Players within the insurance sector in Ghana as well as other developing countries are being urged to adopt cutting-edge technologies to tackle risks associated with natural disasters.
According to Dr. Mohammed Ibn Chambas, insurance sector regulators ought to develop what he describes as adaptable digital infrastructure to manage insurance losses from these unforseen circumstances.
“It is disheartening to learn that some insurance policies still don’t cover disasters of this kind. It is true that the earth has been subjected to natural disasters since its formation, and that these disasters are caused by a variety of natural processes”, he said.
He added, “However, I am convinced that insurers, led by supervisory authorities, would greatly benefit from a more adaptable digital infrastructure and the use of cutting-edge technologies in order to better manage emerging risks that are constantly shifting in nature.”
Dr. Ibn Chambas spoke at the 22nd Educational Conference of the Association of Insurers and Reinsurers of Developing Countries organised here in Accra.
The objective of the four-day international conference is to come out with measures to increase the share of developing economies in the global insurance market.
It was hosted by the National Insurance Commission (NIC) and Organised by the Association of Insurers and Reinsurance of Developing Countries (AIRDC).
Dr Chambas who was the special guest of honour, further said insurance companies in developing countries should leverage the lessons learned from developed economies to fuel cross-border expansion, especially in emerging markets.
He said leadership and governance was critical for the success of the insurance industry.
“These two enable you to act in the best interest of the business or industry at all times,” he said.
Dr Chambas further called for collaboration among the players in the insurance industry to help address the challenges facing the sector across the world.
“We have seen that when a pandemic strikes country A, country Z is not immune! Therefore, in an essentially, multi-polar and interdependent world, we must intensify searching for collective solutions to global challenges including in the insurance industry,” he said.
For his part, Commissioner of Insurance at the National Insurance Commission (NIC), Dr Justice Yaw Ofori, urged insurers to transform their businesses to meet rising policyholder expectations.
“The landscape of insurance especially in developing countries keeps changing due to rising policyholder expectations and technological development and as such, insurers and reinsurers have no choice but to transform their business and operating models to re- emerge stronger than before”, he stressed.
He also indicated that despite the opportunities, the insurance market in developing countries was still faced with some challenges.
Among the challenges, he mentioned were lack of trust in insurance, unhealthy competition, bad corporate governance and “fluctuating boardroom ethics.”
The 22nd AIRDC Educational Conference is themed, “Building Resilience in the Heat of a Global Economic Tussle,” and it is being held under the auspices of the Association of Insurance Supervisory Authorities for Developing Countries.
The participants are Chief Executive Officers, experts, practitioners from Insurance and Reinsurance companies are from Ghana, Egypt, Nigeria, Angola, Togo, Benin, Kenya, Guinea, Liberia, Nepal, Philippines, and Senegal.
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