ZEP-RE hosts the Third Annual East Africa Insurance Regulators Forum
Nairobi, 22nd July 2021 - ZEP-RE (PTA Reinsurance Company), in conjunction with the East African Insurance Supervisors (EAISA) came together, once again, to host the 3rd Annual EAISA Regulators’ Strategic Forum. The forum was delivered virtually on 21st and 22nd July 2021 under the theme “Navigating turbulent times – Achieving the balance between regulatory expectations and business demands to drive sustainable markets” and was supported by speakers from PwC and ACRE Africa.
The agenda included discussions on key regulatory developments in the East African insurance markets over the past three years, a general overview & performance of the East Africa insurance markets, regulation of the medical class separate from the general and life classes of business and the Implementation of IFRS 17 and the case for data.
Alhaj Kaddunabbi Ibrahim Lubega, Chairman EAISA & CEO of Insurance Regulatory Authority of Uganda, together with Mr. Godfrey Kiptum, Commissioner and CEO, Insurance Regulatory Authority of Kenya, Dr. Mussa C. Juma, Commissioner of Insurance, Tanzania Insurance Regulatory Authority and Mr. Dilme Drimas NIYONIZEYE Acting Director, Insurance and Pension Supervision, Rwanda engaged in key discussions which centred on ensuring that a resilient and vibrant sector is maintained amidst these uncertain times. Mr. Kevin Rwasa, representing the Insurance Regulatory and Control Agency (ARCA) of Burundi articulated his experiences and proposals for a vibrant East African insurance sector.
Mr. Alain Kaninda, the Secretary General of the Insurance Regulatory and Control Agency (ARCA) of the DRC attended the forum as a guest regulator.
Increased investment and focus on agricultural insurance pertinently stood out as an opportunity to strengthen financial inclusion in the industry, as was expressed in a presentation from a ZEP-RE partner, Acre Africa, represented by the CEO, Mr. George Kuria.
The forum host’s team was led by the CEO, Ms. Hope Murera.
Speaking at the event, Ms Bernice Kimacia, Director / Partner at PwC demystified the new IFRS 17 for the participants and underscored the need for all insurance companies to be compliant before the deadline of January 2023.
The resolutions made at the forum, backed by the unity and zeal for co-operation portrayed by EAISA will ensure that we all work together as a region to formulate our own rules and regulations to work with.