Federation of African National Insurance Companies (FANAF)

Jun 23, 2014
1. Could you please introduce your organisation briefly? FANAF is a professional association of companies in the insurance and reinsurance sector in 27 African countries. It has several objectives, including to:
  • Promote the insurance and reinsurance industry in Africa;
  • Represent and defend the interests of the profession;
  • Implement structures for reflection and cooperation in terms of insurance and reinsurance;
  • Provide continuous training for staff in the insurance sector;
  • Publish reviews, documentation and prospectuses on insurance and reinsurance;
  • Help disseminate on insurance, reinsurance and micro insurance; ü Establish professional relations between member companies;
  • Promote alternative insurances (Takaful and Retakaful).
The association was founded in Côte d'Ivoire in March 1976, but its current headquarters is located in Dakar, Senegal. To date, the association includes approximately 189 insurance and reinsurance companies, including 3 Motor Guarantee Funds. 2. What are your principal achievements and what are your lessons learned? The association is involved in several activities relative to the insurance and reinsurance markets. In this respect, numerous studies are conducted under the auspices of the FANAF to gain an understanding of how the sector is evolving and give new impetus at the national or regional level. As a result, general assemblies on the life insurance, non-life insurance, reinsurance and micro-insurance markets are regularly organised. In addition, publications such brochures and statistics on the sector are produced on a regular basis to help the different players involved in the sector make informed decisions. A university program on Management with HEC in Paris. Seminars and training courses are also proposed to the different members and stakeholders in the sector with the aim of helping them become competitive and better manage their business activities. Study trips to the markets of the BRICS countries. Other areas of progress has also been noted in various lines of action including in:
  • Communications;
  • Corporate governance through the adoption of rules requiring companies to have adequate internal audit system;
  • Strengthening the supervision of intermediaries through the adoption of regulations, requiring brokers and insurance agents to fill-out standard slips and statements to allow regulators to better understand their activities and their relationships with their partners;
  • The institution of the Julien Jean Codjovi prize, awarded each year to a researcher who has published in the fields of insurance, reinsurance, actuarial services and related disciplines;
  • The institution of the Ahmadou Kourouma prize, awarded to the most innovative and best organised insurance market in the FANAF countries. In 2014, the Codjovi prize went to Mr Aymric Kamega, actuary, and the Ahmadou Kourouma prize went to the Cameroon insurance market represented by its umbrella organisation, ASAC (Association of Cameroonian Insurance Companies);
  • Improvement of claims settlement and the adoption of new regulations that increases the number of victims eligible for compensation, as well as raising the level of compensation ceilings or the suspension of the transaction option, all within the framework of the partnership between FANAF and CIMA (Inter African Conference for the Insurance Market);
  • Extension of insurable assets where the adoption of a regulation on micro-insurance should result in increased penetration rate and insurance density in the CIMA countries, etc.
3. Could you explain certain challenges or difficulties FANAF is faced with? While significant progress has been made in recent years, considerable challenges, however, remain to be addressed, not only to allow the structure to fully fulfil its mission, but also to foster the development of the entire industry. The principal challenges facing the FANAF include:
  • The reform of compensation of victims with personal injuries as a result of road traffic accidents (project is underway);
  • Regulation of the reinsurance sector and setting up of a formal framework for the exchange of information with third party countries;
  • Strengthening measures against the delocalisation of risks; - Continued streamlining of the intermediation sector;
  • Conquer new market niches such as Takaful, insurance and micro insurance to help improve the density of insurance in the other countries, etc.
4. How can a partnership with MFW4A support FANAF's actions? The partnership with MFW4A could contribute in various ways to FANAF's work and its efforts to make the African insurance and reinsurance sector viable and sustainable. MFW4A could help raise awareness and visibility, by publishing in its platform, which has garnered a considerable reputation on the scale of the continent and beyond. It would also be advantageous to our organisation and to the African insurance industry that MFW4A associates us with events and issues related to the development of the insurance sector.