By Onu Okorie
The Commissioner for Insurance and Chief Executive Officer of NAICOM, Mr. Olusegun Ayo Omosehin has highlighted the importance of insurance in driving economic development and reducing poverty on the continent.
He stated this when NAICOM hosted the Commissioner for Insurance of Ghana, Dr. Abiba Zakariah, during a working visit aimed at strengthening ties between the two countries’ insurance sectors.
According to him, “Africa’s efforts to achieve meaningful poverty reduction would remain limited without a significant increase in insurance penetration.”
Omosehin who insited that insurance plays a critical role in risk management, financial resilience explained that it’s the engine room to inclusive economic growth in any economy.
He also stressed the need for stronger regional partnerships among African insurance regulators to unlock the sector’s full potential and contribute more effectively to national and regional development goals.
In her response, Ghana’s Commissioner for Insurance, Dr. Zakariah, expressed appreciation for the warm reception accorded to her delegation and reaffirmed Ghana’s commitment to fostering stronger cooperation within the African insurance industry.
She emphasized that enhanced collaboration among insurance regulators across the continent would help drive innovation, expand market opportunities, and improve financial inclusion for millions of Africans.
The Ghanaian insurance chief noted that deeper partnerships would also support the development of innovative insurance solutions capable of addressing emerging risks and meeting the evolving needs of businesses and individuals across Africa.
The visit underscores the shared commitment of Nigeria and Ghana to leverage regulatory cooperation and emerging InsurTech solutions to build a more integrated, resilient, and competitive African insurance market.
Industry stakeholders believe that stronger collaboration between the two leading insurance markets could serve as a catalyst for broader regional integration and help accelerate the growth of insurance penetration across the continent. The engagement focused on advancing collaboration between insurance regulators, promoting innovation across borders, and reinforcing the industry’s role in supporting sustainable economic growth across Africa.