LOC) of AIO 2021, Mrs. Ebelechukwu Nwachukwu said that this year’s AIO conference has the flexibility to hold virtually and few physical attendees of dignitaries from government, insurance sector; foreign and local investment world; Information and Communication Technology (ICT) and the media among others. The virtual version of the event she said will cater for those who will not be able to attend physically.

“We need to emphasize that in planning this conference at this time we have taken full cognizance of all the health protocols and restrictions on public gathering, hence the decision to make it a hybrid event.

“To give further impetus to this decision, we are limiting the number of physical attendees while others are being encouraged to take advantage of the virtual conference to participate from their different locations. For physical attendees, all COVID-19 protocols will be observed and implemented to the letter,” she said.

Mrs. Nwachukwu maintained that the LOC has carefully followed the template provided by AIO Secretariat in planning the conference, whilst assuring that they are prepared to host the best and most memorable conference.

She applauded the Commissioner for Insurance, Olorundare Sunday Thomas who has been working assiduously and liaising with the various ministries and agencies to ensure that the organisers get the full support from the government.

“The Honourable Minister of Finance, Budget and National Planning has also been very supportive of our efforts, and we owe her a lot of appreciation for the letter of comfort which was the first requirement from AIO as proof that we have the support of the government to host the conference,” she posited.

“There is no doubt that COVID-19 pandemic had left in its trail, very debilitating effects on many economies and there are 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.

“The above informed the theme of this year’s conference which is: Rebuilding Africa’s Economy: An Insurance Perspective. We also have four other subtopics to address other contemporary issues affecting the insurance industry and they include the following: The new normal: How leaders can reset for growth beyond COVID-19. Regulation, innovation and the future of insurance. Harnessing the potential for growth and development in the Nigerian insurance market and AfCFTA and the African Insurer: Prospects and Opportunities,” she submitted.

She remarked that the LOC, is working in cohort with the AIO Secretariat has assembled a strong faculty to deliver the different papers from the main conference theme to the sub-topics, adding that the the resource persons include Jakkie Cilliers of the Institute of Security Studies, South Africa; Belhassen Tanat of Munich Re.; Yinka Sanni of Standard Bank Group and Tawiah Ben-Ahmed of Metropolitan Life Insurance, Ghana.

She maintained that the AIO conference will also include the Life Seminar and all related activities, stressing that the hosting of the AIO conference is significant to insurers. “Apart from the opportunity to showcase our rich culture and hospitality, it will also be a great opportunity to correct some of the misconceptions about Nigeria and her people,” she added.

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