Insurance in Africa: Cotonou hosts the General Assembly of Insurance for All

Nearly 400 African decision-makers are expected at the Sofitel in Cotonou for this meeting dedicated to the future of inclusive insurance on the continent. Participants will come from government bodies, regulatory and supervisory agencies, insurance and reinsurance companies, financial institutions, development banks, technical and financial partners, and professional organizations.

The stated goal is to develop a common vision and concrete commitments to accelerate access to insurance for the benefit of African populations. The discussions should also strengthen the role of the insurance sector in the economic and social development of the continent.

According to FANAF, Africa faces a major paradox. The continent represents nearly 19% of the world’s population but accounts for less than 1% of the insurance premiums issued worldwide. In the CIMA region, the insurance penetration rate remains below 1% of GDP, compared to over 6% globally.

This low coverage deprives millions of households, farmers, entrepreneurs, SMEs, and informal sector actors of protection mechanisms against health, climate, economic, and social risks.

A Pan-African Pact Expected in Cotonou

The General States of Cotonou are expected to result in the adoption of the Pan-African Pact for insurance inclusion. This document is presented as a reference framework intended to mobilize governments, regulators, market players, financial institutions, and development partners around common objectives.

The Pact will be accompanied by a strategic action plan for 2026-2030. This plan must specify intervention priorities, coordination mechanisms, and methods for monitoring the commitments made.

The ambition promoted by FANAF is to contribute to doubling the insurance penetration rate in the FANAF area by 2040.

For Mamadou Koné, president of FANAF, Africa cannot build sustainable growth without strengthening the protection mechanisms for its populations, businesses, and investments. He believes that the General States of Cotonou should mark the beginning of a new continental ambition for African insurance.

Beyond risk coverage, FANAF wants to reposition insurance as a lever for economic resilience, savings mobilization, investment security, SME financing, support for climate transitions, and strengthening financial inclusion.

The holding of this meeting in Benin is part of a dynamic dialogue between public authorities, regulators, investors, financial institutions, technical partners, and market players. For FANAF, Cotonou 2026 should become a founding moment for the future of African insurance and for sustainable mobilization in favor of insurance inclusion.