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📢 *NAICOM Appoints Interim Management for African Alliance Insurance Plc* Following ongoing concerns about financial obligations and governance issues, the National Insurance Commission (NAICOM) has removed the Board and Management of African Alliance Insurance Plc. In a statement from Abuja, NAICOM announced an Interim Management Board to restore regulatory compliance and operational stability. *Interim Board Members:* 1. Dr. Haruna Mustapha – Chairman 2. Mr. Jacob Erhabor – MD/CEO 3. Mr. Wasiu Amao – Executive Director, Technical 4. Ms. Oremeyi Longe – Executive Director, Finance 5. Mr. Anthony Achebe – Non-Executive Director 6. Haj. Halimatu M. Khabeeb – Non-Executive Director As one of Nigeria’s oldest life assurance companies, African Alliance Insurance Plc now aims to rebuild trust and meet policyholder obligations under this new leadership. https://lnkd.in/deAWZie4 #Insurance #NAICOM #AfricanAlliance #Policyholders #Nigeria

Championing Financial wellness through Insurance and advisory services # Purpose Meets Passion In Botswana, the insurance penetration rate is currently one of the lowest in the region at 3.27%. Addressing barriers like progressive legislation and promoting financial knowledge are crucial to empower policyholders and enhance industry growth. Unlike in Zambia and other nations, motor third-party cover in Botswana remains optional, contributing to the industry's limitations. It is imperative to educate clients on the value of insurance in creating wealth, managing risks, and safeguarding livelihoods, especially during economic downturns when insurance is often sacrificed to combat inflation. As financial advisors, raising awareness and fostering positive interest in insurance is paramount. Restoring trust in the industry by fair treatment, transparent disclosure, and honoring claims is essential. Let's prioritize empowering clients with financial knowledge to utilize insurance effectively for long-term financial security. #Insurance #FinancialAdvisors #IndustryGrowth #Botswana #FinancialWellness #TrustRestoration #Empowerment

Africa Insurance Magazine: The beginning of every journey is exceptional. Beginnings personify hope, determination and courage. It’s that reflective moment when all the seed ideas and concepts go from mental ideas to physical and social reality. If you are reading this, it means we finally did it! We have finally published the inaugural edition of The Africa Insurance Magazine #AIM. The industry focused magazine covers all things Risk Management, Re/Insurance, Finance, Investment, Climate Resilience, Sustainability. We hope the excitement and joy that filled our hearts, minds and souls when we were putting this content together will be transformed to you as you read. Now available on: www.irmic.co.zw Clementine Chinyuku, Caroline Mbofana, Women In Insurance (Victoria), Emeritus Reinsurance, Atlas Mag-Insurance, Old Mutual Limited, InsuranceAsia News, Women in Insurance network, SATIB Insurance Brokers Zimbabwe, Gloria Zvaravanhu, ACII Rose Wanda, Organisation of Eastern and Southern Africa Insurers, Young Insurance Professionals (YIPs) Africa, African Insurance Organisation #AfricaInsuranceMagazine #AIM #InsuranceAdvocacy #InsuranceEducation

Why Is Insurance Penetration Still Low in Africa? Let's Discuss.. Have you ever wondered why insurance isn't more prevalent in Africa compared to other regions? Let's explore why and discuss the exciting possibilities for growth: Understanding the Roadblocks 🔸Economic Realities: Limited disposable income means many people view insurance as a luxury rather than a necessity. Financial literacy, although improving, remains a challenge in many areas. 🔸Cultural Perspectives: Traditional risk management methods, such as community support systems, often take precedence over formal insurance products. Trust and familiarity with these systems are deeply rooted. 🔸Infrastructure Hurdles: Access to both physical and digital infrastructure is limited, making it difficult for insurance providers to reach a broad audience. 🔸Regulatory Complexity: Each country in Africa has its own set of regulations, creating a complex landscape for insurance companies to navigate. Reasons for Optimism 🔸Mobile and Digital Innovation: With the widespread use of mobile phones, microinsurance is gaining traction, offering affordable and accessible insurance solutions. 🔸Government Push: Some governments are implementing policies aimed at increasing coverage and promoting financial inclusion. 🔸Emerging Middle Class: Economic growth and a rising middle class are driving demand for comprehensive insurance products. The Path Forward: Embrace Change, Drive Inclusion Innovation, collaboration, and a focus on inclusivity are key to unlocking Africa's insurance potential. Let's continue the conversation! What are your thoughts on the current state and future of insurance in Africa? Have you encountered any notable developments in this sector? Share your insights and experiences in the comments below! 👇 #InsuranceAwareness #Africa #AfricaInsuranceOrgainsation #FinancialInclusion #EconomicGrowth #InsuranceIndustry

Insurance Awareness... There is a limited public awareness of Insurance in Africa. This can be improved by extensive awareness programmes in collaboration with the public and private entities to bring insurance knowledge to the grass root level.

🌟 Closing South Africa's Huge R30 Trillion Insurance Gap 🌟 Did you know? South Africa faces a massive R30 trillion insurance gap! This means many families could face financial trouble if they lose their income due to an accident or the loss of a breadwinner. The main challenges? Limited disposable income, access to insurance products, and understanding of how insurance can protect them. 🚀 Here's how OKS is making a difference: ✅ Providing affordable insurance options. ✅ Selling various protection products directly over the phone. We're committed to bridging this gap. Last year we helped over 400,000 South Africans start their insurance journey! Join us in this vital mission. https://oks.co.za/careers/ #BridgingTheGap #InsuranceForAll #TeleSalesImpact #InsuranceAwareness #SouthAfrica 🇿🇦💼

Back in November, we wrote about how much of the insurance sector in #Kenya is increasingly on shaky ground. Now, data just released by the Insurance Regulatory Authority shows nearly half of insurers, including several household names, had breached the minimal capital rules in 2023, i.e, before the historic floods in Q1-Q2 2024. Meanwhile, a report from the Office of the Auditor-General, Kenya shows the regulator was itself in dire straits in 2023 and had to turn to the National Treasury Kenya to settle legal fees in a lawsuit involving a collapsed insurer. #risk #insurance #duediligence #climatechange

Africa Insurance Market Share, Size, Growth, and Forecast 2024-2032 | IMARC Group The Africa insurance market size reached US$ 87.4 Billion in 2023. Request a Sample Report: https://lnkd.in/d9cDNjeJ The growing number of working-age individuals, the accelerating awareness and education fostering a culture of insurance, and collaboration between the insurance industry and banking or financial institutions are some of the major factors propelling the market. Read Also: https://lnkd.in/dXVg72pe #Africa #Insurance #IMARCGroup #MarketResearchReport #MarketReport #IndustryReport #Business #MarketResearch #MarketStrategy

Opportunity Alert!!! Shape the Future of Insurance and Social Protection in Africa Africa College of Insurance & Social Protection (ACISP) (ACISP) is seeking qualified professionals and consulting firms to develop its Five-Year Strategic Plan—a roadmap to drive excellence, innovation, inclusivity and capacity building in the insurance and social protection sectors across Africa. This is your chance to play a pivotal role in: ✅ Defining ACISP’s strategic direction for the next five years ✅ Setting impactful objectives and priorities ✅ Aligning with emerging trends and regulatory developments in the sector Application Details: For complete requirements and guidelines, please refer to the attached Terms of Reference (ToR). Submission Deadline: December 1, 2024 Send your technical and financial proposals as one document to [email protected]. Only qualified candidates will be contacted. Let’s work together to shape a future where insurance and social protection thrive across Africa. Apply now!!!! #StrategicPlanning #InsuranceLeadership #SocialProtectionAfrica #InnovationInInsurance #CapacityBuilding #ExcellenceInInsurance #AfricaDevelopment #FutureOfInsurance #ConsultingOpportunities #InsuranceExperts #InclusiveGrowth #RegulatoryAdvancements #ProfessionalGrowth #LeadershipInAfrica

The Microinsurance Network (MiN) and AIO - African Insurance Organisation have joined forces to advance microinsurance in Africa. Middle East Insurance Review spoke to MiN’s Mr. Matthew Genazzini and Ms. Karimi Nthiga about the planned collaboration and the benefits that might accrue to underserved regions in Africa. ✍️ Article written by: Anandi Iyer Click here to read the full article 👉https://lnkd.in/gAfgmJu6 #Africa #Microinsurance #MicroinsuranceinAfrica