As Africa’s economy expands and its population races toward an estimated 2.5 billion people by 2050, insurance leaders are positioning the industry as a critical enabler of the continent’s next phase of growth, calling for deeper financial integration, stronger regulation, greater innovation and expanded insurance inclusion.
The call came at the 48th General Assembly and Golden Jubilee celebration of the African Reinsurance Corporation (Africa Re) in Abuja, where policymakers, regulators and industry leaders reflected on the institution’s 50-year journey and outlined a vision for a more resilient and integrated African insurance market.
With Africa’s combined GDP estimated at more than $3 trillion and the continent projected to account for a quarter of the world’s population by mid-century, speakers argued that the insurance industry must play a far greater role in mobilising capital, managing emerging risks and supporting sustainable economic development.
Representing President Bola Ahmed Tinubu, Taiwo Oyedele, Nigeria’s minister of Finance and Coordinating minister of the economy , said the continent’s future prosperity would depend on stronger insurance markets and closer collaboration among African nations.
