Dr. Awele Elumelu, Chairperson of Heirs Insurance Brokers and Avon HMO, has joined the growing movement calling for gender parity and increased female representation in leadership positions within Nigeria’s insurance industry. Speaking at the International Conference for Women in Insurance, organized by the African Insurance Women Association (AIWA) in Lagos, Dr. Elumelu emphasized the strategic and ethical importance of female leadership. In her keynote address, titled “The Future of Insurance: Trends, Challenges, and Opportunities,” she argued that women bring valuable fresh perspectives, empathy, and a people-centered approach, which are crucial for addressing the sector’s challenges and creating inclusive solutions.
Dr. Elumelu also highlighted the underdeveloped state of the African insurance market, which currently has penetration rates below three percent. She identified this low penetration as a significant growth opportunity, particularly through digital solutions and microinsurance. By leveraging mobile technology, she believes the industry can improve accessibility and foster financial literacy, especially among the continent’s young, tech-savvy population. This demographic, she argued, presents a unique opportunity to design products that resonate with African consumers and expand insurance reach into underserved communities.
The conference also featured Lady Margaret Moore, President of the Africa Insurance Women Association, who described the event as a landmark moment for African women in the insurance sector. The conference, which brought together women from across the continent, aimed to empower participants, foster networking, and promote collaboration. Both Dr. Elumelu and Moore underscored the importance of public-private partnerships to drive regulatory innovation and build customer trust, setting the stage for a more resilient and inclusive insurance sector that could contribute to Africa’s broader economic growth.
