By David Akinmola
The Chairperson, Heirs Insurance Brokers, Dr. Awele Elumelu, with other female business leaders in the country has called for increased participation of womanly Leadership to unleash the expansion of the insurance Sector in Africa.
Speaking at the inaugural conference of the African Insurance Women Association (AIWA) in Lagos, on a paper titled, “The Future of Insurance: Trends, Challenges, and Opportunities,” Dr. Elumelu stressed that female leadership is both a strategic advantage and an ethical imperative.
She said: “The urgency to bring more women into this field is clear. Women bring fresh perspectives and empathy, and these are essential for designing inclusive, people-centered solutions.”
Dr. Elumelu highlighted the low insurance penetration of the African insurance industry, currently below 3 per cent, as a significant growth opportunity. She stressed the potential of digital solutions and micro-insurance to enhance accessibility and inclusion.
She said: “With our young, tech-savvy population, we have a unique chance to build products that truly resonate with Africans, especially through mobile technology, which can help reach underserved communities and foster financial literacy among younger generations.”
She concluded by calling for stronger public-private partnerships to foster regulatory innovation and enhance customer trust, saying: “A collaborative approach between industry players, regulators, and local communities will set the stage for a resilient and inclusive insurance sector that can drive economic growth across Africa.”
Speaking at the conference, the President, (AIWA), Lady Margaret Moore, stated that the first of its kind brings together African women in insurance to empower and inspire one another. The conference aims to foster connections, share knowledge, and promote collaboration across the industry.”
Heirs Insurance Group is the insurance subsidiary of Heirs Holdings, the leading pan-African investment company, with investments across 24 countries and four continents. With a rapidly expanding retail footprint and channel digital presence, Heirs Insurance Group serves both corporate and individual customers across Nigeria.
Also at the conference, the Commissioner for Insurance, Olusegun Omosehin, urged women across Africa to play actively in shaping the continent’s economics for growth and development.
Omosehin said with women playing a vital role, the prospects for the African insurance industry are bright, and we are poised for remarkable growth and development.
According to him, the current realities and shapes of our economies across Africa presently require a high level of confidence from decision-makers, hard work, resilience, foresight, and determination.
“We as regulators will give the Association the necessary support it requires as we have always done to our own PILA but in return, we expect that Nigerian women are going to reap all benefits coming from our support in line with the core objectives of AIWA.”
The National Insurance Commission, under my leadership, is committed to continuous development and growth of the Nigerian Insurance Sector and would always offer its hands of partnership to the African Insurance Women Association (AIWA), he said.
