By Favour Nnabugwu
NIGERIAN insurance companies with offices in francophone countries are seeking approval to access markets in the Inter-African Insurance Markets Conference (CIMA) area.
One of the companies, Continental Re’s, through its regional office in Côte d’Ivoire, has received the approval of the regional insurance control commission (CRCA) to enter the CIMA.
Vanguard Insurance investigation reveals that the introduction of new rules is expected to gradually change this, as stricter minimum capital requirements from the CIMA which oversees insurance regulation in 15 regional markets, take effect.
CIMA countries are Benin, Burkina Faso, Cameroon, Central African Republic, Comoros, Chad, Cote d’Ivoire, Gabon, Guinea, Equatorial Guinea, Mali, Niger, Senegal, and Togo.
In part because it has the largest insurance market in the regional grouping, Côte d’Ivoire has been able to attract large-scale international insurance operators, a trend likely to continue in light of possible new acquisitions and a large number of ongoing public works projects.
Among other things, entrance into CIMA markets, allows insurance companies the access to virtually every insurance market in the world for them to effectively provide coverage for property and liability risks, design benefit plans of varying size and cover specialty programmes as well.