Insurance stakeholders meet on investment

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Continental Reinsurance Plc has hosted Chief Executive Officers (CEOs) of insurance companies and regulators across Africa at its yearly CEO Summit in Mauritius.

Themed “Leadership for Sustainable Insurance,” the two-day Summit highlighted the role of the insurance industry in supporting investments that contribute to United Nations Principles of Sustainable Insurance.

Speaking at the Summit, Group Managing Director, Continental Reinsurance Plc, Dr. Femi Oyetunji, challenged the insurance leaders to adopt management strategies that favour sustainable insurance investments to help the vulnerable people across the world manage their risks.

“As stakeholders, we are best placed to come up with sustainable responses through collective reasoning and sharing of experiences at a forum such as this.

“Thus, we should work together to deliver risk management services that help poor and vulnerable people better understand and reduce risk and offer affordable insurance products that cater to their needs,” he said.

Risk management and insurance at all levels is needed to build up the resilience that underpins the sustainability agenda. We must get involved in identifying the risks and developing mitigation. We are first risk managers before we become risk takers’’ he said.

Continental Reinsurance was the first insurer/reinsurer in Africa (outside of South Africa) to become a signatory to the UN’s Principles for Sustainable Insurance, demonstrating the company’s adoption of sustainable insurance aims, accountability, and transparency to the public in managing environmental, social and governance issues.

‘‘As a reinsurer, we are in the business to protect people over the long term. We create lasting value by adhering to these principles, therefore enhancing our risk management,’’ added Oyetunji.

Founder of Full Circle Africa, Vishal Agarwal, gave the key note address on Leadership and navigating corporate life. Other topics that were discussed during the Summit included, changing industry regulatory framework, organisational culture, insurance as a key transfer measure for cyber risk exposure for organisations and growing a diversified retail book profitably. Speakers were drawn from within and outside the insurance industry.

Continental Reinsurance has been organising the annual CEO Summit since 2014.The event, held in a different country every year aims at giving insurance industry leaders and other strategic stakeholders a platform to network, share ideas and best practices on how to develop the industry in Africa.

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