African insurance CEOs review sector for growth

African insurers’ weekend had the opportunity to look at the sector and seek better ways of doing business for enhanced growth and contribution to economic growth of the continent. Numbering 60, it was the Continental Reinsurance plc’s first Chief Executive Officers’ Summit with the theme “‘Sustainable industry development and leadership.”

Olufemi Oyetunji, managing director, Continental Re, said the summit which took place in Mombasa, Kenya was to provide a platform for intellectual discourse among business leaders in the insurance and allied businesses.

“It is our expectation that insurance leaders in Africa will use this platform to engage in real deep discussions on issues that will propel our industry into the forefront of the financial services industry in Africa,” he said.

While speaking on some developments in the company, he said that after the last consolidation in Nigeria’s insurance sector, the company came up with a five year strategy to achieve its vision, premised on proximity to its clients and providing world class service.

He explained that the company obtained a license to open a branch office in Abidjan in March 2012 after which it was faced with an opportunity to convert its Nairobi branch to a subsidiary company.

Oyetunji said the Company had set in motion the incorporation of its Francophone company and continues to handle its Nigerian and Anglophone businesses through Continental Reinsurance from Lagos.

He noted that Continental Reinsurance was the first reinsurance Company in Africa (outside of SA) to sign up to the UNEP’s Principles for Sustainable Insurance. The Commissioner for Insurance, Fola Daniel, appreciated Continental Reinsurance for organising the summit.

He said that the theme of the summit was apt and appropriate, as it reflected the current international interest towards sustainable development.

According to him, one of the major outcomes of the UN Conference on Sustainable Development (Rio+20) was the introduction of the Principles for Sustainable Insurance with four major principles.

Financial institutions, he added, are to embed in their decision making, environmental, social and governance issues relevant to insurance business; work with clients and business partners to raise awareness of environmental, social and governance issues, manage risk and develop solutions.