Fitch Ratings has assigned African Risk Capacity Insurance Company Limited (ARC) an Insurer Financial Strength (IFS) Rating of 'BBB+' and a Long-Term Issuer Default Rating (IDR) of 'BBB'. The rating outlook is 'Stable'.
At least 20 insurance companies have secured the approval of their respective shareholders to proceed with their recapitalisation plans.
A project to reform agricultural insurance is under preparation, including making it mandatory for farmers to take out insurance and granting state subsidies for strategic sectors, the director general of the National Agricultural Mutual Fund (CNMA), Mr Cherif Benhabiles.
No country in Sub-Saharan Africa has seen a change in its overall risk rating, according to the September 2020 edition of Political Risk Quarterly Update by Aon.