This was stated by Ethiopian Deputy Prime Minister Temesgen Tiruneh as he officially opened the meeting, which will run until May 28 and convened regulators, insurers, reinsurers and policymakers from 93 countries.

Tiruneh stressed that insurance in the continent must evolve. They must become more than a peripheral service: they must be a key pillar of economic development, he considered.

“We understand that a dynamic and well-regulated financial sector is essential to drive innovation, support businesses and attract long-term investment, and insurance is central to this vision,” he said.

In this regard, he mentioned the adoption of bold measures in the country, including the establishment of an independent regulatory authority. This new body will promote innovation, strengthen supervision and most important, protect policyholders, he emphasized. Although the insurance market continues to grow, he acknowledged that penetration remains low, but at the same time expressed confidence in the young and urbanized population, a rapidly rising digital economy and leadership with reform and openness to new clients as solid foundations.

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