“Leaving No One Behind: Financial Inclusion through Innovation”was the theme of the45th Conference of the Organisation of Eastern and Southern Africa Insurers (OESAI) Annual Conference and its Annual General Meeting being held from August 27 to August 31 at the Intercontinental (ITC) Hotel at Balaclava, Mauritius.
The event saw the participation of numerous stakeholders in the financial and insurance industry with the presence of the Minister of Foreign Affairs, Regional Integration and International Trade, the Honourable Alan Ganoo; Minister of Financial Services and Good Governance, the Honourable Mahen Kumar Seeruttun; CEO of the Financial Services Commission Mr Dhanesswurnath Thakoor and Chairperson of OESAI’s board, Mrs Patty Karuaihe-Martin, among others.
In his keynote speech delivered at the opening ceremony, Minister Seeruttun emphasised that innovation remains at the heart of the Ministry of Financial Services and Good Governance’s strategy. Since he took the helm at the ministry, he has consistently championed financial technology as a pathway for greater prosperity. Numerous initiatives have been introduced under his leadership to help improve lives and financial health.
The Minister stressed: “The insurance industry should play a pivotal role as we speak about financial inclusion spanning across the African continent, taking into account that it remains at the heart of key strategy for Governments hailing from North and South, East and West of the continent.”
Speaking at the event, Minister Seeruttun highlighted that the conference strives to offer insightful views on how insurers can leverage innovation to facilitate financial inclusion, taking into account Africa’s role in competing within a global context. The Minister also announced the upcoming launch of the National Insurance Claims Database in Mauritius, enabling to bolster motor insurance claims and recovery processes.
In his address, Foreign Affairs and Regional Integration Minister Alan Ganoo underlined that Africa faces a huge challenge to make financial services more accessible, affordable, and relevant to a broader population.
He said: “Access to insurance through financial services will help individuals and businesses to help mitigate the impact of unforeseen events such as health emergencies and disasters. This, in turn, will help enhance resilience while at the same time reducing vulnerability to economic and climate shocks.”
The Minister added that from a regional integration standpoint, the integration of financial inclusion in the regional economic agenda calls for collaboration between governments, the financial intermediation industry, financial regulators, and fintech companies collectively. He explained that the government is committed to developing an innovation-driven economy to help facilitate and spur absorption and deployment of technology spanning across all spheres of life.
“Insurance as a risk protection mechanism plays an important role in several UN Sustainable Development Goals which entails no poverty, reduced inequalities, good health and well-being, gender equality and industry innovation and infrastructure, among others. The insurance sector holds the potential to boost the 2030 UN Agenda for Sustainable Development.”
Furthermore, he added that the Mauritius International Financial Centre (MIFC) is increasingly attracting more Fintech developers, where it is building capacity (capabilities?) to serve the needs of financial inclusion through technology and while fostering more resilient communities in Africa.
For the Chairperson, Patty Karuaihe-Martin, she noted that, with OESAI having been founded in 1973, the meeting marked the celebration of its 50th anniversary, recalling that it had started with 8 founding insurance companies, including from Mauritius. “The OESAI set out to be the backbone of the insurance industry in the Eastern and Southern African region, aiming to foster knowledge sharing and industry development. The organisation has grown over the last 15 years, with more than 120 members, over more than 20 countries, and over the last half of the century, we have not only achieved the mandated objectives but also continued to grow while making a meaningful contribution to the insurance sector.
The Conference saw a huge participation of insurance industry stakeholders, including delegates hailing from both local and international shores. This included representatives from Africa Specialty Risks (ASR), a pan-Africa (re)insurance company with offices in London and Mauritius.
