General States of Insurance for All: 23 resolutions adopted in Cotonou to democratize access to insurance
After three days of work bringing together the main players in the sector, the General States of Insurance for All ended this Wednesday at Sofitel in Cotonou with the adoption of 23 resolutions and the Pan-African Pact for inclusive insurance, called the “Call of Cotonou.” The leaders of FANAF and the Association of Insurance Companies of Benin presented, in front of the press, their roadmap to widen access to insurance on the continent.
Three days of reflection, consultation, and reassessment to lay the foundations for insurance that is more accessible to African populations. Gathered in the economic capital of Benin, the participants of the General States of Insurance for All concluded their work with the adoption of 23 resolutions aimed at accelerating the development of inclusive insurance on the continent. During a press conference held at the end of the sessions, the organizers presented the key orientations of what is now the Pan-African Pact for Inclusive Insurance, also known as “Call of Cotonou ”.
A Concerning Observation
President of the Association of Insurance Companies of Benin (ASAB), Hervé Tchiakpè, reminded of the structural difficulties faced by the insurance sector in Africa. “When we look at our insurance environment, we see a significant imbalance. A small part of the population benefits from insurance coverage, while a majority of our fellow citizens remain completely excluded from this protection system,” he explained. According to him, this low penetration undermines the entire ecosystem. “As long as insurance does not concern a critical mass of citizens, our entire industry will remain fragile,” insisted the president of ASAB.
The work thus led to 23 resolutions aimed at reversing this trend. “If we manage to effectively implement these 23 resolutions, I am convinced that we will have taken, here in Cotonou, a decisive step in the development of inclusive insurance in Africa,” he assured.
The Call of Cotonou, a Continental Ambition
Speaking in turn, the president of FANAF, Mamadou Koné, placed these conclusions in a much broader perspective. “If we succeed in implementing all the adopted resolutions, we will truly give life to the Call of Cotonou, which constitutes the culmination of these General States,” he declared.
For him, this text goes far beyond the insurance sector. “It is primarily a call for a broad coalition of actors engaged in a movement of social transformation so that millions of Africans today excluded from any coverage can finally access insurance solutions,” he emphasized.
Rebuilding Trust
Before defining solutions, the organizers chose to start from the concerns expressed by citizens. “We listened to users, gathered their expectations, frustrations, and criticisms. These exchanges highlighted an essential element: trust,” explained Mamadou Koné.
According to him, the credibility of the sector primarily depends on its ability to effectively compensate insured individuals. “This trust is based, among other things, on the quality of claims settlement, which remains the main lever of credibility for our sector,” he insisted.
Four Priorities for More Accessible Insurance
The General States defined several priority axes to widen insurance coverage. The new offerings will specifically target low-income populations through life insurance, health micro-insurance, insurance for very small enterprises, and agricultural insurance.
At the same time, participants made several recommendations to states, tax administrations, and regulatory authorities to create a favorable environment for the development of these new products.
A Roadmap and Ongoing Monitoring
When asked about the guarantees surrounding the implementation of the resolutions, Mamadou Koné assured that FANAF had planned a rigorous monitoring mechanism. “The essential question is how to ensure the effective application of the adopted resolutions. We have precisely given ourselves the means to achieve this,” he replied. One resolution thus entrusts the president of FANAF with the mission of ensuring the dissemination of the conclusions, while another charges the Executive Bureau with officially transmitting the recommendations to the ministers responsible for insurance in the various member states.
Beyond this transmission, a permanent monitoring system will be established. “We will support national associations to ensure the effective implementation of decisions on the ground,” specified the president of FANAF. Each General Assembly of the organization will include a detailed evaluation of the progress made in inclusive insurance.
Changing the Image of Insurance
The issue of consumer trust also played a significant role during discussions with journalists. For Mamadou Koné, it is primarily about correcting certain perceptions. “I prefer to speak of a trust deficit rather than rejection. It is precisely this issue that guided our approach during these General States,” he explained.
Insurance companies will need to improve their practices, intermediaries will need to enhance the quality of their support, while public authorities will need to create a favorable regulatory framework. “Our ambition is simple: to make insurance a truly protective tool accessible to all Africans. This is the aim of the work we have just completed in Cotonou,” concluded the president of FANAF.
Through the Call of Cotonou, actors in the sector now display a clear ambition: to sustainably transform the African insurance market and accelerate its opening to millions of people still excluded from any coverage.
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