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 agreement, inked on 7 July, aims to establish a sustainable operational collaboration around the sharing of technical expertise, strengthening of capacity, mobilising insurance solutions adapted to projects financed by BOAD, and promoting innovative risk mitigation mechanisms within the regional financial ecosystem, according to a CICA-RE statement.
This initiative comes at a time when increased climate, economic, geopolitical, and financial risks require development institutions to strengthen their resilience, with insurance and reinsurance as essential levers in achieving this goal.