Jul 15 , 2023
Insurance regulators and providers from nine African countries convened in the capital last week at the Sheraton Hotel on Taitu St. It was part of FSD Ethiopia's Knowledge series with the aim of shaping the future of insurance and technology in Africa. Bimalab Accelerator Program, which is working on 23 insurance startup ventures, went on two-day missions across different sectors to identify gaps in Ethiopia's insurance sector. Presentations by the members indicated that the complexity of insurance claims along with tedious bureaucracies was the reason for the underdevelopment of the sector in Ethiopia's economy. Vice Governor of the National Bank of Ethiopia, Solomon Desta, revealed that Ethiopia's insurance sector contributes a mere one percent to the country's GDP much below the three percent continental average. The collaboration between innovators and regulators was deemed necessary to realise the full of potential of Ethiopia's insurance sector. Yared Molla, president of the Ethiopian Insurers Association and Nyala Insurance and Zufan Abebe, president of Nib Insurance were part of a panel discussion on how to harness technology to bolster the insurance sector in the country.
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