Specialists throughout Africa’s insurance coverage market are sensitising trade operators on the necessity to forge alliances to extend insurance coverage penetration within the continent.
The stakeholders who converged on Accra, Ghana for a two-day convention for the West Africa Insurance coverage Corporations Affiliation (WAICA) in Accra, Ghana, revealed that insurance coverage penetration in Africa is beneath three per cent, regardless of the massive potential of the sector.
With a inhabitants of about 1.3 billion folks on the continent, the insurance coverage penetration has been described as woeful and beneath common.
Vice President, Mahamudu Bawumia, in his handle, mentioned insurance coverage performs a important position within the financial system, therefore the choice to introduce initiatives such because the Insurance coverage Act and recapitalisation in locations like Nigeria and Ghana.
He urged members of WAICA to up their sport in direction of boosting insurance coverage penetration throughout the nations.