African insurance regulatory authorities have reaffirmed their commitment to converging supervisory practices, an essential condition for the emergence of a more integrated, inclusive and efficient African insurance market.
Many African countries are developing regulatory frameworks for microinsurance by simplifying licensing procedures and introducing initiatives that encourage insurers and InsurTechs to create solutions in this branch of business, according to the Insurers Federation of Egypt (IFE) in a bulletin.
Insurance and reinsurance companies operating in the 14 member states of the Inter-African Conference of Insurance Markets (CIMA) will have to meet stricter financial requirements before distributing dividends to their shareholders.
The success of microinsurance depends on three main pillars, which are the development of innovative business models based on digital technology, such as mobile payments and parametric insurance, flexible regulatory frameworks and the strengthening of partnerships among governments, the private sector and international organisations.
African Risk Capacity (ARC) has confirmed the appointment of Mr David Maslo as its CEO. He originally led ARC as Interim CEO.
The size of the insurance market in Central Africa is about $1.1bn, with a penetration rate of no more than 0.7%, indicating the enormous potential for growth, especially with increasing urbanisation and infrastructure development, said the Insurers Federation of Egypt (IFE).
The Common Reinsurance Company of the Member States of the Inter-African Insurance Markets Conference (CICA-RE) and the West African Development Bank (BOAD) have signed a strategic partnership agreement, aimed at further integrating insurance and reinsurance mechanisms into the financing of development projects in the West African Economic and Monetary Union (UEMOA).
The Federation of African National Insurance Companies (FANAF) has adopted the Pan-African Pact for Insurance Inclusion, which includes the "Cotonou Appeal" which is a call for collaboration by stakeholders to promote access to insurance to those currently excluded from any coverage. The Pact also includes 23 resolutions for transforming insurance on the continent.
African Reinsurance Corporation (Africa Re) inaugurated its new corporate headquarters in Abuja last month, as part of a two-day series of commemorative events celebrating the 50th anniversary of its founding.
Private equity firm, Adenia Partners, has acquired a majority stake in Minet Group, one of Africa's largest independent insurance brokerage and risk advisory firms. The stake was acquired from Capitalworks.