‍Patty Karuaihe-Martin, CEO and President of the African Insurance Organisation (2024–2025)

It is hard to believe that a year has already passed since I was entrusted with the honour of serving as the President of the African Insurance Organisation (AIO).

As I reflect on this past year, I am filled with immense gratitude, pride, and optimism, not only for what we have accomplished, but also for the road ahead.

Serving as President has been a deeply personal and professional milestone. For Namibia, my country, the Presidency has been a resounding affirmation of our growing stature in Africa’s insurance and financial services sector. It recognised Namibia’s contributions to regional integration, reinsurance, and resilience-building. For NamibRe, the institution I represent, it elevated our visibility and amplified our voice across the continent.

A Platform for visibility and strategic alliances - The 2024 AIO Conference, hosted in Windhoek, Namibia, was a defining moment. Welcoming nearly 1,500 delegates, the event not only broke attendance records but also raised the bar for how we host and engage in continental dialogues. Feedback from delegates affirmed that it was among the most memorable and impactful AIO conferences to date.

For Namibia, this was more than a logistical success, it was a strategic milestone. It aligned with our national aspirations to become a financial hub in the Southern African region, and it showcased our readiness to lead despite being a relatively small country by population. It placed us at the centre of conversations around risk management, innovation, climate adaptation, and financial inclusion, issues that are defining Africa’s developmental trajectory.

Throughout my term, I made it a priority to increase the visibility and relevance of the AIO. We enhanced our presence across digital platforms, established thought leadership initiatives, and created value-driven opportunities for our members to connect and grow.

Notable initiatives included:

• AIO Leadership Training Programme: Launched in February 2025, this programme focused on developing leadership skills at executive and middle management levels. The first cohort will graduate at the upcoming conference in Addis Ababa, a proud moment for all involved.

• AIO Meets: A new flagship platform where distinguished African leaders such as Dr Corneillle Karekezi (CEO of Africa Re), Lamia Ben Mahmout, and Dr. Abiba Sagaria (Commissioner for Ghana) share insights in high-level moderated dialogues. These sessions foster peer learning and strengthen pan-African collaboration.

• Webinars and Advocacy Platforms: We strengthened partnerships with sector bodies, including a recent webinar with the Intermediaries and Brokers Association (IBA). These engagements aim to build capacity and promote best practices across the value chain.

Championing sustainability and innovation - A key focus during my presidency was repositioning African insurance within the broader framework of sustainability. I had the honour of representing Africa on international platforms, including the global regional roundtables in Switzerland. These engagements highlighted the pivotal role insurance plays not just economically, but socially and developmentally.

We advanced critical conversations on:

• Climate Risk: With growing exposure to systemic risks like extreme weather and pandemics, we promoted the adoption of climate-responsive insurance products.

• Agricultural and Parametric Insurance: Recognising agriculture’s role in Africa’s GDP and food security, we pushed for scalable solutions using parametric models that provide faster, data-driven payouts.

• The Nairobi Declaration on Sustainable Insurance: Under this initiative, membership grew from 10 to 240 insurers across the continent. Its aim is to integrate sustainability into every facet of insurance, from product design to investment strategy.

Addressing the insurance penetration challenge - Africa’s insurance penetration remains below 3% of GDP, with many countries falling under 1%. While this is a longstanding issue, we approached it with renewed focus and action-oriented strategies.

Some key interventions include:

• Product innovation: Moving beyond traditional models, we’re embracing simple, affordable, and digitally enabled microinsurance products tailored for SMEs, youth, and informal sectors.

• Mobile-based insurance: Leveraging Africa’s mobile penetration (above 50%), mobile platforms are helping expand access and drive uptake.

• Public trust and education: Insurance is often misunderstood. Massive public education campaigns, led by regulators and insurers alike, are demystifying insurance and promoting its role in economic recovery. I was particularly inspired by grassroots initiatives in countries like Ghana and Rwanda, where regulators use churches and cooperatives to spread awareness.

• Public-private partnerships: Collaborations with institutions like the African Development Bank, IFC, and AFREXIM are yielding tangible solutions—especially for climate and disaster risk coverage.

One year is not enough to transform an entire sector, but it is enough to set a direction, and I believe we have. From enhancing capacity, to improving visibility, to championing innovation, my presidency has laid the foundation for continued growth and impact.

Africa’s insurance future must be inclusive, resilient, and sustainable. As I pass the baton to my successor, I remain committed to contributing to this vision. I am thankful for the support of my peers, the AIO Secretariat, and the broader insurance community who made this journey so meaningful.

Together, we have proven that insurance is more than a financial instrument, it is a developmental enabler, a stabilising force, and a promise of protection. And with unity, innovation, and purpose, Africa’s insurance sector can meet the needs of tomorrow’s world.