Insurance Leaders Urge Africa To Embrace Digital Reform

African insurance regulators and executives have issued a strong call for urgent regulatory innovation and digital distribution to close the continent’s protection gap and drive inclusive growth.

The appeal came during a high-level panel at the 52nd African Insurance Organisation (AIO) Conference.

Nigeria’s Commissioner for Insurance, Olusegun Ayo Omosehin, told delegates that Africa’s low insurance penetration should be seen as a multi-billion-dollar opportunity.

He noted that the continent already commands a $68 billion premium pool, proving that demand exists where access is available.

Panelists stressed that distribution failure, not lack of demand, is the main obstacle, they added that traditional agent-based models fail to reach up to 90 percent of the population, especially in rural and informal sectors.

They urged a shift toward mobile-first distribution, embedded insurance, and community-based channels to expand coverage.

Africa’s fast-growing digital ecosystem, with more than 500 million mobile subscribers and 350 million mobile wallets, was highlighted as a ready-made platform for low-cost insurance distribution and claims payments

Leaders also pressed for regulatory reforms, including risk-based capital frameworks, principles-based supervision, and expanded sandboxes to encourage innovation.

The session reiterated a coordinated call to action that regulators, insurers, and technology providers must work together to raise insurance penetration to 3–5 percent within the next 5–7 years, expand financial protection for underserved communities, and strengthen economic resilience across African economies.