Elumelu speaks on growth opportunities for African insurance industry at AIWA confab
L-R: President Africa Insurance Women Association, Lady Margaret Moore; Keynote Speaker, Dr. Awele Elumelu; Adviser Senate Committee on Banking and Insurance, Prof. Uche Uwaleke; Chairman Local Organising Committee Africa Insurance Women Association Mrs. Ebelechukwu Nwanchukwu and President Professional Insurance Ladies Association/Country Director Nigeria, Abimbola Onakomaiya at AIWA conference.
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The Chairperson, Heirs Insurance Brokers & Avon Healthcare Limited, Dr. Awele Elumelu, has said there are opportunities for insurance sector to grow in Africa by exploring potential in digital innovation and financial inclusion, microinsurance and affordable coverage, as well as Public-private sector partnership.
She spoke while giving her keynote remarks at the inaugural international conference for women in insurance, organised by the Africa Insurance Women Association (AIWA) in Lagos on Monday. Elumelu spoke on the topic, ‘The future of insurance: Trends, challenges and opportunities’.
The event was widely attended by insurance professionals across the African continent, as well as regulators and other financial leaders.
Speaking on the growth opportunities in Africa, she said, “Globally, one of the most powerful forces reshaping insurance across is digital innovation and new-age technological advancements. Africa’s youthful population, with a median age of just 19 years, is particularly promising for digital-first insurance products.
“This generation is not only tech-savvy but also open to solutions that fit their digital needs and lifestyle. We must begin to meet them where they are.
“By focusing on mobile platforms and applications, we can design products tailored to younger demographics, promote financial literacy, and build lifelong customer relationships from an early age.”
According to her, mobile technology has particularly revolutionised accessibility, especially in regions with limited traditional infrastructure.
Explaining microinsurance opportunities, she adds, “Recognising Africa’s unique context, microinsurance presents a crucial opportunity to provide affordable coverage to low-income households.
“By designing tailored, accessible policies, insurers can meet the needs of diverse communities, providing essential financial protection to those who need it most.”
She also said that Public-Private Partnerships are critical in bringing together resources, expertise, and reach to deliver insurance solutions that make a tangible impact.
Governments, for instance, play a vital role in regulatory support and in creating an enabling business environment for these partnerships to thrive, she said.
