The proposed reinsurer is a public-private venture with 51% of the shares held by the State and 49% by all the insurance companies established in Burkina Faso, said the Minister of Economy and Finance, Mr Aboubakar Nacanabo, after the Council meeting held on 25 September.
Burkina Faso ranks fourth biggest in the Inter-African Conference on Insurance Markets, which includes 14 countries. Despite this position, the country does not yet have a reinsurance company.
"In consultation with the insurance companies present in Burkina Faso, it was decided to create a reinsurance company," said Mr Nacanabo.
He said that the reinsurer would make it possible to limit the outflow of foreign currencies; it would also allow the insurance market to organise itself to better meet the needs of customers.