Casablanca Insurance Meeting: Tidjane Thiam calls on the African continent to fully exploit its potential

Tidjane Thiam is a big name in the insurance world, having notably headed Prudential for around six years, and held the position of general manager of Crédit Suisse.

He was invited, during the second day of the Casablanca Insurance Meeting, to offer his perspectives on the sector, particularly for Africa. During his speech, Mr. Thiam began by emphasizing the social importance and utilitarian value of the sector. Mr. Thiam discussed the essential functions of insurance in terms of risk management and asset protection, while emphasizing the role of insurance as an investor and manager on behalf of third parties. He highlighted the unique opportunities present in Africa due to the continent’s explosive population growth and low insurance penetration, which he said offers long-term growth potential in the sector.

During his speech, he also addressed the misperception of the size of Africa, which is often underestimated on global maps. He insisted that understanding the true greatness of the continent is crucial to appreciating the challenges and opportunities it presents. He recalled that Africa is the largest continent, capable of containing many of the world’s largest economies such as the United States and China.

Focusing on economic development, Mr Thiam stressed the importance of developing funded pension systems to cope with Africa’s changing demographics. He explained that without such an approach, the continent could face catastrophic challenges within a few decades. He also spoke of the need to expand access to health and life insurance to protect against life’s accidents, stressing that this could significantly reduce poverty.

Finally, Mr. Thiam called for Africa and its leaders to adopt a proactive approach to harness the continent’s economic potential. It has encouraged an equity-based investment culture, where investment returns are shared more equitably, thereby promoting inclusive growth. He concluded by saying that Africans are best placed to understand and invest in their own countries, and that Africa’s development should be primarily supported by its own resources and initiatives.

SB