East African Insurance Supervisors’ Association (EAISA) Forum 2022
As part of the mandate enshrined in ZEP-RE’s Establishment Agreement Article 4, that is, to foster development of the insurance and reinsurance industry in the Common Market of Eastern & Southern Africa (COMESA) as well as support sub- economic development and as part of our value proposition within the markets we operate,
The forum for all heads of regulatory institutions within the east African region, forms part of our core functions by virtue of Article 5 of the Establishment Agreement and is intended to further our co-operation with institutions engaged in the development of the insurance and reinsurance industry within Africa.
Cognisant of the continued growth and evolution of the insurance and reinsurance sectors within the domestic, regional, and global realm, ZEP-RE considers the continued engagement of regulators as fundamental to spurring growth within insurance & reinsurance markets.
Furthermore, and considering the just ending global pandemic or similar future occurrences, the evolution and response of insurance markets will continue to be fundamental, bearing in mind the challenges being faced by the global economy today which now include, the geo- political impact of the Russian- Ukraine crisis and ongoing climate change risks.
Now is the time for the insurance industry to re-define itself and provide required solutions, in as far as it possibly can. This is particularly important for the demography most impacted i.e., the low to middle income segments. An approach that focusses on impact and sustainability will be essential to ensure the protection of a segment of the African population that remains marginalized, impoverished and underserved.
The intention of the EAISA Forum is to embrace a forward-looking and dynamic approach that encourages collaboration between policy and market actors, particularly in terms of how Regulators can in partnership with market players support the evolution of African insurance markets.
The other particularly interesting question to consider will be, whether our markets are resilient enough to overcome and address the challenges presented by the global pandemic or similar disruptive events?
Suffice to say, many African markets remain undeveloped, making that a prime opportunity for the regulators, players, and consumers.
As part of the experience sharing exercise, ZEP-RE brought in a mix of both external and internal facilitators to give the forum the diversity required to encourage robust engagement.
The just concluded 2022 forum focussed on the growth and sustainability of insurance markets in Africa – beyond the global COVID-19 pandemic and its effects.
There was emphasis on agriculture insurance and microinsurance where the deepening of insurance amongst vulnerable populations was examined, whilst addressing the needs and risks these people face. Pertinent regulatory initiatives, were also addressed, including areas in which changes need to be considered.
The selected topics gave an opportunity to regulators to share experiences and determine actions that should be taken to grow the reach of both classes as well as achieve the intended purpose of improving the lives of the targeted group.