A new outlook for African reinsurance
The 17th Forum on African Reinsurance was held in Dakar from October 9th until October 11th, in order to share experts' views on the outlook for the sector.The 17th Forum on African Reinsurance was held in Dakar from October 9th until October 11th, in order to share experts' views on the outlook for the sector.
According to the Senegalese Budget Minister Abdoulaye Diop, quoted by APS news agency, although numerous efforts have been made to raise insurance companies capital, it remains quite low.
This is why he invited reinsurers to develop a new approach in the cooperative management of African capacities of reinsurance in order to improve the offering, by focusing on areas such as micro insurance.
He believes that new prospects are opening for the sector, thanks to the combined effects of the regulation reforms and the opening of the sector to new risks, as well as good growth forecasts for African countries in 2012.
On the global stage, the penetration of reinsurance on the insurance market is still low. The volume of premiums is €18.4 billion and only €110.3 million is generated by reinsurance, said Moussa Diaw, Director of the Senegalese reinsurance company Sen-Ré, quoted by Sud Quotidien newspaper.
He too sees a positive outlook for the sector; he witnessed the emergence of several reinsurance companies since the developing countries took the initiative, on the advice of the UN, to organise their insurance market in order to harness the funds generated by this sector and contribute the development of their economies.