On the first day of the 42nd FANAF General Assembly [4], speakers emphasized the strong growth potential of the African insurance market.
According to them, the continent has several assets, such as the high demographic weight, the emergence of a middle class and the low penetration rate. To better take advantage of these benefits, local insurers need to design innovative products that are more responsive to the new needs of policyholders.
"The deployment of new information technologies is an important growth driver for the insurance industry," says Adama Ndiaye, president of FANAF.
Another highlight is the agreement of the Continental Free Trade Area, which has been in preparation for almost 40 years, and will be signed in March 2018 in Kigali. This convention will open up new opportunities for insurers wishing to expand their business beyond national borders.
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