Wafa Assurance establishes a life subsidiary in Gabon

On 16 April 2024, the Regional Insurance Control Commission (CRCA), the regulatory body of the Inter-African Conference on Insurance Markets (CIMA), granted Wafa Assurance approval to open a life insurance subsidiary in Gabon.

With a share capital of 5 billion FCFA (8.2 million USD), Wafa Assurance Vie Gabon will market products covering savings and death benefits in the country.

The inauguration of the new entity is part of the Moroccan group's expansion strategy in Africa, where it is already present in six countries: Morocco, Tunisia, Cameroon, Côte d'Ivoire, Senegal and Egypt.