Experts eye more women in insurance market

The Chairperson, Heirs Insurance Brokers, Dr Awele Elumelu, has called for increased participation of women leadership to unleash the expansion of the insurance sector in Africa. Speaking at the inaugural conference of the African Insurance Women Association (AIWA) in Lagos, she stressed that female leadership is both a strategic advantage and an ethical imperative.

She said: “The urgency to bring more women into this field is clear. Women bring fresh perspectives and empathy, and these are essential for designing inclusive and people-centred solutions.

“The low insurance penetration of the African insurance industry, currently below three per cent, as a significant growth opportunity. The potential of digital solutions and micro-insurance to enhance accessibility and inclusion.

“With our young tech-savvy population, we have a unique chance to build products that truly resonate with Africans, especially through mobile technology, which can help reach underserved communities and foster financial literacy among younger generations,” Elemelu said.

She concluded by calling for stronger public-private partnerships to foster regulatory innovation and enhance customer trust, saying: “A collaborative approach between industry players, regulators, and local communities will set the stage for a resilient and inclusive insurance sector that can drive economic growth across Africa.”

Meanwhile, President of AIWA, Lady Margaret Moore, stated that the Conference is first of its kind bringing together African women in insurance to empower and inspire one another, which   aims to foster connections, share knowledge, and promote collaboration across the industry.”

Commissioner for Insurance, Nigeria, Segun Omosehin, urged women across Africa to play actively in shaping the continent’s economics for growth and development.

Omosehin said with women playing a vital role, the prospects for the African insurance industry are bright, and poised for remarkable growth and development.

According to him, the current realities and shapes of our economies across Africa presently require a high level of confidence from decision-makers, hard work, resilience, foresight, and determination.

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