Koko backs AIO reform agenda as Africa targets stronger insurance penetration
Managing Director/Chief Executive Officer of Capital Express Indemnity Insurance Limited, Mr. Adewale Koko
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The Managing Director/Chief Executive Officer of Capital Express Indemnity Insurance Limited, Mr. Adewale Koko, has endorsed the reform agenda championed by African insurers and regulators at the 52nd African Insurance Organisation (AIO) Conference in Cairo, describing the outcomes as a practical pathway to significantly improve insurance penetration across the continent.
The conference, held from June 5 to 9 under the theme “Insurance as an Enabler of Economic Growth for All,” focused on actionable strategies to bridge Africa’s wide protection gap. Participants set an ambitious medium-term target of increasing insurance penetration from its current low base to between 3 per cent and 5 per cent. Central to these discussions were digital transformation, expanded distribution networks, smarter regulatory frameworks, and stronger capital resilience.
Koko noted that the resolutions reflect the level of coordination required to unlock growth in Africa’s insurance market, particularly by bringing underserved populations into the safety net. According to him, technology-driven solutions, wider access channels, and enhanced underwriting capacity will be essential for translating the continent’s vast potential into real coverage.
His position aligns with remarks attributed to the Commissioner for Insurance/Chief Executive Officer of the National Insurance Commission, Mr. Olusegun Ayo Omosehin, who characterised Africa’s weak insurance penetration as a multi-billion-dollar opportunity rather than a constraint. Omosehin argued that the core challenge lies less in consumer willingness to pay and more in the industry’s ability to develop and distribute products that effectively reach target markets.
Deliberations at the Cairo conference underscored the limitations of traditional agent-led distribution models, especially in rural communities and the informal sector. Stakeholders called for a decisive shift toward mobile-first platforms, embedded insurance offerings, and community-based delivery systems. These innovations, they said, should be reinforced by principles-based supervision, risk-based capital regimes, and regulatory sandboxes that encourage innovation while safeguarding policyholders.
Koko emphasised that the reform direction is consistent with the type of collaboration and innovation needed to reposition insurance as a more inclusive and economically relevant sector across Africa. He added that building trust, strengthening consumer protection frameworks, and enhancing cross-border cooperation will be critical to achieving sustainable growth in penetration.
As part of its own strategy, Capital Express Indemnity Insurance is advancing digital access to its insurance products through strategic partnerships with other entities in the insurance ecosystem and beyond, aligning with the company’s broader commitment to simplifying insurance access while reinforcing its brand promise of “Protecting What Matters Most.”
