Online Reporter
Online Reporter
STAKEHOLDERS have called for intensification of ongoing efforts to coordinate and harmonise insurance supervision frameworks, as the continent moves toward deeper economic integration under the African Continental Free Trade Area (AfCFTA).
Speaking in Harare on Wednesday during the annual general assembly of the Organisation of African Insurance Supervisory Authorities (OAISA), Insurance and Pensions Commission (IPEC) Commissioner, Dr Grace Muradzikwa, said collaborative regulation is now essential for safeguarding consumers and strengthening financial stability across the region.
“The liberalisation of trade and services requires us to harmonise our regulatory approaches and strengthen cooperation,” she said, adding that consistent supervision is vital to ensuring that cross-border insurance products remain sound and consumer protections are upheld.
Without such coordination, integration could introduce vulnerabilities that spill across markets, she added.
She also emphasised the importance of modernising regulatory tools, particularly through the continent-wide adoption of risk-based supervision.
This shift, she said, will enable supervisors to detect vulnerabilities early and respond decisively, – an essential capability as insurers face rising climate-related claims and increasingly complex market innovations.
Dr Muradzikwa urged regulators to “learn, unlearn, and relearn,” stressing that Africa’s supervisory relevance will depend on how effectively authorities absorb emerging best practices shared through platforms like OAISA.
She called for open engagement throughout the week’s sessions to strengthen the foundations of inclusive and sustainable insurance markets across Africa.
OAISA president Mr Issouf Traore, said efforts are already underway to harmonise Africa’s insurance supervision frameworks.
“One of the objectives of OAISA is to consolidate all our energies across the continent, to put our efforts together in view of a better insurance sector, notably when it comes to regulation, to see how we can harmonise all the regulatory frameworks on the continent.”
OAISA is a crucial platform for collaboration and solidarity among supervisors, especially as insurance markets face shared pressures ranging from climate shocks to rapid technological change.
The annual general assembly of OAISA is running from November 16 to 21.
This year’s assembly included a capacity-building seminar centred on three strategic themes: agricultural index-based insurance, risk-based supervision and regulatory preparedness for AfCFTA-driven cross-border activity.
