[ACCI-CAVIE] The new President of the African Insurance Organisation (AIO) and Group Managing Director NEM Insurance Plc, Mr Tope Smart, has said that the African Continental Trade Agreement (AFCTA,) would lead to increase in demand for insurance across Africa.

The AIO president disclosed this in an interview with THISDAY on how he has set to implement his investiture agenda two months after he emerged president of the regional insurance body.

Smart, in the interview told THISDAY that as the new helmsman of AIO, his responsibility was to engage all the stake holders in the insurance sector in Africa to take advantage of the AFCTA initiative so as to grow the regional insurance sector, adding that the removal of trade barriers would lead to increase in intra-African trade and this woul lead to increase in demand for insurance across Africa.

“The African Insurance Organisation (AIO) is like a microcosm of AFCTA, as it were. Don’t forget that one of the cardinal objectives of AIO is to promote inter-African corporation in insurance business, “Smart said.

He added that his administration would encourage markets across the region to share information and experience among one another.

According to him, such information can be very useful and the receiving markets can use them to further advance the growth of insurance in their domain.

“As you are no doubt aware, I set out a five-point agenda to be achieved during my presidency. I have started with the issue of consumer trust. This is s major barrier to the growth of insurance in Africa. Meeting up claim obligations by operators as and when due will address this issue, “he said.

Smart, had in his acceptance speech as the new AIO president said that his one-year administration would anchor on five key areas namely: increased awareness; adoption of digitalisation; collaboration with other markets; collaboration with government and regulators and building customers trust.

During his similar investiture as the Chairman of Nigeria Insurers Association (NIA) said also said he would focus on a five-point agenda to give a new direction to the association for the next two years.

He gave the theme of his tenure as “NIA first, insurance first,” during his investiture as the 23rd chairman of the association.

Stakeholders from different sectors of the economy were present at the investiture.

He identified his plans as the protection of interests of member companies, proper positioning of the insurance industry, improving the standard of professionalism, to put in place a befitting edifice for the NIA, and to deepen insurance penetration.

By Ebere Nwoji