Magazine date:
Jul 2003 The 30th AIO conference gathered more than 500 participants to discuss the following items:
- The problems which affect the insurance market in Africa: overcapitalization of the insurance and reinsurance companies, the non-respect of underwriting procedures, insufficient capacities, weak investment.
- Market trends since the events of September 11, 2001: increase in premium rates, fee reductions in proportional policies, revision of risk profiles on an ‘”as if ‘' basis, exclusion of terrorism from fire/industry/personal accident risks, new clauses excluding political risks and terrorism, revision of XOL policies. Payment of premium and cash flow positions are to be included.
- Solutions for Africa: increase the capacity of the African reinsurance sector; reinforce the expertise in insurance; promote the principles of professionalism and ethics; update knowledge and recruit graduates in all fields; privilege the African reinsurance business; make pressure on the international insurance world for more indulgence toward the African market.