It is important to address critical gaps in climate resilience, financial inclusion, technology integration, skills advancement and ethical business practices for a robust insurance industry regulatory environment that promotes growth, inclusivity, industry resilience and societal well-being across Africa.
This is according to chief executive officer of the Namibia Financial Supervisory Authority (Namfisa), Kenneth Matomola, at the
official opening of the 2024 International Association of Insurance Supervisors (IAIS) sub-Saharan Africa Regional Seminar in Windhoek.
The five-day seminar brings together participants from the International Association of Insurance Supervisors (IAIS), the Financial Stability Institute of the Bank of International Settlements, the Access to Insurance Initiative, as well as delegates from across sub-Saharan African supervisory authorities.
Matomola highlighted the significance of regional cooperation and dialogue in
building a resilient financial system, and driving sustainable development.
Under the theme “Addressing the Gaps for a Sustainable, Inclusive and Resilient Insurance Industry,” discussions at the seminar aim to explore best practices, emerging trends and regulatory advancements.
Reflecting on past dialogues, Matomola underscored the need to build upon previous initiatives, particularly the 2023 regional seminar in Nairobi, Kenya to tackle challenges such as proportionate regulation, inclusive insurance markets and climate risk insurance.
The agenda for the seminar includes crucial topics such as climate resilience, financial inclusion, technology integration, skills advancement, regulatory impacts of
IFRS17 and ethical business practices.
Matomola emphasised collaboration among regulators to overcome multi-faceted challenges and harmonise regulatory frameworks, aligning with initiatives like the African Continental Free Trade Area (AfCFTA) for economic integration. In addition, he highlighted the role of
technological innovation in driving
efficiencies, and enhancing accessibility within the insurance landscape. He also stressed the importance of investing in human capital to address skills shortages, and to navigate current and emerging industry complexities effectively.
One of the key highlights of the seminar will be the discussions on the IAIS Sub-
Saharan Africa regional plan.
Led by Godfrey Kiptum, commissioner of the Kenyan Insurance Regulatory Authority (IRA) and IAIS Sub-Saharan Africa Regional Coordinator, this session is geared towards prioritising actionable initiatives and converting implementation efforts into concrete action plans.
The seminar also includes two days where thought leaders and captains of the African insurance industry will join supervisors for in-depth discussions, exchange of ideas, and exploration of areas for collaboration. The goal is to promote collaboration among stakeholders to propel industry-wide progress and fortify regulatory frameworks across the region.
The seminar is scheduled to conclude with a panel discussion featuring Patty Karuaihe-Martin, the incoming president of the African Insurance Organisation, who is expected to lead a conversation on behalf of the African insurance industry with leaders of African supervisory organisations.
Participants are scheduled to discuss the continent’s regulatory outlook and regulatory objectives, and explore areas of collaboration with industry stakeholders. Joining the discussion will be Michael Kofi Andoh, commissioner of the Ghana National Insurance Commission, who will provide a West African perspective.
Meanwhile, Matomola expressed gratitude to co-organisers and senior members of supervisory authorities for their contributions, affirming the seminar as a platform for intellectual enrichment, networking and partnerships aimed at building a resilient, inclusive, and sustainable insurance industry across the region.