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Namibia to host African Insurance Regulators’ regional seminar

Namibia is set to welcome insurance regulators from across Africa for the 2024 International Association of Insurance Supervisors’ (IAIS) Sub-Saharan Regional Seminar, to be held in Windhoek on 27 to 31 May 2024. The seminar is jointly organized by the Namibian Financial Institutions Supervisory Authority (NAMFISA), the IAIS, the Access to Insurance Initiative as well as the Financial Stability Institute, a global institution established by the Bank of International Settlements to promote sound financial systems and effective prudential supervision worldwide.

With the overarching goal of advancing sustainability, inclusivity, and resilience in the insurance industry, the seminar will focus on capacity building and will also delve into various gaps that hinder progress and sustainability of the insurance industry. These include protection gaps stemming from climate change, barriers to financial inclusion, technology challenges and opportunities, particularly in the realm of Supervisory Technology (SupTech), and skills shortages within the sector. Insurance regulators will have the opportunity to share their experiences, exchange knowledge and learn from best practices to enhance the effectiveness of insurance supervision in their respective jurisdictions.

The seminar will feature insightful discussions, interactive workshops, and knowledge- sharing sessions facilitated by experts and thought leaders in insurance regulation and industry. Participants will have the opportunity to explore innovative approaches, exchange best practices, and forge strategic partnerships to address the identified gaps and propel the African insurance industry towards greater stability and growth. The event will also facilitate two days of engagement and networking between regulators and industry.

Kenneth S. Matomola, CEO of Namfisa, expressed excitement about the upcoming event, emphasizing its significance in collectively addressing the challenges and opportunities facing the insurance sector. Matomola also highlighted the potential of the insurance industry as a driver of sustainable development and financial inclusion across Africa, underscoring the need to bridge protection gaps and increase insurance penetration rates for greater inclusivity and sustainability.

The IAIS is a global standard-setting body responsible for promoting effective and globally consistent supervision of the insurance industry. With its membership comprising insurance regulators and supervisors from over 200 jurisdictions and constituting 97% of the world’s insurance premiums, the IAIS plays a vital role in enhancing the stability, integrity, and efficiency of the insurance sector worldwide.