The association of Senegalese insurers intends to set up a co-insurance pool to cover energy risks.
The decision was taken after two days of reflection on the strategic and economic issues of oil risk insurance and reinsurance.
This will involve setting up a compulsory co-insurance pool, which will bring together all non-life insurance companies licensed in Senegal to cover energy risks. Its coordination will be provided by the Senegalese insurance company Reinsurance (SENRE).
“Regarding oil risks, the Senegalese market will have a unique and consistent approach to strategic and economic issues in order to reap the maximum profits,” said Mouhamadou Moustapha Noba, President of the AAS.
However, he notes that “these types of risks are special and stakeholders must focus on technical capabilities, training, but especially the approach of grouping together as one co-insurance”.
The players in the Senegalese insurance market have also adopted other resolutions at the end of these two days of work of reflection such as the representation of insurers in the bodies of orientation and control, the sensitization of the public authorities to the insurance issues of the structuring projects, the training of the various actors, the formula for covering mining, oil and gas risks, among others.
These days saw the participation of eminent specialists in insurance, reinsurance and the oil industry.
