Regional Insurance Regulators’ Meeting Kicks Off

ZEP-RE (PTA Reinsurance Company) is hosting a workshop for heads of regulatory institutions in the East African region from Kenya, Uganda, Rwanda, Tanzania and Burundi under the auspices of East African Insurance Supervisory Association (EAISA).

The workshop that takes place between today and Friday is aimed at brainstorming and developing a road map that will enable the sector’s operators optimally harness opportunities and effectively deal with existing challenges. It is being organized by ZEP-RE’s training division, the ZEP-RE Academy.

Addressing the press at the launch of the workshop, Zep Re’s managing director Hope Murera said the workshop and discussions therein are in line and part of ZEP-RE’s core mandate of promoting the development of insurance sectors across the Common Market for Eastern and Southern Africa (COMESA) region.

“Insurance and reinsurance sectors have evolved and do continue to evolve within the domestic and global realm, we believe this engagement at regulatory level is relevant to spurring growth within our markets as it will provide a platform to share experiences and insights as to how best insurance, reinsurance and regulation can work hand in hand to spur growth and development of markets within Africa,” Ms. Murera said.  She added that ZEP-RE was keen on creating an avenue that enables both the operators and the regulators in the region to walk on the same path and speak with one voice towards developing advocacy and interventions for the reshaping of the insurance system to meet the expectations of stakeholders in the region.

Changing dynamics

Speaking at the same event, East African Insurance Supervisory Association (EAISA) chairman and chief executive officer of the Insurance Regulatory Authority of Uganda Mr. Ibrahim Kaddunabbi, said the objective of the workshop is to enable regulators in the region to fully understand the unique challenges the sector is facing and help them develop regulations that support its growth.

“This workshop is particularly focused at repositioning the insurance industry in the East African region for self-actualisation and growth. We are not ignorant of the huge potentials available for the industry to scale great heights within the East Africa and wider COMESA economy,” said Mr. Kaddunabbi.

On the other hand, Mr. Godfrey Kiptum, the chief executive officer of the Insurance Regulatory Authority of Kenya reiterated the need to build capacity, adding that the deliberations will be geared towards achieving the singular objective of developing a roadmap to optimally harness the industry’s potential.

“By putting our heads  together as regulators through such workshops, we’ll be able to share ideas and forge a common front in tackling emerging regulatory issues in the region as markets dynamics change,” said Mr. Kiptum.