Financial Afrik. 1 dollar = 9030 Guinean Francs (GNF) Conakry hosted the 40th Annual General Meeting of the African Reinsurance Society Africa-Re from June 19 to 21. About sixty delegations from member countries and representatives insurance companies and organizations took part in this meeting.
Hassan Boubrik, President of the Moroccan Authority for the Control of Insurance and Social Welfare (ACAPS) and Chairman of the Board of Africa Re, welcomed the quality of the exchanges that marked the 40th Annual Meeting of the GA of Africa Re, the progress made by the different countries and promised to consolidate the achievements in the coming years.
“The Guinean market led by our company has achieved growth in turnover. AfricaRe has contributed to the development of Guinea’s insurance market by providing companies with additional underwriting capacity, “said Hassan Boubrik. An upturn that affected GDP by 0.42% against 2.8% in Africa.
For Guinea, the major challenges remain the non-respect of the obligation of insurance (RC) automobile, the non-respect of the Compulsory insurance of the goods with the importation, the relocation of the insurance of the risks of the exploitations mining and petroleum products, taxation of products, among others …
Guinean officials welcoming this 40th assembly welcomed the progress made by Guinea in insurance. “The number of companies has been multiplied by 3. From 4 in 1997 to 12 in 2017. The turnover (premiums) has increased significantly to some 352 billion Guinean francs (39 million dollars) in 2017, compared to 315 billion Guinean francs in 2016 and 191 billion in 2012. In respect of expenses (…) companies paid some 113 billion Guinean francs against less than 4 billion in 1997.
Similarly, the regulatory framework has been revised and strengthened and has come into force. The law on the insurance code (was adopted) in July 2016 with the alignment of our market with international standards, “said Lounceny Nabe, the governor of the Guinean central bank.
As a reminder, following the recent entry of the Allianz group into the capital of Africa Ré following the purchase of the shares of the Brazilian IRB Brasil Ré, the tour de table breaks down as follows: 75% of the capital is held by the States Africa, AfDB and insurance companies on the continent and 25% by international investors. Noted “A-” by Standard & Poors and “A” by AM Best, the pan-African company should normally play a bigger role in the African reinsurance market.
