(lavoixdesentreprises.info) – On November 7, 2024, Abidjan hosted the 10th edition of the Insurance Markets Forum, a key event organized by Fanaf and ASA-CI. Under the theme « Financing the Growth of Fanaf Markets, » this forum gathered experts to discuss the challenges and opportunities in the sector, with a particular focus on the importance of insurance in the economic development of the continent.
The 10th edition of the Insurance Markets Forum opened on November 7, 2024, in Abidjan, the economic capital of Côte d’Ivoire. Organized by the Federation of African National Insurance Companies (Fanaf) in collaboration with the Association of Insurance Companies of Côte d’Ivoire (ASA-CI), this two-day event brings together professionals and key stakeholders in the sector around the theme « Financing the Growth of Fanaf Markets. » The main objective is to explore various ways to enhance the contribution of insurance to economic development in Africa, a crucial issue for the continent.
During the inauguration, Arthur Ahoussi, Director General of the Treasury and Public Accounting, representing the Minister of Finance and Budget, highlighted the need to adapt insurance offerings to the needs of citizens. In a context where insurance is often seen as a luxury product, he emphasized that the majority of populations in Fanaf member countries have limited access to it. Despite several initiatives implemented by governments and private actors, the insurance penetration rate in Africa remains alarmingly low, below 2 %, while the global average stands at 6 %.
Arthur Ahoussi also recalled that one of the objectives of the Inter-African Conference on Insurance Markets (Cima) is to provide coverage tailored to the specific needs of populations, especially in rural and agricultural areas. Thirty years after the treaty’s adoption, this goal remains unachieved, despite the existence of a regulatory framework for micro-insurance. However, he praised Fanaf’s commitment to working for the well-being of citizens.
Mamadou Koné, President of Asaci, emphasized that this forum has become a must-attend event for the insurance industry in Africa, facilitating enriching exchanges and reflections on the challenges to be addressed. He stressed the fundamental role that the insurance industry plays in economic development, not only by protecting assets and individuals but also by mobilizing resources to support investments and enhance the resilience of businesses and households. Discussions will focus on several sub-themes aimed at addressing the crucial question : « How to mobilize resources for market growth ? »
The Director of the Public Treasury encouraged all stakeholders to engage in a constructive public-private partnership, essential for identifying new financing and growth opportunities. He affirmed that the Ivorian state is committed to supporting any national or international initiative aimed at creating a synergy of actions for the development of the insurance sector, in the interest of the populations.
César Ekomé Efené, President of Fanaf, also shared his vision, insisting on the need to adopt bold growth strategies. According to him, it is crucial to explore new avenues to ensure rapid growth in the insurance sector. He mentioned the Ivorian market as an example of dynamism, with the active participation of the National Authority for the Regulation of the Insurance Sector in developing insurance.
This forum takes place in a complex global context, marked by crises such as armed conflicts and terrorist threats. In this framework, insurance appears as an essential pillar of stability. In Africa, where challenges are numerous, insurance plays a vital role in protecting populations and supporting economic development.
This year’s edition looks to the future, with debates aimed at laying the foundations for a more innovative and dynamic African insurance industry. With the support of Ivorian authorities and strong participation from sector players, this event is set to be a conducive platform for the emergence of concrete solutions that meet citizens’ expectations and foster the development of the insurance sector on the continent.
Sorelle Ninguem
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