The Federation of African National Insurance Companies (FANAF) kicked off its 50th General Assembly on 9 February with a call to insurers to play a more active role in addressing emerging risks.
Held under the theme "50th Anniversary of FANAF: Building the Future of African Insurance", the meeting, which takes place from 9-11 February in Abidjan, attracted insurance executives and regulatory officials from nearly 60 countries, as well as prominent economic and institutional figures.
Representing Prime Minister Robert Beugre Mambe, Minister of Economy, Finance and Budget, Adama Coulibaly, emphasised the catalytic role of the Federation in the emergence of regional champions and in helping to establish insurance as an instrument of trust, protection and stability in African economies. He said that the 50th General Assembly has both symbolic and strategic significance in an Africa marked by profound economic transformation and increased exposure to climate, health, technological and security risks.
Faced with these new challenges, Mr Coulibaly emphasised that insurance can no longer be seen as a simple risk coverage mechanism. It constitutes a strategic lever for development, a factor in macroeconomic resilience, and a key instrument for mobilising long-term savings for investment. However, despite the progress made, the minister noted that insurance penetration in Africa remains low, at around 3%. The situation reflects significant coverage gaps, particularly for SMEs, the agricultural sector, low-income households, and the informal
He emphasised the development of agricultural and climate insurance, as well as health and life insurance. According to him, products related to new technologies, cyber security and infrastructure should also occupy a more prominent place in insurers’ offerings.