African Reinsurance Corporation (Africa Re), the leading pan-African reinsurance company, recently hosted an unprecedented three-day workshop in Accra, Ghana, focused on the formidable challenges and immense potential of agriculture and climate insurance in Africa. The workshop brought together a remarkable assemblage of insurance professionals, renowned industry experts, and visionary policymakers from 14 African nations, creating a vibrant platform for collaboration, knowledge sharing, and the development of innovative insurance products and services.
Set against the backdrop of the prestigious Labadi Beach Hotel, the workshop gathered participants from Ghana, Côte d’Ivoire, Ethiopia, Kenya, Nigeria, Rwanda, South Africa, Tanzania, Uganda, Zambia, Zimbabwe, Liberia, Egypt, and Sudan. Together, they embarked on a collective journey to explore effective strategies and cutting-edge solutions to mitigate the significant risks faced by the continent’s agricultural sector.
Ken Aghoghovbia, Africa Re’s Deputy Managing Director and Chief Operating Officer, delivered an impassioned address that underscored the pivotal role of agriculture in driving Africa’s economic growth and prosperity. He emphasized the sector’s substantial contribution to GDP and employment, while acknowledging the multifaceted challenges posed by climate change, conflicts, and limited access to financing.
“Agriculture stands as the very backbone of Africa’s economy,” Aghoghovbia declared with conviction. “Yet, its true potential remains untapped, held back by a host of factors that hinder productivity and threaten food security. By bolstering agricultural insurance, we possess the power to create a more resilient and sustainable sector that will serve as the catalyst for Africa’s progress.”
Kofi Andoh, Acting Commissioner of Insurance for Ghana, echoed these sentiments, shining a spotlight on the compounding impact of climate change and biodiversity loss on traditional agricultural challenges. He stressed the pressing need for insurance solutions that can attract the critical credit and investment necessary to unlock the sector’s full potential.
“Agricultural insurance emerges as a vital tool for mitigating risks and propelling the agricultural sector forward,” Andoh affirmed. “Ghana remains steadfast in its commitment to creating an enabling environment that supports the development and delivery of affordable agricultural insurance products, empowering farmers and driving agricultural growth in our nation and across the continent.”
While the importance of agricultural insurance has gained recognition, the African market still grapples with substantial underdevelopment. Aghoghovbia shed light on several factors contributing to this, including limited expertise, low adoption of digital solutions, and inadequate investment in product development.
The three-day workshop served as a transformative platform for knowledge sharing, capacity building, and skill development. Renowned experts and industry thought leaders from around the world converged to share invaluable insights and best practices on various aspects of agricultural insurance, including advanced product design, sophisticated underwriting techniques, efficient claims management, and the strategic utilization of digital solutions.
The workshop aimed to accelerate the development of innovative insurance solutions tailored to the unique needs of Africa’s agricultural sector. By fostering collaboration and facilitating robust knowledge exchange, the event sought to unlock the immense potential of agricultural insurance, empowering farmers, promoting food security, and fueling the continent’s overall agricultural growth.
The workshop yielded tangible outcomes, equipping participants with a deeper understanding of the opportunities and challenges associated with agricultural insurance in Africa. Armed with newfound knowledge and expertise, insurance professionals and policymakers are now poised to drive the development and implementation of comprehensive agricultural insurance programs that can withstand the region’s unique risks and uncertainties.
Africa Re remains steadfast in its mission to support the economic development of the continent and strengthen the insurance and reinsurance industry in Africa. With its broad-based shareholding and extensive network of regional and local offices, Africa Re continues to play a pivotal role in driving the growth and sustainability of Africa’s insurance landscape.
For more information about Africa Re and its initiatives, please visit Africa Re’s official website.
Contact:
Isaac Magina – [email protected]
Alfred Adogbo – [email protected]
Joseph Chege – [email protected]