Insurance products remain a luxury in Africa (Sani Yaya)

Thursday, 06 October 2022 02:59
Insurance products remain a luxury in Africa (Sani Yaya)

(Togo First) - In Africa, the penetration rate of insurance products is low, according to Togo’s finance minister, Sani Yaya. The official made the statement last Monday, at the launch of the 26th African Reinsurance Forum in Lomé. 

“The challenge is to bring even more inclusion to the insurance industry. Insurance should no longer be a luxury or for people who belong to a certain social class,” Yaya said.

The minister emphasized that insurance should not only be limited to big capitals. 

“It must extend to the most remote hamlets, offering solutions, as long as there is an economic activity since our countries are essentially home to small, medium, and very small businesses,” he said

To achieve this, Sani Yaya encouraged insurers and reinsurers to try and cover all socio-economic strata and to conduct in-depth reflections to find innovative solutions to propose to African economies.

Esaïe Edoh

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