Rwanda President tips African insurers on magnified risk

Rwanda President tips African insurers on magnified risk

President Paul Kagame (Middle) African Insurance Organisation General Assembly and Conference Serena Kigali hotel

President Kagame has stated that insurance is about people, about their deepest hopes and fears in spite of the fact that there exists a wide gap between public understanding and the critical importance insurance services play in their daily lives.

President Kagame said this on June 4, 2014 while officially closing the 41st African Insurance Organisation General Assembly and Conference at Serena Kigali hotel.

“Without insurance we cannot drive cars, or build infrastructure, or provide healthcare, without serious concerns,” he said.

He observed that without insurance, every risk is magnified. A person can literally lose everything. Insurance makes life less scary by providing a safety net beyond what the state alone could ever offer.

“In pursuing your vocation as underwriters which includes producing a return for your shareholders you free up the insured to be more productive, entrepreneurial, and future minded.”

President Kagame pointed out that low penetration of insurance products in Africa is as much of a challenge as it is an opportunity because the untapped potential for innovation as well as the scope for increased public-private partnership is huge.

Citing Rwanda as an example, Kagame said the fact that a greater portion of foreign investment in the financial sector, including insurance comes from elsewhere on the continent demonstrates growing confidence in Africa’s future, which in turn enhances its attractiveness globally.

In conclusion, he urged Africans to continue working together as governments and as companies across the continent, pooling know-how and resources until products and services are within the reach of every family in Africa.

“This conference is now closing, but our work is not done. We are counting on your input to set and continue the important agenda.”

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