-Hosts 51st AIO annual conference, general assembly
ADDIS ABABA – Ethiopia is positioning itself to become one of Africa’s most promising insurance markets, Deputy Prime Minister Temesgen Tiruneh said.
His remark was made yesterday while hosting the 51st Annual Conference and General Assembly of the African Insurance Organization (AIO).
Held under the theme : “Balancing the Books: Africa’s Debt Problem; Why Does Country Debt Impact Insurers?” the event brought together over 1,900 delegates from 93 countries, including policymakers, regulators, insurers, reinsurers, and other key industry stakeholders.
In his keynote address, the Deputy Prime Minister emphasized that insurance must move from the periphery to the center of national development strategies. “Insurance should not be viewed as an optional service. It must become a cornerstone of economic growth—a protector of families, an enabler of credit, and a magnet for investment,” Temesgen stated.
He pointed out that rising national debts and fiscal constraints are impacting every aspect of the insurance sector-from investment safety to consumer behavior and economic stability.
Highlighting Ethiopia’s reform journey, Temesgen said: “Through our Homegrown Economic Reform Agenda, we are modernizing the economy, enhancing competitiveness, and empowering the private sector.”
He also stressed that Ethiopia is fostering an environment that rewards innovation, supports trade, and attracts investment, with key focus areas including agriculture, manufacturing, and tourism. These reforms, he said, are being pursued in an inclusive and sustainable manner.
Temesgen announced the government’s bold steps towards establishing an independent insurance regulatory authority to promote innovation and efficiency in the sector. Additionally, a new draft proclamation on the use and ownership of immovable property has been endorsed-opening up opportunities for fresh financial and insurance solutions in housing, infrastructure, and real estate.
“Our government is fully committed to supporting a vibrant and resilient insurance sector. We urge the continent’s insurers to play a leading role in driving economic progress and protecting citizens,” he affirmed.
National Bank of Ethiopia Governor Mamo Miheretu also addressed the gathering, highlighting that recent economic reforms have significantly enhanced the investment climate and private sector engagement.
“The reform agenda has brought transformative changes across the financial sector,” Mamo said. “From legislative amendments to institutional improvements, these measures have laid a solid foundation for the growth of Ethiopia’s insurance industry.”
Both leaders underscored that Ethiopia is not only ready to embrace insurance as a development engine but also prepared to contribute meaningfully to Africa’s broader financial transformation.
BY TSEGAYE TILAHUN
THE ETHIOPIAN HERALD TUESDAY 27 MAY 2025
