BY FAVOUR NNABUGWU

Nigerian insurance companies and brokers have upped the membership of the African Insurance Organisation, AIO, to 58 from 56, thus making the country the largest member of the Organisation.

Two Nigerian companies were among the 11 new members of the AIO that were recently signed on, which included Royal Exchange Prudential Life Plc, and Crystal Life Assurance Company Limited, headed by Mr Larry Ademeso and by Mrs Seyi Ifaturoti, respectively.

Article 4 of the AIO states that membership is open to insurance and reinsurance companies, brokers, actuaries and other support services based and operating in Africa under the national laws of African countries, whilst insurance control or supervisory authority of member countries can also be members.

Nigeria has the largest single membership of the AIO. Anglophone West Africa has a total of 87 members including Cape Verde, The Gambia, Ghana, Liberia, Nigeria and Sierra Leone, of which Nigeria alone has 58; followed by Southern Africa with 63 members; East Africa 60; North Africa 49; Francophone West Africa 28; Central Africa 23; and international associates has 10 member.

The AIO also received applications for membership from 16 companies from within Africa and other continents including Nigeria’s Ark Insurance Group, led by Mr S.A. Adepegba, as well as applicants from India, Ghana, Rwanda, South Africa, Tunisia, United Arab Emirates and Zimbabwe.

Nigeria has hosted the AIO General Assembly /Conference, three times in 1975 in Lagos, and 1990 and 2000, both held in Abuja, the Federal Capital Territory.

Established in 1972, the African Insurance Organisation is a non-governmental organisation, NGO, recognised by many African governments, including Cameroon, which has signed a headquarters agreement with it and where it has its permanent secretariat.

The main objectives of AIO are the promotion of inter-African co-operation and the development of a healthy insurance and reinsurance industry in Africa