ZIMBABWE is set to host the Organisation of Eastern and Southern Africa Insurers (OESAI) conference in Victoria Falls next week, with organisers eager to leverage the event to foster greater regional cooperation in the insurance sector.
Running under the theme The Business of Insurance in Economic, Digital, and Geopolitical Uncertainty, the 46th edition of the OESAI annual conference and general meeting is expected to attract over 500 delegates.
“This is a great opportunity for Zimbabwe to showcase to the region the capacity the country has in terms of insurance skills and capabilities as well as demystifying the perception they have about Zimbabwe,” local conference organising committee chairperson Solomon Mavuka said.
“The venue itself, Victoria Falls, is a gem, which can spruce up the country's image. We are expecting over 500 delegates.
“This is a great opportunity for the insurance industry to leverage on the networking opportunities since more than 35 countries will be represented.”
The conference comes at a time when Africa is facing myriad challenges affecting the insurance sector, chief among them the loss of revenue to other countries as insurers and reinsurers declare incapacitation to underwrite certain risks.
Africa has been losing billions of dollars to the international market through policy cover externalisation, with industry experts arguing that the continent is footing the international bill.
Higher insurance and reinsurance premiums, together with tougher terms and conditions, have also contributed to Africa’s minimal contribution to climate risk mitigation, standing at only 3,8%.
To help solve these challenges, there have been concerted calls for collaboration among all stakeholders, including governments, to achieve success.
Experts advocate for Africa to combine its balance sheets as a key solution to policy cover externalisation.
Mavuka said the conference will serve as a platform for experts to network, exchange ideas and experiences, and work together to find solutions for current issues affecting the insurance industry on the continent and beyond.
"This year, we have assembled a group of talented experts who will provide insights on the latest trends, technologies, and best practices in the insurance industry,” he said.
“The conference will also provide opportunities for delegates to network, exchange ideas, experiences and work together to find solutions for current issues that are affecting the insurance industry on the continent and beyond."
Oesai is a member-based insurance organisation, headquartered in Nairobi, Kenya, with the mandate to promote the business of (re)insurance across the region, in the areas of advocacy, research, technical and leadership skills development as well as in promoting best practice within the industry
