Government keen to see insurance sector grow
Finance and Investment Promotion Minister, Professor Mthuli Ncube has appealed to the insurance sector to provide the Government with policy advice that will enable the sector to realise its full growth potential.
Minister Ncube said Government is keen to see the sector grow and has a role to play towards the attainment of an upper middle-income economy by 2030.
Speaking during a recent Insurance and Pensions Regulators Retreat for Africa 2023 retreat, Prof Ncube said African economies are faced with several threats and vulnerabilities that require protection through insurance.
Prof Ncube also pointed out that the Government values the importance of the insurance sector in driving economic growth and development.
“As Government, it is our desire to see this industry reach its full potential and I would like to reaffirm our commitment to the provision of an enabling political, economic, social, technological, environmental and legal environment for the growth and stability of the industry,” said Prof Ncube.
He urged those in the insurance industry to provide policy advice on how best the sector can be assisted to realise its full potential.
The retreat which ran under the theme: “Innovation for Smart Insurance for Africa”, brought together stakeholders in the insurance and social protection industry who shared insights and innovative strategies to enhance industry growth and improve insurance penetration in Africa.
Prof Ncube said the theme resonated well with the discussions at the Southern African Development Community (Sadc), Common Market for Eastern and Southern Africa (Comesa) and African Union level.
He urged both regulators and insurers to embrace technology in delivering insurance solutions to the markets.
“Regulators have a pivotal role in promoting the adoption of technology in insurance hence the development of regulatory sandboxes, RegTech and Insurtechs. Technology also has the potential to revolutionise the sector by providing underwriters with granular data and information on tastes of policyholders and their way of living, improved underwriting and claims management,” said Prof Ncube.
He said the sector should not resist innovation but promote the provision of solutions and strategies that meet the evolving consumer needs.
This, Prof Ncube said, speaks to product relevance, sustainability, affordability and access by the formerly marginalised. —chronicle
