A Sadc Insurance Forum (SIF) that seeks to promote co-operation among insurance and reinsurance players, foster business networking, as well as deepen insurance penetration, has been launched.
The forum will, among other things, facilitate inter-regional trade and the creation of a vibrant insurance industry in the region.
Speaking at the launch last week, chairman Albert Nduna said the forum would foster the creation of a formidable insurance industry.
“We want to foster the creation of insurance institutions in the Sadc region that stand shoulder-to-shoulder with those in the developed countries,” Nduna said.
“It is an acknowledged fact Africa is the continent of the future.
“Africa needs, among other things, strong insurance institutions to facilitate its accelerated economic development.”
SIF is expected to take centre stage in nurturing and developing insurance skills in Sadc.
He said the forum would be all inclusive catering for various needs of the whole spectrum of insurance industry players from regulators to loss adjusters and others.
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Nduna said Sadc was a unique African sub-region, hence the need to create a forum of insurance companies with a regional focus.
The region is yearning for accelerated economic growth and development anchored on its vast natural resource base in order to alleviate poverty, which is prevalent.
“Insurance plays a critical role in the economies of Sadc by not only providing alternative risk transfer mechanisms and offering financial security, but in mobilising savings for national development, facilitating investment and employment creation,” he said.
“Insurance encourages private firms to invest and create wealth. It also facilitates trade and commerce.”
