Highlights of the 47th AIO Conference and Annual General Assembly in Lagos, Nigeria
The 47th AIO Conference and Annual General Assembly held in Lagos, Nigeria, featured sessions on topics like Regulation, Innovation, Future of Insurance, Africa's Economy, and more. Notable speakers shared insights on the insurance sector's role in economic diversification, collaboration for African economic development, and the need for modern technology adoption. Reports from various bodies were presented, including financial statements for 2019 and 2020. Quotable quotes emphasized the importance of insurance in stabilizing economies and fostering growth.
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RESOLUTIONS ARRIVED AT THE 47TH AIO CONFERENCE AND ANNUAL GENERAL ASSEMBLY LAGOS, NIGERIA. 4THTO 8THSEPTEMBER 2021 RAPPORTEURS: DR. (MRS.) YESIDE OYETAYO (ACII, AIIN) TIAMIYU, ABIMBOLA O. (FIIN)
SUMMARY OF ALL THE FIVE SESSIONS Technical Overview of the Theme: Session 1: Session 2: Session 3: Session 4: Regulation, Innovation and the Future of Insurance By: Olorunda Sunday T.; Adama Ndiaye; Karim Diarassouba; Grace Muradzikwa; & Tala Ndze. The New Normal: How Leaders can Reset for Growth Beyond COVID-19 By: Belhassen Tonat Rebuilding Africa s Economy An Insurance Perspective By: Jakkie Cillers Harnessing the Potential for Growth and Development in the Nigerian Insurance Market By: Yinka Sanni African Continental Free Trade Area (AfCFTA) and the African Insurer: Prospects and Opportunities By: Cassim Hansa
QUOTABLE QUOTES FROM THE CONFERENCE Insurance sector will play a vital role in the diversification of the economy by bringing necessary stability, economic sustainability, revenue generation, job creation and financial inclusiveness President Muhammadu BuhariGCFR African nations do not have enough fiscal measures to quickly rebound from COVID-19 impact Belhassen Tonat to take cognizance of the collective idea of developing the African economy through collaboration of all the insurance industries in all African countries Dr. (Mrs.) Zainab Ahmed In the course of history, there comes a time when humanity is called to shift to a new level of consciousness, to reach a higher moral ground. A time when we have to shed our fear and give hope to each other. That time is NOW Wenzadi Meathar thru Cassim Hansa Regulators to continue facilitation for a vibrant insurance industry, healthy competition and adoption of modern technology Yinka Sanni Insurance is the vaccine of the world Jakkie Cillers
REPORTS FROM VARIOUS POOLS AND BODIES At the 47th AIO Conference and Annual General Assembly held on 4th to 8th September 2021, the various pools and bodies listed below presented their reports, which are taken as received, and will be reviewed by the Council at future Council meeting(s) after which the Council decision on their various prayers will be communicated to the pools and bodies through the Secretariat. Association of Brokers Association of Supervisors Association of Trainers and educators Life Committee Oil & Energy and aviation Pool ARIBI and Block-Chain Project The Financial Statements and Accounts for 2019 and 2020 were presented by the Messrs. EY, the external auditors for the period and these were adopted by the delegates at General Assembly as after as advice to Council to ensure that the Organisation s operations is executed at a profitable basis and NOT on loss basis.
MEMBERSHIP MATTERS Applicants (with payments) Applicants (without payment) Withdrawals Resolution(s) That once the applicants meet required standards/req uirements, the Companies should be admitted. 27 Companies 18 Companies 15 Companies
APPOINTMENT OF NEW EXCO MEMBERS Received Nominations Resolutions The Secretary General (SG) Read Out All the Received Nominations and presented same for consideration and consequent adoption The proposed received nominees were approved and accepted to become members of Council. There was a question relating to how the nominations were sent and a detailed response by the SG was provided to the delegates.
BOOK REVIEW COMMITTEE Three books were received Recommendations Resolution(s) Layinka Akintola: Fundamentals of Insurance Claims That Council will review the prayer from the Committee and proceed as would be decided. However, it was confirmed that the award prize amount is still $5,000.00. To share the award money among the three of them in the proportion below: 60%/25%/15% Aaron Issa Anafure: Practice of Life Assurance in Perspective Jason Atike: The Insurance Broker s Passport: a Manual of Insurance Broking Practices in Ghana
OTHER ISSUES AGREED 48th AIO Conference and General Assembly 25th Reinsurance forum AIO Hall of Fame Award Designation of Vice President Kenya as in line with the practice To be announced at the Dinner later tonight Kigali has confirmed 27th November to 2nd December in Kigali. Nairobi, Kenya. May 2022
DRAFT RESOLUTIONS AT THE 47TH AFRICAN INSURANCE ORGANISATION CONFERENCE HELD ON 4TH TO 8TH SEPTEMBER 2021, THE PARTICIPANTS AGREED TO: S/No Communique Responsible Person(s)/Entity(ies) 1 Collaborate and work with respective Governments to ensure that insurance companies can contribute directly and impactfully to the economy. Design insurance products that effectively cover the developmental actions of Government and deepen insurance penetration at all levels. AIO Council; Regulators; Practitioners and Educators. 2 Practitioners. 3 Invest in Information Technology with focus on artificial intelligence, disruptive, while partnering with FinTech organisations. Practitioners. 4 Cross-border collaborations to improve insurance penetration and growth while proactively and collectively embracing AfCFTA. AIO Council; Regulators; Practitioners and Educators 5 Invest in quality education for both the practitioners and the whole populace especially in financial literacy; and set up of schools and scholarships amongst others. Invest in sustainable projects and financing of facilities developments. Educators; Regulators and Practitioners 6 Practitioners 7 Move to risk-based supervision in line with current global best practices. Regulators 8 9 Create a thriving business enabling environment for all practitioners. Encourage the active participation of all female insurance practitioners in the activity of PILA Africa to facilitate effective networking and growth of the African insurance industry. Council to revert with decisions to the various pools and bodies prayers through the Secretariat after consideration of the reports. Regulators AIO Council; Regulators; Practitioners and Educators. 10 AIO Council
