{"id":97347,"date":"2024-08-06T12:26:14","date_gmt":"2024-08-06T10:26:14","guid":{"rendered":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/africas-insurance-market-must-brace-for-afcfta"},"modified":"2024-08-06T14:40:58","modified_gmt":"2024-08-06T12:40:58","slug":"africas-insurance-market-must-brace-for-afcfta","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/africas-insurance-market-must-brace-for-afcfta","title":{"rendered":"\u2018Africa\u2019s insurance market must brace for AfCFTA\u2019"},"content":{"rendered":"

Africa-Press – Zimbabwe. <\/strong><\/span>FINANCE, Economic Development and Investment Promotion minister Mthuli Ncube says the African insurance market must brace for the implementation of the African Continental Free Trade (AfCFTA) to create a more competitive sector.<\/p>\n

The AfCFTA is a free trade agreement that seeks to eliminate trade barriers and foster economic integration across the continent.<\/p>\n

Speaking at the 46th Organisation of Eastern and Southern Africa Insurers (OESAI) annual conference and annual general meeting that began on Sunday in Victoria Falls, Ncube called for insurance competitiveness.<\/p>\n

OESAI is a member-based insurance organisation that aims to promote the business and practice of insurance across eastern and southern Africa<\/p>\n

\u201cThe African insurance market must brace for the implementation of the African Continental Free Trade Area whose aim is to eliminate trade barriers and foster economic integration across the continent,\u201d Ncube said, in a speech read on his behalf by Insurance and Pension Commission commissioner Grace Muradzikwa.<\/p>\n

\u201cOne of its key objectives is to reduce protectionism, which has historically hindered the growth and competitiveness of various sectors, including the insurance market. By doing away with protectionism, AfCFTA can create a more open and competitive insurance market in Africa, leading to numerous benefits.\u201d<\/p>\n

He said increased competition would result in quality services, affordable and competitive premiums.<\/p>\n

Ncube called for integrated regulatory systems that are seamless.<\/p>\n

\u201cSince insurers are in the business of risk management, I wish to underscore the importance of effective risk management strategies, which are crucial for insurers to anticipate and mitigate economic, digital and geopolitical risks,\u201d he said.<\/p>\n

\u201cThis includes robust modelling, scenario analysis and stress-testing. Insurers must remain agile to quickly respond to changing conditions. This may involve adjusting product offerings, enhancing digital capabilities or diversifying geographical exposures.\u201d<\/p>\n

Ncube said collaboration with technology partners, regulators and industry peers could foster innovation and resilience, while embracing innovation in underwriting, claims processing and customer engagement were essential for future-proofing the business.<\/p>\n

He said maintaining a strong focus on customer needs and expectations help insurers build trust and loyalty, even in uncertain times.<\/p>\n

\u201cThis includes transparency in communication, fair pricing and timely claims settlements. While economic, digital and geopolitical uncertainties present significant challenges for the insurance industry, they also create opportunities for innovation and growth,\u201d Ncube said.<\/p>\n

\u201cInsurers that effectively manage risks, embrace digital transformation and adapt to geopolitical dynamics are well-positioned to thrive in an increasingly complex global landscape.\u201d<\/p>\n

However, he noted that the industry was facing numerous challenges, with one of the key risks being inconsistent regulatory frameworks across different African countries, adding that this posed challenges for insurance companies operating across borders.<\/p>\n

\u201cI urge the industry to engage in constructive dialogue with regulators and policymakers to ensure that the regulatory frameworks evolve in tandem with industry developments. Together, we can create an environment that fosters growth, protects consumers and enhances the overall stability of the financial system,\u201d Ncube said.<\/p>\n

\u201cThe other challenges relate to political volatility, economic fluctuations and currency risks. These uncertainties have an impact on product modelling and pricing, claims payouts and overall business stability. Mitigating these risks require a proactive and adaptive approach.<\/p>\n

\u201cAs insurers, you can enhance your resilience by diversifying operations, leveraging risk management tools and engaging in strategic planning.\u201d<\/p>\n

He added: \u201cCollaboration with regional and international partners, continuous monitoring of the external environment and investment in innovation and education are also crucial for sustaining growth and stability in the face of these challenges.\u201d<\/p>\n

For More News And Analysis About Zimbabwe Follow Africa-Press<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zimbabwe. FINANCE, Economic Development and Investment Promotion minister Mthuli Ncube says the African insurance market must brace for the implementation of the African Continental Free Trade (AfCFTA) to create a more competitive sector. The AfCFTA is a free trade agreement that seeks to eliminate trade barriers and foster economic integration across the continent. […]<\/p>\n","protected":false},"author":84,"featured_media":97346,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,6],"tags":[19],"class_list":["post-97347","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-zimbabwe"],"yoast_head":"\n\u2018Africa\u2019s insurance market must brace for AfCFTA\u2019 - zimbabwe<\/title>\n<meta name=\"description\" content=\"FINANCE, Economic Development and Investment Promotion minister Mthuli Ncube says the African insurance market must brac ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/africas-insurance-market-must-brace-for-afcfta\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"\u2018Africa\u2019s insurance market must brace for AfCFTA\u2019\" \/>\n<meta property=\"og:description\" content=\"FINANCE, Economic Development and Investment Promotion minister Mthuli Ncube says the African insurance market must brac ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/africas-insurance-market-must-brace-for-afcfta\" \/>\n<meta property=\"og:site_name\" content=\"zimbabwe\" \/>\n<meta property=\"article:published_time\" content=\"2024-08-06T10:26:14+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-08-06T12:40:58+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2024\/08\/sm_1722931788.050367.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1500\" \/>\n\t<meta property=\"og:image:height\" content=\"1000\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/africas-insurance-market-must-brace-for-afcfta#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/africas-insurance-market-must-brace-for-afcfta\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"\u2018Africa\u2019s insurance market must brace for AfCFTA\u2019\",\"datePublished\":\"2024-08-06T10:26:14+00:00\",\"dateModified\":\"2024-08-06T12:40:58+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/africas-insurance-market-must-brace-for-afcfta\"},\"wordCount\":585,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/africas-insurance-market-must-brace-for-afcfta#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2024\/08\/sm_1722931788.050367.jpg\",\"keywords\":[\"Zimbabwe\"],\"articleSection\":[\"all news\",\"Economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/africas-insurance-market-must-brace-for-afcfta#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/africas-insurance-market-must-brace-for-afcfta\",\"url\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/africas-insurance-market-must-brace-for-afcfta\",\"name\":\"\u2018Africa\u2019s insurance market must brace for AfCFTA\u2019 - 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