The Federal Government has decried the low level of insurance penetration in Africa and the poor contribution of the sector to the economy of most African economies.
Minister of Finance, Budget & National Planning, Dr. Zainab Ahmed, expressed this position at the 2023 West African Insurance Companies Association, WAICA, Education Conference in Lagos. Speaking at the conference with the theme: ‘Repositioning the Insurance Industry in West Africa for Competitiveness’, Ahmed noted that a stable insurance market in the West African sub region must be promoted.
The Minister who was represented by the Commissioner for Insurance, Sunday Thomas, noted that maintaining an efficient, fair, safe and stable insurance market in the West African sub region must be promoted for the benefit of the policyholders and other stakeholders.
She however urged the delegates to deliberate and recommend ways of repositioning the insurance industry in West Africa for global competitiveness.