Insurance World

Munich Re Says It’s Committed To Growing Insurance Penetration In Africa

* Eyes Agric, Micro Insurance To Drive Growth

Nico Conradie, MRoA Chief Executive Officer delivering his paper titled ” Pay As You Go Insurance” at the just concluded African Insurance Organization (AIO) Conference held in Accra, Ghana.

 

 

 

BY NKECHI NAECHE ( LAGOS)–Poised to deepen insurance penetration in Africa, top reinsurer, Munich Re of Africa (MRoA) says it has reconfigured its business model to grow insurance penetration in West and East African markets.

Nico Conradie, MRoA Chief Executive Officer disclosed this to BusinessToday Online on the side line of the just concluded African Insurance Organization (AIO) Conference held in Accra, Ghana-that it would be growing and developing the African market from the company’s hub in Johannesburg, South Africa with the help of agriculture and micro insurance.

He says, “One of our focus is agriculture insurance and micro insurance, we see this as an opportunity to grow the penetration rate in Africa.”

With regard to client relationships, Conradie says “Munich Re has always been committed to the continent and wants to continue building quality relationships with its clients to help them succeed.

“We have been doing business in Africa for 50 years. We enjoy when our clients succeed, we enjoy sharing expertise with our customers because we believe that as they grow, we also grow along with them. We believe that partnership is important before success,” he says.

On how the insurance industry can contribute to economic growth in Africa, the Munich Re boss says, “the most fundamental topic is to make insurance more sustainable and by that I simply mean we have to do it properly, with proper risk management, proper pricing so we can make sustainable profits for our shareholders. We can use our profits to pay taxes and help develop our various countries. If we don’t have sustainable businesses we cannot grow our economy.”

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