Industry leaders at the 52nd African Insurance Organisation (AIO) Conference have called for bold regulatory reforms and digital innovation to close Africa’s insurance protection gap and unlock inclusive economic growth across the continent.
Participating in a high-level panel discussion, Olusegun Ayo Omosehin, Commissioner for insurance/CEO of Nigeria’s National Insurance Commission (NAICOM), emphasised that Africa’s low insurance penetration represents a multi-billion-dollar opportunity rather than a limitation.
Despite the recorded gap in Africa’s insurance penetration, the continent already commands an estimated $68 billion premium pool, signalling strong underlying demand where access exists.
“The gap is not about willingness to pay—it is about our ability to design and distribute products that reach people where they are,” Omosehin stated.
A key theme of the discussion was that distribution failure, not lack of demand, is the primary driver of low insurance penetration. Traditional agent-based models fail to reach up to 90 percent of the addressable population, particularly in rural and informal sectors.
