Prime minister urges insurance companies to be ethical
Written by on June 3, 2024
Prime minister Saara Kuugongelwa-Amadhila says insurance players should promote financial inclusion and conduct ethical business.
She was speaking at the 50th African Insurance Organisation annual conference on Monday.
This comes as the Namibian Competition Commission issued numerous insurance companies fines of up to N$13,1 million between 1 August 2022 and 31 December 2023.
These companies were fined for collusive practices and restrictive agreements.
“The industry has a responsibility to be innovative, responsive and efficient and fair, always placing the needs of customers at the centre of their business. In doing so, the industry players must aim to promote financial inclusion and ethical business conduct, and leverage technological advancements,” Kuugongelwa-Amadhila told industry players.
Kuugongelwa-Amadhila further advocated the wider reach and coverage of insurance companies.
The conference this year focused on coping with rising natural catastrophes across Africa as the region has been dealing with the impact of climate change.
The minister said insurance institutions are essential in managing this risk.
“This gathering of insurance executives here today is an optimal forum to discuss issues relating to insurance solutions in the face of increased and more serious natural catastrophes on the continent,” she said.
The conference held in the capital will end on Wednesday after starting on Saturday.
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