Members of the Federation of African National Insurance Companies (FANAF) plan to adopt the "Pan-African Pact for Insurance Inclusion", a reference framework intended to mobilise stakeholders around shared objectives.
The Pact will be accompanied by a 2026–2030 Strategic Action Plan defining priority intervention areas, coordination mechanisms and monitoring arrangements for the commitments to be undertaken, says FANAF in a statement.
The ambition is to foster a shared vision and concrete commitments aimed at accelerating access to insurance for African populations while strengthening the sector's contribution to the continent's economic and social development priorities. The goal is to double insurance penetration across FANAF-related countries by 2040. Within the CIMA zone, insurance penetration remains below 1% of GDP, compared to more than 6% globally.
The Pact adoption ceremony is scheduled to take place at the FANAF General Assembly on “Insurance for All” in Cotonou, Benin, a major pan-African gathering dedicated to inclusive insurance.
The event, to take place from 6 to 8 July, is expected to attract nearly 400 African decision-makers from governments, regulatory and supervisory authorities, insurance and reinsurance companies, financial institutions, development banks, technical and financial partners, as well as professional organisations.
Mr Mamadou Koné, FANAF President, said, “Africa cannot build sustainable growth without strengthening protection mechanisms for its populations, businesses and investments. The Cotonou General Assembly must mark the starting point of a new continental ambition for African insurance and its role in the continent’s economic transformation.”
Beyond insurance
For FANAF, insurance is no longer merely a risk coverage mechanism. It is also a strategic lever for economic resilience, savings mobilisation, investment security, SME financing, support for climate transitions and the strengthening of financial inclusion.
Through this General Assembly, FANAF seeks to reposition insurance as a key stakeholder in Africa’s economic, social and financial transformation.
Beyond the insurance sector, the General Assembly aims to create an unprecedented platform for dialogue between governments, regulators, investors, insurers and reinsurers, technical partners and market actors in order to identify the levers needed to accelerate insurance inclusion across the continent.
Established in 1976, FANAF is a professional association whose main objective is to promote purely local insurance companies with entirely or partially African capital. FANAF is headquartered in Dakar, Senegal. While the core of FANAF historically aligns with the 14 member states of the French-speaking CIMA (Inter-African Conference of Insurance Markets) zone, FANAF has expanded significantly to Anglophone and Arabic-speaking African nations. It has more than 200 members.