The Group Managing Director, Continental Reinsurance Plc, Dr. Femi Oyetunji, has said the capacity of African insurers and reinsurers can only be enhanced if they are patronised.
He spoke on the impact Continental Re has made in Nigeria and the African continent in the 30 years of its existence according to a statement.
According to Oyetunji, over the years, two big global insurance companies write over 30 times more business than all African reinsurers and insurers put together.
He said, “The argument in support of that is that local insurers do not have the capacity. However, without giving any of the projects to African carriers, that situation can never change.”
Oyetunji applauded the stance of insurance regulators, who were keen to see an increase in the market shares of local players, with foreign carriers picking up once local capacity was exhausted.
He pointed out that the message should be reinforced at the government level because too many projects were being agreed at the highest levels.
While mentioning some of the giant strides of the company in the past three decades of its existence, he said Continental Re had provided support to over 200 insurance companies in Africa, with its main offices in Nigeria, Cameroon, Kenya, Côte d’Ivoire, Tunisia and Botswana.
According to him, the firm has a specialist subsidiary, Continental Property and Engineering Risk Services, registered in South Africa.
Oyetunji said Africans must find solutions to their challenges because some vested interests from outside the continent have no interest in Africans doing things for themselves.
He observed that the answer to many of African insurance market’s dilemmas lied in greater collaboration.
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