Over 1250 professionals took part in this year’s African Insurance Awards which was held virtually on the afternoon of December, 18, 2020.
The Awards, which are held annually by the African Reinsurance Corporation, Africa, gathered the insurance industry to reward and celebrate excellent performance, innovation, good corporate management and leadership in the African insurance industry.
Insurance Company of the Year – MUA Ltd.
Four categories were up for grabs and the winners were revealed last Friday. MUA Ltd from Mauritius won the Insurance Company of the Year Award. The judges noted its strong growth these last three years; successful digitisation of its services and client centric strategies.
CEO of the Year – Valentine Ojumah
Mr. Valentine Ojumah, MD/CEO of FBN Insurance, won the CEO of the Year Award. This former broker has turned around a company and FBN Insurance is today a top performer in terms of premium growth. He has used his experience to gain market share and under his leadership FBM insurance oversaw a strategic acquisition and he has pioneered the sale of insurance through mobile device.
InsurTech of the Year – PULA
There were two recognitions for innovation. PULA won the InsurTech of the Year Award, a prize given to a tech firm developing solutions for the insurance sector. Thanks to their work, it is today easier for smallholder farmers to access insurance. They have done so by embedding insurance services in the purchase of inputs for example. PULA has partnered with the World Food Programme to also ensure 3.5 million farmers in 10 African countries use insurance services to protect their income from unforeseen shocks, such as those from extreme weather conditions.
Innovation of the Year – Alpha Direct Insurance Company
Alpha Direct Insurance Company were the Winners of the Innovation of the Year Award. They have developed an easy-to-understand “Insurance-in-a-box” product that makes it accessible to low income groups to access these vital services. By partnering with the retail sector, this mobile-friendly innovation will take insurance to the masses.
In his keynote address, Dr Corneille Karekezi, Group Managing Director and CEO of Africa Re said, “Based on early reports on the state of the African insurance industry in 2020, there are many indications that most insurance companies have adapted quickly, and well, to the new normal and challenges. Our sincere hope is that the forthcoming recovery period will witness tremendous positive changes; changes which will speed up the process of bridging the insurance protection gap in our communities and economies.”
This year, the Awards featured two panel discussions with industry leaders to reflect on the impact of Covid-19 and how insurance will adapt to the continent’s needs on the road to recovery. There was a message of hope as to the 2021 outlook as well as the role the insurance sector can play in terms of its capacity to be a source of capital and partner for the business community.
The event featured a number of live musical acts representing the African continent with performances by Betty G, Femi Kuti and Magic System.
A recording of the Awards ceremony is available on the African Business YouTube channel here.