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The Ministry of Finance and National Planning says the continued low uptake of insurance products across Africa is a serious concern that threatens the continent’s economic resilience and long-term development.
Acting Permanent Secretary for Economic Management and Finance, Akapelwa Imwiko, said insurance remained one of the most underutilised financial tools on the continent, despite its critical role in cushioning economies and supporting long-term investment.
Speaking during the 2nd Annual International 2025 CEOs Summit in Lusaka, Imwiko said Africa’s future growth would depend on how effectively its insurance, banking, and telecommunications sectors work together to enhance financial inclusion and expand access to insurance services.
“The uptake of insurance products across Africa remains worryingly low, and this poses a direct threat to our economic stability and long-term development. Our continent’s future hinges on how effectively insurance, banking, and telecommunications industries collaborate to drive financial inclusion,” he said.
Imwiko added that the insurance sector provided essential risk-mitigation mechanisms and long-term capital required for infrastructure and development projects.
He challenged the more than 200 Chief Executive Officers and global experts attending the summit to rethink traditional business models and accelerate innovation.
“We must begin to think beyond traditional sector boundaries. Insurance is not just a service — it is a strategic pillar for sustainable economic transformation,” he said.
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Meanwhile, Kenya Reinsurance Corporation Chairperson, Eric Gumbo, echoed the sentiments, stressing that the summit comes at a pivotal time for Africa’s financial sector.
“This gathering is happening when the continent needs stronger and more resilient financial systems. Collaboration is no longer optional; it is urgent,” Gumbo said.
Speaking at the same event, the corporation’s Managing Director, Dr. Hillary Wachinga, said Africa should prioritise expanding its insurance portfolio to strengthen its economic competitiveness.
“Insurance penetration remains relatively low in Africa. We must grow our insurance portfolio to increase its contribution not only to economic resilience but to the overall value of global economies,” Wachinga said.
The two-day CEOs Summit brought together top executives, policymakers, and experts from across Africa to deliberate on how the financial sector can drive inclusive and sustainable growth.
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