Federation of African National Insurance Companies (FANAF)
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).
- 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.
- 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.