First black female president for insurance body

CEO of Allianz Global Corporate & Specialty Africa, Delphine Maidou.

The Insurance Institute of South Africa (IISA) announced Delphine Maidou as its first black female president at the 42nd insurance conference at Sun City, North West Province, South Africa. Maidou is the 44th president of the organisation which has been in existence for 117 years taking over from Peter Todd.

“IISA is committed to the education, development and growth of the insurance sector and we believe that Ms Maidou will offer global, continental and local perspectives and insights to move us closer to our vision of creating world class skills for a world class industry,” said Mr David J Harpur, CEO of IISA.  “Her passion for transformation, education and skills development within the insurance industry will inspire prospective and current industry members to grow and develop their skills while increasing the levels of commitment from our business, government and civil society partners.”

Developed countries dominate the industry

According to the 2014 KPMG Insurance Industry Survey, Group of Seven (G7) alone accounts for almost 65% of the world’s insurance premiums even though it covers just over 10% of the world’s population. In those seven countries, an average of US$3,910 was spent on insurance premiums per capita in 2012. In comparison, people in emerging markets spent an average of US$120.

Africa is a growth opportunity for insurers

Total premiums in Africa amounted to US$71.9 billion in 2012, which translates into a penetration rate of 3.65% well below the global average, which is 6.5%, though it is above the average for emerging markets of 2.65%. South Africa is the number one insurance market in the continent with a penetration rate of 14.2%, which is among the highest in the world.

Despite its high penetration rate, South Africa’s insurance industry still has scope for further growth. Its premiums per capita ratio was US$1,047 in 2012, still well behind the average for advanced economies of US$3,677. However, Africa’s insurance density (the ratio of premiums per capita) is the lowest of any region in the world. On average, each African paid US$66.4 in insurance premiums in 2012, roughly one-tenth of the global average.

Maidou sees this as an opportunity for local and global insurers. “The middle class is flourishing, the private sector is expanding into different countries in the continent and governments and investors are investing into infrastructure development. All these developments and growth need the African insurance industry that has the capital, capacity and capability to meet the needs of the private and public sector on the continent,” says Maidou.

“The IISA therefore plays a fundamental role in educating, developing and enlightening the members of the insurance industry and society at large about the value and importance of insurance. We need to continue to work productively with key stakeholders such as business, government, academic institutions and civil society to ensure that we grow the solid foundation and reputation that has been built.”

Mr Harpur thanked Peter Todd for the critical role he played as president of IISA since 2013. “The IISA would like to thank Mr Todd for his invaluable contribution towards our organisation’s growth and development over the past two years. During his tenure, the IISA was able to remain relevant, agile and flexible strategically and tactically with its professional membership base, corporate supporters, government bodies as well as academic institutions,” he added.

Maidou is the Chief Executive Officer for Allianz Global Corporate & Specialty (AGCS) Africa and also oversees Allianz’s Global Lines Strategy in Africa, which provides corporate, specialty, credit, reinsurance, travel and assistance risk solutions in the continent through AGCS, Euler Hermes, and Allianz Global Assistance.  Originally from Burkina Faso, Maidou is a Chartered Property and Casualty Underwriter (CPCU) with the American Institute For Chartered Property Casualty Underwriters.

She holds a Master of Science in Insurance Management from Boston University, Boston, Massachusetts (MA), USA. She graduated Cum Laude Bachelor of Science in Business and Accounting from University of Pittsburgh, in the United States of America (USA) in 1996. She has over 20 years of technical, management and leadership expertise in insurance gained in the US, Canada and South Africa.