Insurance organisations operating in Zimbabwe and the rest of the African region are set to converge in Victoria Falls later this month to explore strategies on how to improve the sector in line with the changing global economic trends.
Insurers, re-insurers, brokers and other insurance experts will meet for the 38th edition of the African Insurance Organisations Conference and General Assembly from the 21st to the 26th of this month.
The conference, which will run under the theme, â€˜In Pursuit of the Uninsured African,â€™ provides a platform for players in the sector and related stakeholders to exchange notes on developments that have taken in the insurance field over recent years with a view to enhancing services in order to meet the needs of African citizens.
Chairman of the technical committee of the African Insurance Organisation, Mr Lovemore Madawo said the conference comes at a time when insurers are working towards instilling confidence in business as well as ordinary individuals in the insurance sector following the adoption of the multicurrency system in Zimbabwe.
â€œWe are aware that as a country we have gone through hyperinflation where people lost confidence in the sector. But despite that, we are hopeful of a positive change due to economic stability brought by the multi currency system there will be. On the short, the problem of hyper-inflation was not a problem, its more in long term insurance, but people still need insurance,â€ Mr Madawo said.
Several new insurance products have been introduced for individuals as well as industry and commerce but the local market remains skeptical on the value of insurance.
The African Insurance Organisation Conference, which is held annually in member countries, is expected to raise the profile of the local insurance industry.
Speakers from other regions such as Asia and Europe have also been invited including the chairman of Lloyds of London, which is the leading insurance and reinsurance market.