A Pioneering Journey Begins
In March 2024, COVER, together with the Insurance Institute of Western Cape (IIWC), embarked on the first-ever Africa COVERed journey. This pivotal venture brought together nine insurance professionals who traversed over 3,745 kilometers across Africa in eight days. Their mission? To delve deep into the realms of regulation, distribution, innovation, and industry intelligence, all while fortifying vital insurance relationships across the African continent.
Bridging Borders, Building Knowledge
This annual expedition is designed to foster connections and collaboration across borders, promoting the synchronous exchange of insights that are crucial for the growth of the financial services industry throughout Africa. Given the economic landscape where the majority of South Africans are low-income earners, there is much to learn from the insurance practices and innovations found throughout the continent.
The Journey Commences
The adventure kicked off at OR Tambo International Airport, with the team buzzing with excitement for their first destination: Nairobi, Kenya. After a stopover in Kigali for some Rwandan coffee, the team experienced the scenic beauty of the region from the air, setting the stage for a week of rich cultural and professional exchange.
Engaging Insights in Kenya
Upon arrival in Kenya, the team’s first engagement was with Africa Re’s Kenyan office, which offered a thorough analysis of the local insurance market’s challenges and opportunities. This was followed by a visit to the Kenyan Insurance Institute (IIK), where the focus was on elevating professional standards and ethics within the industry through comprehensive continuing professional development (CPD) programs and events.
A memorable visit to the College of Insurance showcased their commitment to education and training in the financial services sector, emphasizing their impressive 75% graduate employability rate.
Experiencing Rwanda
The journey continued in Rwanda, where the team explored the local insurance landscape. Meetings with the Rwanda Insurance Broker Association (RIBA) and MUA Rwanda provided insights into the broker market and the broader insurance environment. Discussions with the Association of Insurers in Rwanda (ASSAR) further enriched the team’s understanding of regional practices, such as mandatory third-party motor cover.
Concluding with a Conference
The trip concluded with the African Insurance Forum hosted by Fexton at the Marriot Hotel in Rwanda. This conference was a critical platform for networking and further information gathering, offering a comprehensive overview of the insurance sector in Rwanda.
Looking Ahead
As we prepare to release a detailed research paper in June, which will include extensive analysis from our meetings and visits, we are also planning the next Africa COVERed journey to Ghana in 2025. This ongoing series of trips is instrumental in expanding our understanding and fostering sustainable growth within the insurance industry across Africa.
Acknowledgments
A heartfelt thank you goes to our trip sponsors—Price Forbes, Lombard, Discovery, and Munich Re. Special thanks to Lombard Human Capital for ensuring travel insurance for all delegates and to Africa Re for providing transportation, making this insightful journey possible.
Stay Tuned
For those interested in the future of insurance in Africa and looking to contribute to or participate in our next adventures, keep an eye on upcoming announcements for the 2025 trip to Ghana. This initiative is more than just a series of trips—it’s a progressive movement towards a more interconnected and robust African insurance market.
