The Covid-19 pandemic overwhelmed the globe, non-pharmaceutical and pharmaceutical measures were deployed to put the spiralling pandemic under control, twenty months down the line and roaring waves moving from country to country with different highs and lows, citizens are no longer cowed by its stings, more so when vaccines are not a sure bet to put it behind the vaccinated. The world is moving on and devising country specific measures to curb it.
Governments, global and individual countries are rolling out measures to reopen their economies and keep them on track to growth. That is the same measure continental corporate bodies and national corporate systems are fostering to roll back the set back occasioned by the pandemic.
One of such bodies is the African Insurance Organisation AIO which is focused on taken back for African countries what Covid clawed out. The chairman, Local Organising Committee LOC, Mrs Ebelechukwu Nwachukwu, (pictured) in a recent virtual media briefing on build up to the event to be hosted by Nigeria, the 47th AIO confab, from September 4 – 8, took on the pandemic firm but more pointedly, continental insurance efforts to address it.
Nwachukwu comments, “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 subtopics to address other contemporary issues affecting the insurance industry,” she narrated.
The LOC intellectual think tank did not stop butting with capturing theme, it was able to integrate into the theme four other subtopics 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’
In coming up with efforts at addressing the pandemic challenges, there is an issue that must not miss the bull’s eye. The time is now to take a direct hit at Africa’s vast uninsured economic losses with particular reference to man made and natural catastrophes insurable risks. The percentage of uninsured risks is highest in Africa, even Europe is not out of the woods of uninsured economic losses ditto for the rest of the world. China too, is in the web of uninsured economic losses with a high score. Only England has minimal percentage. For Africa to make the best of insurance efforts at the 47th AIO edition, uninsured economic losses need to approach the bend that sets in the reverse mode and, it can only be led by sustained individual national approach after the confab.
One can only contemplate that such issue will be captured under contemporary issues affecting the insurance industry in the continent. This should be followed by the continent’s insurance experts along with their global friends agree to develop and deploy strategy that would eventually harness the potential for growth and development not just in the host nation’ insurance market but the entire Africa continent.
The confidence in the LOC chairman words could be accepted to be a reference that includes addressing Africa’s unenviable top position in uninsured economic losses that are to a large extent, highly avoidable, “The LOC has carefully followed the template provided by AIO secretariat in planning the conference and I want to assure you that we are prepared to host the best and most memorable conference.”