Antananarivo-headquartered pan-African conglomerate AXIAN Group has announced that its subsidiary VIA Assurance has launched operations in Madagascar, following regulatory approval of a composite insurance licence.
African Risk Capacity (ARC) has launched Africa's first sovereign parametric flood insurance policy, marking a major innovation in climate risk financing and strengthening African countries' capacity to respond to the growing impacts of climate change.
The Insurance and Social Security Supervisory Authority (ACAPS) of Morocco and the Banking and Financial Supervisory Commission (CSBF) of Madagascar have signed a cooperation agreement, according to a media statement released by ACAPS.
The financial losses from Tropical Storm Freddy can potentially reach into the tens of millions of dollars in Madagascar, considering the high number of destroyed buildings, says global insurance broking and risk management company, Aon, in its "Weekly Cat Report".
The reform of the insurance sector has been carried out jointly by the Ministry of Economy and Finance (MEF) and Banky Foiben'i Madagasikara (BFM) for four years, and is still in progress, notably through the revision of the Insurance Code.