Ethiopia's insurance sector is grappling with dual challenges on the regulatory and industry fronts, the President of the East African Insurance Organisation and chief executive of Nyala Insurance, Yared Molla, has said.
He pointed out that Ethiopia is the only East African country without an independent insurance authority, leaving the industry without a consolidated national strategy, according to an article on the digital news media outlet, BirrMetrics. On the industry side, he criticised short-termism, fragmented consumer awareness campaigns, underinvestment in technology and product innovation, and unsustainable price undercutting.
Mr Molla said this at a meeting themed “Growing the Market, Embracing Change” which focused on addressing structural challenges while exploring opportunities for market expansion and inclusive insurance solutions. The meeting was attended by regulators, CEOs, and innovators and was supported by the Association of Ethiopian Insurers alongside FSD Ethiopia, FSD Africa, and Cenfri.
Industry leaders called for a shift from price-driven competition to service-oriented excellence, greater product diversification and strategic investment in capacity, technology, and market education.
To read the original article, please click on this link.