Low Insurance Uptake Threatens Africa’s Economic Resilience — Finance Ministry

LUSAKA — The Ministry of Finance and National Planning has raised alarm over the persistently low uptake of insurance products across Africa, warning that the trend poses a significant threat to the continent’s economic resilience and long-term development.

Acting Permanent Secretary for Economic Management and Finance, Akapelwa Imwiko, said insurance remains one of Africa’s most underutilised financial tools despite its crucial role in cushioning economies against shocks and mobilising long-term investment capital.

Speaking during the 2nd Annual International 2025 CEOs Summit in Lusaka, Mr. Imwiko stressed that Africa’s future growth hinges on stronger collaboration among the insurance, banking, and telecommunications sectors to expand financial inclusion and improve access to insurance services.

“The uptake of insurance products across Africa remains worryingly low, and this poses a direct threat to our economic stability and long-term development,” he said.

“Our continent’s future hinges on how effectively insurance, banking, and telecommunications industries collaborate to drive financial inclusion.”

He noted that the insurance sector provides essential risk-mitigation mechanisms and long-term capital required for major infrastructure and development projects. He urged the more than 200 CEOs and global experts attending the summit to rethink traditional business models and accelerate innovation.

“Insurance is not just a service, it is a strategic pillar for sustainable economic transformation,” he added.

Kenya Reinsurance Corporation Chairperson Eric Gumbo echoed the concerns, saying the summit comes at a crucial time when Africa urgently needs stronger and more resilient financial systems.

“Collaboration is no longer optional; it is urgent,” he said.

The corporation’s Managing Director, Dr. Hillary Wachinga, emphasized that Africa must expand its insurance portfolio if it is to enhance its competitiveness in the global economy.

“We must grow our insurance portfolio to increase its contribution not only to economic resilience but to the overall value of global economies,” he said.

The two-day summit has brought together top executives, policymakers, and financial experts from across the continent to deliberate on strategies for driving inclusive and sustainable economic growth.

By Nkole Ngulube

Below, Some random pictures during the CEO summit at Intercontinental Hotel in Lusaka - Zambia