Expert seeks improved skills to unlock insurance potential in Africa

Insurance sector potential in Africa remains undoubtedly huge, but required improved skills and capacity to be unlocked.

Expert said that there is need for training and retraining of personnel in the continent to achieve stronger human capacity in underwriting, risk management to give insurance a leap.

Training and up-skilling the insurance industry across Africa remains a top priority as the industry reshapes itself to remain relevant and valued.

Bernd Kohn, chief executive, Middle East/Africa at Munich Re told Commercial Risk Europe at the recently concluded African Insurance Conference in Kamapa, Ugaand that challenges of the industry in Africa a basically capacity.

Looking at the move towards local retention, he said: “They usually don’t have the capacity, financial muscle or the expertise to carry all the risks.”

But he stressed that it is the right thing to do to involve the local industry “so they get a piece of the cake”. Kohn also believes local involvement does help raise the level of expertise locally.

Overall, both men are optimistic about the continent’s future, believing the economic woes have caused a slight hiatus in development but is unlikely to mean the end of development. “There is still an appetite to write business on the continent,” said Conradie. “Smaller countries are going through a period of reorganisation, diversifying their economies.”

Modestus  Anaesoronye