AIO President calls for innovation and collaboration to strengthen Africa’s reinsurance Industry
President of the African Insurance Organisation (AIO), Mr Yared Mola, has called on African reinsurers to embrace innovation, collaboration, and inclusion to build a resilient and globally competitive reinsurance industry, capable of driving the continent’s development agenda.
Speaking at the 29th African Reinsurance Forum held in Harare, Mr Mola said African reinsurers have an opportunity to transform the continent’s economic landscape through innovation, diversification, and strategic partnerships.
“Africa’s reinsurers have a critical role in supporting economic growth, managing risks, and building resilience,” he said.
“By increasing insurance penetration, diversifying risk, and fostering partnerships, we can drive inclusive and sustainable development across the continent.”
He highlighted key growth areas for the industry, including agriculture, renewable energy, climate change adaptation, cyber security, and infrastructure development, noting that these sectors represent new frontiers for risk diversification and capital mobilisation.
However, Mr Mola cautioned that the industry must navigate several headwinds, including global volatility, economic and political instability, and the increasing complexity of emerging risks such as climate change and cyber threats. He added that evolving regulatory frameworks require adaptability and continuous compliance.
“The African reinsurance industry has significant growth potential driven by increasing insurance penetration, diversification of risks, and strategic partnerships.
“To navigate global volatility and growing risk complexity, African reinsurers must invest in data analytics, knowledge sharing, developing specialised expertise, and foster partnerships. By doing so, we can build a more resilient and sustainable reinsurance industry that supports economic growth and development in Africa,” said Mr Mola.