Africa-Press – Mauritius. Mauritius is hosting, from 27 to 31 August 2023, the 45th Conference of the Organisation of Eastern and Southern Africa Insurers (OESAI) Annual Conference and its Annual General Meeting.
The opening ceremony was held, today, at the Intercontinental Hotel in Balaclava in the presence of the Minister of Land Transport and Light Rail, Minister of Foreign Affairs, Regional Integration and International Trade, Mr Alan Ganoo; the Minister of Financial Services and Good Governance, Mr Mahen Kumar Seeruttun; the Chief Executive Officer of the Financial Services Commission, Mr Dhanesswurnath Thakoor; the Chairperson of the Board of the OESAI, Ms Patty Karuaihe Martin; and other eminent personalities.
The conference is bringing together participants from all over Africa and beyond who will exchange ideas, experiences and work together to find solutions for current issues that are affecting the Reinsurance and Insurance industry on the continent and beyond.
The theme this year is “Leaving No One Behind Financial Inclusion through Innovation. ” In his address, Minister Ganoo stated that insurance is an important driver of economic growth and development and is a factor driving growth at all levels of society, from family life to massive infrastructure projects to technology development.
According to him, expanding the lucrative insurance market in Africa may be key to creating inclusive prosperity in the region. He however observed that Africa faces a big challenge to make financial services more accessible, affordable, and relevant to a broader population.
He is thus of the view that the private sector has a role to play by leveraging technology and innovation to improve delivery of banking, insurance, savings, lending, investment and payments solutions to individuals and businesses who are traditionally underserved or excluded from the formal financial systems.
In our continent, innovation in technology, underpinned by wider and faster internet connectivity and high smart phones utilisation, will certainly allow insurance companies to reach remote and previously inaccessible areas, he said.
Acknowledging that technology-powered financial inclusion is important to economic empowerment and social mobility, especially in the most deprived communities, Minister Ganoo highlighted that access to insurance through financial inclusion helps individuals and businesses mitigate the impact of unforeseen events, such as health emergencies or natural disasters.
This, he added, enhances resilience and reduces vulnerability to economic and climate shocks. He further said that from a regional integration perspective, incorporating financial inclusion into the regional economic agenda requires the collaboration between Governments, the financial intermediation industry, financial regulators, fintech companies, consumer groups and other stakeholders.
Minister Ganoo also reiterated Government’s commitment to developing an innovation-driven economy, facilitating and accelerating absorption and deployment of technology in all spheres of life.
The Mauritius International Finance Centre, he pointed out, is attracting more and more Fintech developers, and we are building capacity to serve the needs of financial inclusion through technology and help deliver more resilient communities in Africa.
He concluded by observing that insurance as a risk protection mechanism plays an important supporting role in many of the United Nations Sustainable Development Goals namely: No Poverty, Reduced Inequalities, Zero Hunger, Good Health and Well-being, Gender Equality, Decent Work and Economic Growth, Industry Innovation and Infrastructure, Climate Change and Partnerships for Goals.
For his part, Minister Seeruttun stated that the Insurance Industry should be at the forefront of transformation across Africa adding that financial Inclusion is at the heart of key strategic priorities of Governments from North and South, East and West of the Continent.
He also dwelt on the importance of innovation and inclusiveness. According to him, the Conference will bring participants a number of insightful presentations on how insurers can use innovation to promote financial inclusion as Africa strives to catch up with more advanced economies.
He added that innovation is at the heart of strategies at the Ministry of Financial Services and Good Governance adding that the National Insurance Claims Database will soon be launched to facilitate motor insurance claim and recoveries.
Speaking about the effects of climate change and global warming, Minister Seeruttun remarked that the insurance industry has an important responsibility to drive progress towards a net-zero economy and a sustainable future.
‘Without insurance products, people have lesser chance of survival after natural calamities. Technology is the answer.
It can provide finance to those hard-to-reach communities bypassing geographic and cultural divides’, he stated. He underpinned that Government’s ambition is to lead the way in the field of sustainable finance on the Continent.
Moreover, he highlighted that his Ministry is currently in the process of designing an Environmental, Social and Governance (ESG) Framework for Africa with the aim of satisfying, among others, compliance and disclosure considerations. He said that a grant has been received from the African Development Bank for the development of the ESG Framework for Impactful Investment. OESAI
OESAI, established in 1973, is a member-based Insurance organisation that aims to promote the business and practice of insurance through encouraging and enhancing co-operation in the field of insurance and reinsurance and their related activities among companies operating in the Eastern and South Africa Region.
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