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In Africa, insurance goods are still a luxury (Sani Yaya)

In Africa, insurance goods are still a luxury (Sani Yaya)


(First Togo) - According to Sani Yaya, the finance minister of Togo, the penetration rate of insurance goods in Africa is low. The official made the declaration on Monday last, during the 26th African Reinsurance Forum's opening ceremony in Lomé.

"The challenge is to make the insurance industry even more inclusive. Insurance shouldn't be considered a luxury or only available to members of a particular socioeconomic class, according to Yaya.

The minister made it clear that insurance shouldn't just be available in major cities.

Since small, medium, and very tiny firms make up the majority of the economy in our countries, it must reach even the most isolated hamlets, he insisted, giving alternatives.

Sani Yaya urged insurers and reinsurers to attempt and cover all socioeconomic strata in order to accomplish this goal and to perform in-depth reflections in order to discover novel ideas to put forward to African economies.

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