Review of the third day of the FANAF 42nd General Assembly

Among the topics discussed during the third day of the 42nd General Assembly of the FANAF are:

  • the optimization of the profitability of insurers,
  • the opportunities presented by the African market
  • and new insurance professions.

According to the speakers, African insurance companies must henceforth shift towards financial investments to improve their profitability. The latter is now based on asset management rather than on the insurance business itself.

In OECD countries, 66% of insurers' profits would be generated by financial investments. Countries in the CIMA zone have to follow in their steps by enhancing the investments in promising niche markets such as real estate, construction and bond markets.

In this regard, a representative of the African Development Bank (AfDB) encourages insurance companies to invest in African bond funds, a profitable initiative for both insurers and the overall continent's economy.

A speaker from KPMG, the audit firm, listed the new technological trends that are shaking up the market. These include the advent of "AssurTech", digitalization of services, artificial intelligence and blockchain. Innovations that have to push the authorities to rethink their legal framework.

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