AIWA Confab: Women urged to play vital roles in insurance devt

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The National Insurance Commission (NAICOM) and the Senate have urged women to play vital roles to ensure continuous development of the African insurance industry.

They spoke at the inaugural conference of the African Insurance Women Association (AIWA) in Lagos.

The Commissioner for Insurance, National Insurance Commission (NAICOM), Mr Olusegun Omosehin, said, the African insurance market faces complex challenges that transcend gender and regional boundaries, necessitating collaborative efforts and synergy across the continent.

To drive growth and development, he added, it is imperative to prioritize the development of young professionals, unhindered by gender or age constraints, and foster expertise across markets.

“With women playing a vital role, the prospects for the African insurance industry are bright, and we are poised for remarkable growth and development,” he said.

The commissioner said the insurance sector must evolve beyond traditional ownership and embrace innovation.

According to him, “With vast growth potential existing across Africa, not just Nigeria, unity and industry development can significantly contribute to the continent’s economic prosperity. I encourage the African Insurance Women Association (AIWA) to capitalize on these opportunities, leverage innovative solutions, and promote educational advancement to propel the African insurance sector forward.”

Also speaking, Chairman Senate Committee on Banking, Insurance and Other Financial Institutions, Senator Mukhail Adetokunbo Abiru, said, “Empowering women in this industry is essential to achieving our goals. Women bring unique perspectives and insights that drive the creation of inclusive and responsive products.

“I commend every woman present here today for your dedication to advancing Africa’s insurance sector. Your leadership is critical as we work to overcome our challenges and harness the full potential of this industry.”