Why training matters for insurance industry players in Africa

By The Inspirer writer.

Insurance companies from the East-African region say that capacity building training is very important for them to act more professional with more technical skills.

Fifty companies from six African countries, mainly East Africa are now in Kigali-Rwanda, to exchange knowledge on key issues regarding the insurance market.

They are participating to the three-day training seminar organized by Gabonese Commercial Reinsurance Company (SCG-Ré) in partnership with Rwandan Insurers Association (ASSAR) and Price Forbes from South Africa to build professional capacity on fundamental and specific aspects of the profession around insurance fundamentals and full underwriting cycle, reinsurance fundamentals and technical practice as well as claim handling process.

The training seminar which is taking place from March 21st to 23rd, 2023 is expected to leave participants with a great knowledge of SCG-Ré services and its financial strengths on insurance market in Africa. This will boost their understanding of the issues of concern in the insurance industry.

In his opening remarks, Mr. Elysee Nzimurinda, who was the representative of ASSAR during the opening ceremony, said that this seminar will increase the knowledge of insurance employees in their daily work.

“SCG-Ré approached us to know the areas in which they can intervene with capacity building for insurance employees, and we listed some regarding to the industry’s needs and especially where the insurance players have limited knowledge, then we came up with this training seminar, which we believe will be beneficial to the participants through experience and knowledge sharing,” Nzimurinda said.

Among the insurance companies that are being trained from the six African countries, Rwanda is represented by nine (9) insurance companies with 27 employees as each company has nominated three people.

Participating countries include Uganda, Burundi, Kenya, Ethiopia, Tanzania and Rwanda.

Madam Regine Akayezu, Regional Director of SCG-Ré in Rwanda said that she is representing this Gabonese reinsurance company since October 2022 and significant strides have been made.

“The idea to train insurance companies’ employees from Rwanda and neighboring countries was to help our clients from Eastern and Southern African insurance markets and share knowledge with them in partnership with our partner, Price Forbes from South Africa. They are here for three days to boost knowledge to be able to improve on different skills including underwriting, reinsurance and claims handling,” she said.

Madam Isabelle Mélissa KAMDEM, Head of Technical and Commercial Department at SCG-Ré, said that their Reinsurance company aims at reinforcing the capacity of insurance companies in the African region so that they remain competitive on the market.

“We are here in the dynamic context of strengthening the insurance market in Rwanda, and not only in Rwanda but also in the East African region. It is a promise for the SCG-Ré to give our contribution in strengthening of the skills of insurance companies in order to help them fast track their development by providing them with technical assistance, so, we are here to implement this promise,” Isabelle noted.

Mr. Nelson Barakagira, Technical Director of corporate businesses in Sanlam insurance company in Rwanda said that they depend more on reinsurance companies due to lack of enough capital to underwrite local risks.

“When we take insurance from reinsurers, we protect ourselves from getting into the risks of which we do not have financial capacity to cover, for instance, when it comes to natural disasters, reinsurance companies intervene. It is the benefit for insurance companies and the country’s economy as we no longer need to seek reinsurance services from abroad,” he said.

About SCG-Ré

Created in 2012, the Gabonese Commercial Reinsurance Company/ ‘Societe Commerciale Gabonaise de Réassurance’ (SCG-Ré) is an initiative from the Gabonese State and insurance companies operating in Gabon with the aims to establish a solid and long-lasting foothold in Central Africa and the rest of Africa in order to consolidate its position as the central reinsurer in Africa.

SCG-Ré is locally registered by Rwanda Development Board (RDB), regulated and licensed by the National Bank of Rwanda (BNR).

The opening of SCG-Ré Kigali Regional Office is part of the company’s 2022-2027 strategic development plan to strengthen the company’s presence in Africa. The office is currently serving the underwriting needs for the Eastern and Southern African markets.

Other photos of the events, opening day:

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