Adopt cutting-edge technologies to manage risks – Ibn Chambas to insurers - www.asempanews.com

Players within the insurance sector in Ghana as well as other developing countries are being urged to adopt cutting-edge technologies to tackle risks associated with natural disasters.

Mohammed Ibn Chambas, insurance sector regulators ought to develop what he describes as adaptable digital infrastructure to manage insurance losses from these unforseen circumstances.

The objective of the four-day international conference is to come out with measures to increase the share of developing economies in the global insurance market.

It was hosted by the National Insurance Commission (NIC) and Organised by the Association of Insurers and Reinsurance of Developing Countries (AIRDC).

Dr Chambas who was the special guest of honour, further said insurance companies in developing countries should leverage the lessons learned from developed economies to fuel cross-border expansion, especially in emerging markets.

“The landscape of insurance especially in developing countries keeps changing due to rising policyholder expectations and technological development and as such, insurers and reinsurers have no choice but to transform their business and operating models to re- emerge stronger than before”, he stressed.

He also indicated that despite the opportunities, the insurance market in developing countries was still faced with some challenges.