HomeNewsVictoria Falls hosts developing countries insurance congress

Victoria Falls hosts developing countries insurance congress

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ZIMBABWE will this week host the Insurance Congress of Developing Countries (ICDC) in the resort town of Victoria Falls.

VICTORIA MTOMBA
BUSINESS REPORTER

This is the first time such a conference has been held in Africa. The congress runs from September 27 to October 2.

ICDC chairperson Zimbabwe organising committee Grace Muradzikwa said the congress would see the insurance sector interacting and creating possible synergies with international players and also see how best to reach out to the unbanked markets in developing markets.

“We expect this congress to be a stepping stone into the creation of strategic alliances between our local industry captains and Asia- Pacific, Latin America and Sub Saharan African Markets and explore opportunities for mergers, growth and strategic partnerships. It is also an opportunity for our local players to learn key lessons from other developing markets, the challenges they face and the initiatives they have taken to mitigate against these challenges,” Muradzikwa said.

Some of the topics that will be discussed include implementing enterprise wide risk-based operating models, the impact and challenges in building, solvency II and IFRS compliant systems in developing countries, managing the risk of insurance fraud in developing economies and climate change, its impact on insurance in developing countries and others.

Muradzikwa said close to 250 delegates from 15 countries internationally would attend the congress.

Speakers at the congress are drawn from India, South Africa, Kenya and Netherlands among others.

The ICDC is a brainchild of the Association of Insurers and Reinsurers, from developing countries, a member-based insurance organisation headquartered in the Philippines.

It brings together insurance executives and experts to share best practice and discuss common issues affecting insurance business in their countries.
Muradzikwa said in developing countries, the ratio of insurance to gross domestic product is under 2% in developing countries and still had a long way to go.

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