French speaking Africa: Life insurance has huge potential, says expert
This potential is mainly supported by the CIMA organisationPathé Dione is one of the pioneers of insurance in sub-Saharan Africa. The French-speaking magazine Jeune Afrique has reproduced one of his columns published by Secteur Privé & Développement, the blog of Proparco which is a subsidiary of the French Development Agency.
In this forum, Pathé Dione emphasizes that Francophone sub-Saharan Africa, assimilated to the countries of the CIMA (Inter-African Conference of Insurance Markets) zone, has formidable development potential in its life insurance sector.
According to the expert, the main reason for this potential is the presence of CIMA, the supranational organization that has been organising insurance markets in the region since 1995. Ratified by 13 Francophone African countries and Guinea Bissau, the CIMA treaty has allowed the gradual transformation of national insurance markets into a major pan-African market with common rules and authority.
In order to promote the development of insurance, the players in the sector nevertheless face several challenges in organising the profession, as well as seeking support from local authorities to set up compulsory insurance schemes or tax incentives.