Chairman, LOC 47th AIO conference.
By Bisi Bamishe.
The 2021 Africa Insurance Organization (AIO) conference and annual general assembly taking place in Nigeria from September 4 – 8, 2021 has been described as a blessing in disguise.
The event is expected to draw delegates from about 48 African member countries and 10 overseas member countries, including Asia, Europe and USA.
The AIO, established in 1972, is a non-governmental organisation made up of full members and associate members with about 365 members worldwide.
Its full members comprise of insurance companies, brokers, actuaries and other support services based and operating in Africa, bodies responsible for the control of insurance in member countries, insurance training centres, as well as national and regional insurance associations.
Such calibres of people are being expected in Nigeria next week to deliberate together on the theme; ‘Rebuilding Africa’s Economy – The insurance perspective’ at Eko Hotels and Suites, Victoria Island, Lagos from September 4 – 8th, 2021.
The Organisation hosts annual conference and general assembly that creates platform for its members to share global experiences on insurance and reinsurance matters with the goal of enhancing the development of the regional insurance market.
This year, conference which is rotated annually among member companies will be hosted by Nigeria. The last time Nigeria had the privilege of hosting the regional conference was in 2000.
Expectations are high among operators and other stakeholders in the industry, that Nigeria stands to gain lots of benefits by playing host to delegates coming all over the world at a time when the nation is being perceived in a negative light.
No doubt, it will be a forum to market the negative views held by the outside world about Nigeria.
Affirming this, AIO conference LOC Chairman, Mrs. Ebelechukwu Nwachukwu said, “hosting this conference is significant to Nigeria more ways than one. Apart from the opportunity to showcase our rich culture and hospitality, it will also be a great opportunity to correct some of the misconceptions about Nigeria and her people.
“We have the opportunity to showcase Nigerian hospitality; we will have the opportunity to showcase the Nigerian rich cultural heritage; We have plans to take the delegates around Lagos and other places of interest where they can purchase items of interest such as artefacts and other made in Nigeria items”, she disclosed.
The hospitality industry will definitely gain. Hotels business will receive a boost as delegates are expected to stay in hotels during the conference.
She explained that, “All these are going to contribute to economic activities in the country and for the fact that we are hosting at all, is really going to add value to our industry and gives us the opportunity to showcase that insurance is strong enough to support the economy”.
The benefits of the conference will go beyond the insurance industry for both insurance and all services around insurance will be impacted.
Chairman, Nigeria Insurers Association, Mr Ganiyu Musa, assuring that beyond insurance companies’ participation, there would be a lot of multiplier effects on the nation’s economy, explained that service providers that are complementary to insurance business and the insurance industry would have opportunity to advertise their products to Africa and beyond, not only in Nigeria.
Tech service providers such as Insuretech and Fintech that provide services complimentary to insurance are expected to participate by setting up exhibition stands to strike partnerships that will bring investment into the country.
“They are expected to build bilateral discussions, strike partnerships both short and long terms. It is something that is expected to be significant in terms of impact both immediately and for several months after the conference is over,” he added.
In addition, hosting the conference in Nigeria, means bringing the conference to the doorstep of local insurers, reinsurers, brokers, agents and loss adjusters, who will seize the opportunity to
network with their professional colleagues in the international community.
The future looks bright for Nigeria Insurance industry with the hosting of AIO conference. It is a good tool of publicity for the industry. The general public in the coming days will hear more about insurance through the disermination of information on events about the conference. This is expected to further change public perception of the industry and boost public patronage of insurance policies.
All these, will definitely increase insurance penetration in Nigeria and put the industry in its rightful position in the nation’s economy.
