Naema Tandao 
BRIAN MANG’OLI
The East African Insurance Supervisors Association has developed a 14-year strategic plan to govern insurance markets in the region, aiming to create a regulatory environment for seamless operations within the East African Community.
Njuguna Ndungu, the Cabinet Secretary for National Treasury and Economic Planning in Kenya, highlighted the significance of enhancing insurance consumer protection mechanisms throughout East Africa in the plan.
In addition, The plan underscores the need to reinforce supervision of insurance market conduct to guarantee adherence to the insurance core principles set by the International Association of Insurance Supervisors.
Kenya remains at the forefront in the region, boasting the highest contribution of insurance to GDP among all member states.
The plan focuses on the five key areas which include, insurance industry stability, market development and innovation, customer protection, institutional stability, cooperation, and industry integration.
some of the challenges discussed by the East African community include market volatility, climate change, geopolitical development, and regulatory and supervisory challenges.
the strategic plans have pointed out crucial domains for enhancement, such as encompassing claims management, equitable pricing, the establishment of an innovation hub diversification of products inclusion of insurance
Lubega said that the plan outlines a roadmap to enhance the region’s low insurance penetration rate, which currently stands at about 2.5 percent of Kenya’s gross gross domestic product and less than 1.5 percent for the rest of the region.”The plan also aims to harmonize legal frameworks for insurance operations in East Africa,” Lubega added.
The East African Insurance Supervisors Association also plans to enhance collaboration among member countries to promote information sharing, capacity building, and best practices in insurance regulation. By working together, they aim to create a more stable and competitive insurance market in the region, which will benefit both consumers and insurance companies. In addition to regulatory harmonization, the association will focus on promoting financial inclusion by expanding insurance coverage to underserved populations. This will involve developing innovative products and distribution channels to reach a wider range of customers, particularly those in rural and low-income areas
the East African Insurance Supervisors Association’s strategic plan represents a significant step towards creating a more integrated and efficient insurance market in the region. Through collaboration and cooperation, they hope to drive growth and development in the insurance sector, ultimately benefiting the economies and people of East Africa.
