The SADC Insurance Forum Trust, the body representing insurance companies in the region has urged non-members to join the club as there are more benefits to be accrued for being in the membership.

Albert Nduna, Chairman of the organisation that was established in Zimbabwe, noted that the benefits of membership are immense and will improve as the numbers enlarges.

“SIF can only function effectively if it has a strong membership base,” Nduna said. “So far SIF has members drawn all the SADC countries but the numbers are still small, and we are appealing to those that have not joined to do so”.

Statistics indicate that SADC has over 300 insurance companies, about 30 reinsurance companies, over 380 brokers and over 3000 other insurance players. Nduna said plans are underway to establish a Secretariat once a critical membership level has been reached in order to facilitate the provision of superior services to members.

Giving a history of the organisation, Nduna revealed that SIF was established to complement the efforts of other regional bodies on the African continent such as the African Insurance Organisation (AIO). The establishment of SIF was also a response to a felt need that SADC is a unique African Sub- Region, and there was need to create a Forum for Insurance players with a regional focus.

The broad objectives of SIF are to promote cooperation amongst SADC insurance and reinsurance players, foster business networking, deepen insurance penetration, facilitate inter-regional trade and the creation of a vibrant insurance industry in the region. SIF is an inclusive body that caters for the various needs of the whole spectrum of insurance industry players from Regulators to loss adjusters and others.

“We want to foster the creation of insurance institutions in the SADC region that stand shoulder to shoulder with those in other regions and the world. Africa needs strong insurance institutions and associations to facilitate accelerated economic development.”

Nduna added that SIF will unlock various opportunities for the insurance industry in the SADC Region. “The needs of the insuring public are constantly changing and there is need to develop research capacity and to develop products that meet those needs. Opportunities also exist in strengthening information systems in order to facilitate operational efficiencies in the insurance industry,” he said.

SIF held its inaugural workshop themed “Insurance and its role in Mining and the Environment” at the Lansmore Hotel in Gaborone, Botswana on the 3rd – 5th July 2013. Mining industries play a big role in many economies in the region and it was fitting for the theme for the gathering.

The three day workshop covered insurance and its role at the various stages of mining operations from exploration, mine design and development, production, mine closure and rehabilitation. It also provided participants with new insights and techniques in managing Mining and Environmental risks.

On the outlook for growth, Nduna said there is potential for the development of the SADC insurance market where economic growth in SADC member states have been above 5 % in the past five years.

“All classes of insurance particularly those related to mining activities are expected to grow in the coming years,” Nduna said.

“The economy could not flourish unless properties and processes are well defined and protected. Insurance stabilises the financial situations of organisations. Regional development objects can only be achieved if a strong skills base including specialized skills are developed and retained to ensure superior performance and value addition. This means taking economic performance to another level.”