The insurance industry has been identified as a critical driver of Africa’s quest to unlock the full potential of the $3.4 trillion African Continental Free Trade Area (AfCFTA), with stakeholders urged to strengthen underwriting capacity, deepen regional integration and retain more risks within the continent.
Executive Vice President, Intra-African Trade and Export Development at Afreximbank, Kanayo Awani, made the call yesterday while delivering the keynote address at the 52nd Conference and Annual General Assembly of the African Insurance Organisation (AIO) in Cairo, Egypt.
Speaking on the theme: “Insurance as an Enabler of Economic Growth for All- Taking Advantage of Free Trade Across Africa,” Mrs Awani said the success of the AfCFTA and Africa’s industrialisation ambitions would depend largely on the ability of insurers to support trade, infrastructure development, investment and cross-border commerce through effective risk management.
According to her, Africa’s dream of creating a single market of 1.5 billion people with a combined Gross Domestic Product of about $3.4 trillion cannot be achieved without a robust insurance industry capable of underwriting the risks associated with increased trade and investment flows across the continent.
