There is a need to set a minimum level of harmonised legislation among African countries to facilitate cooperation between insurance companies on the continent, according to Mr Omar Gouda, who is the CEO of Misr Insurance Company, Egypt's biggest general insurer.
He was speaking at the 28th African Reinsurance Forum, for which the theme was “Harmonisation: Uniting the African (Re)insurance Markets for a Sustainable future”. The Forum, which took place on 12-15 October in Cairo, was organised by the Insurance Federation of Egypt (IFE) and the Financial Regulatory Authority (FRA).
Mr Gouda also said that there are great opportunities for mergers between African insurance companies, as the markets have witnessed great development over the past 30 years. He explained that the readiness of the continent's markets for integration varies from one country to another.
Reinsurance
Speaking at the opening session of the Forum, Ms Patricia Karuaihe-Martin, President of the African Insurance Organization (AIO), stressed the importance of harmonisation for reinsurance companies in African markets. Reinsurers used to work individually, but they soon realised the importance of working collectively to exchange ideas and solutions to enhance partnerships and cooperation opportunities on the African continent.
The forum was attended by 600 participants.