Over 1,250 professionals took part in the 2020 edition of the African Insurance Awards which was held virtually on 18 December 2020 when the winners of the awards were announced.
The winners of the four categories of awards, each of whom received a prize of $25,000, were as follows:
- Innovation of the Year – Alpha Direct Insurance Company
Alpha Direct Insurance Company of Botswana won the “Innovation of the Year” award. The company has developed an easy-to-understand ‘Insurance-in-a-box” product that makes insurance accessible to low-income groups. It is accessible to all mobile users, even with very basic mobile phones.
- InsurTech of the Year – PULA
PULA from Kenya won the “InsurTech of the Year” award. The company found a solution for smallholder farmers to access insurance easily. PULA has also partnered with the World Food Programme to insure 3.5m farmers in 10 African countries.
- Insurance Company of the Year – MUA
The Mauritius Union Assurance (MUA) won the “Insurance Company of the Year” award because of its strong and steady growth in the 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, Nigeria, won the "CEO of the Year” award. This former broker turned around FBN Insurance to be a top performer in terms of premium growth (3rd position in Life Insurance), profitability, shareholders’ funds and return on equity. Under his leadership, FBN insurance oversaw a strategic acquisition.
The annual Awards were initiated and are organised by the African Reinsurance Corporation. The 2020 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.
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.”