Insurance brokers strengthen capacity for AfCFTA opportunities
Abdullateef Fowewe
The Nigerian insurance brokers are poised for growth under the African Continental Free Trade Area (AfCFTA) agreement, as stakeholders convened for an enlightening seminar organized by the Nigerian Insurance Industry AfCFTA Committee.
The workshop themed, ‘’Preparing the insurance brokers for the takeoff of the African Continental Free Trade Area, which took place at the NCRIB House in Yaba, Lagos, aimed at equipping insurance brokers with critical knowledge and skills necessary to navigate the emerging opportunities and challenges of the AfCFTA.
In his opening remarks, the Commissioner for Insurance, National Insurance Commission (NAICOM) Mr. Olusegun Ayo Omosehin, represented by the Deputy Commissioner, Technical, Dr. Usman Jankara, highlighted the importance of preparing Nigerian insurance brokers for the increasing competition and evolving regulatory landscape brought about by AfCFTA.
The workshop emphasized key areas such as capacity building in risk management, underwriting, and claims administration; upholding professionalism and integrity; embracing digital transformation; understanding regional markets; and fostering collaboration across the industry.
NAICOM boss reaffirmed its commitment to supporting Nigerian insurance brokers, underscoring the need for brokers to enhance their value proposition to remain competitive.
Also, the Director of Trade in Services, Investment, Intellectual Property Rights (IPR), and Digital Trade at the AfCFTA Secretariat, Ghana, Emily Mburu-Ndoria, underscored the crucial role of mutual recognition agreements in facilitating seamless insurance sector integration across African nations. Her remarks came during a session at the Nigerian Insurance Industry AfCFTA Committee’s workshop in Lagos.
Mburu-Ndoria emphasized that while the African Continental Free Trade Area (AfCFTA) promotes liberalisation of services, it does not negate the importance of domestic regulations. She clarified that mutual recognition agreements between regulators are vital for enabling cross-border insurance operations without the need for additional registrations in other countries.
However, she stressed that domestic regulatory frameworks remain the cornerstone of each nation’s insurance sector under the AfCFTA Protocol on Trade in Services.
She noted, “Liberalisation is not your regulation. As a country, you still retain the right to regulate your insurance sector. Mutual recognition agreements between regulators can help ensure that once a brokerage is registered in one country, it may not need additional registration in another country, provided both countries have aligned regulations.”
Her remarks highlighted the balance between promoting free trade and maintaining regulatory autonomy within the AfCFTA structure, ensuring that the sector operates smoothly while safeguarding national interests.
Stakeholders were encouraged to engage actively in the workshop’s discussions, leveraging the event as an opportunity to network, share insights, and enhance industry knowledge.
