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.
The Pact was adopted on the last day of FANAF’s General Assembly on Insurance for All held in Cotonou in Benin from 6 to 8 July, during which participants discussed ways to broaden access to insurance for populations that are currently under- or uninsured. It provides a reference framework intended to mobilise governments, regulators, market players, financial institutions and development partners around inclusive insurance, reported African Press Agency.
Mr Mamadou Koné, FANAF President, said that the resolutions cover issues such as taxation; gender; the creation of an annual FANAF Inclusive Insurance Day; and promotion of the Cotonou Appeal.
Participants also identified several priority areas for expanding insurance coverage. New offerings will target low-income populations in particular through life insurance, micro health insurance, insurance for very small businesses, and agricultural insurance. They made recommendations for governments, tax administrations and regulatory authorities to create an environment conducive to the development of new products, reported Beninwebtv.
In his turn, Mr Hervé Tchiakpé, president of the Association of Insurance Companies of Benin, emphasised the effective implementation of the resolutions. He said, "If we succeed in effectively implementing these 23 resolutions, I am convinced that we will have taken a decisive step here in Cotonou in the development of inclusive insurance in Africa."