African insurance regulatory authorities have reaffirmed their commitment to converging supervisory practices, an essential condition for the emergence of a more integrated, inclusive and efficient African insurance market.
The regulators stated this at the Joint General Assembly of the Organisation of African Insurance Supervisory Authorities (OAISA), held from 20 to 25 July in Abidjan, according to a statement released by the organisation.
Held under the theme "What convergence of supervisory practices for a more integrated and efficient African insurance market?", the meeting brought together officials from regulatory and supervisory authorities from 17 African countries, representatives of regional organisations, financial institutions and industry experts.
Opening the proceedings, the Director of Insurance in Cote d'Ivoire and current Chairman of OAISA, Mr Issouf Traore, stressed that the meeting reflected the strengthening of the collective commitment of African regulators to the development and influence of the insurance industry on the continent. According to him, the protection of policyholders remains the cornerstone of the actions of supervisory authorities.
OAISA members noted that despite the existence of common regulatory frameworks in several regional areas, control methods, prudential requirements, and information exchange mechanisms remain diverse. This situation hinders cross-border operations, increases compliance costs for insurance companies, and limits the development of innovative solutions.