Africa's economy is booming. Population experts predict the continent will hit 2.5 billion people by 2050.
Insurance industry leaders now say their sector must drive this growth. They're calling for better financial links, tighter rules, more innovation and wider insurance coverage.
The push came during Africa Re's 48th General Assembly in Abuja on Thursday. The reinsurer marked its golden jubilee with policymakers, regulators and industry chiefs gathered to chart the path forward.
Africa's combined GDP exceeds $3 trillion today. By mid-century, the continent will be home to a quarter of the world's population.
That scale demands action, speakers argued. Insurance must mobilise more capital and help manage new risks across the continent.
Taiwo Oyedele represented President Bola Ahmed Tinubu at the event. Nigeria's Finance Minister stressed that stronger insurance markets would cement Africa's prosperity.
Africa Re's five decades prove what African cooperation can achieve, Oyedele noted. "We've celebrated not only 50 years of institutional excellence but also 50 years of African cooperation, resilience and vision," he told the assembly.
Discussions focused on several critical areas. Financial integration, regulation, disaster resilience, digital tools and capital raising topped the agenda.
"Today's resolutions represent far more than routine decisions," Oyedele stated. "They reflect our shared commitment to building a stronger, more resilient and integrated African insurance market."
Growing insurance penetration would unlock profits for businesses. It'll also reshape how the world views Africa and draw fresh investment, he added.
"Our markets differ, but we share the same goals," the minister explained. "Through innovation, technology investment, better governance and wider insurance access, we can create enormous value for our economies and citizens."
Olusegun Omosehin heads the National Insurance Commission. He called Africa Re one of the continent's most vital economic institutions.
The reinsurer was born in 1976, Omosehin recalled. African leaders created it to strengthen financial independence and keep insurance premiums circulating within Africa.
"That wasn't just business strategy," Omosehin said. "It was a declaration of Africa's economic sovereignty."
Africa Re started modestly but has transformed dramatically. Today it commands billion-dollar equity and ranks among the world's top reinsurers.
"This represents far more than commercial success," Omosehin noted. "It's a triumph for our entire continent."
