The Senegalese Federation of Insurance Companies (FSSA) has said that it needs to strengthen its participation in covering projects in the extractive sector, as oil, gas and mining have become one of its main growth opportunities.
FSSA President Mr Amar Kebe said at a recent media conference that investments in oil, gas or mining naturally have a positive impact on insurance, according to a report by the Senegalese Press Agency.
He said, “No investor commits hundreds of billions of CFA francs without having a risk protection mechanism.”
Oil and gas production generated by the Sangomar (west) and Grand Tortue Ahmeyim (north) platforms opens up new prospects for Senegalese insurance companies, according to Mr Kebe.
He said that the Senegalese insurance market has equipped itself with a mechanism for managing strategic risks in the exploitation of oil, gas and mineral resources.
An insurance pool dedicated to risks related to the oil and gas industry has been created, he said, explaining, “We have opted for pooling resources, so that the benefits extend to the entire market and local capacities are strengthened.”
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