ACAPS takes part in the 41st Annual General Meeting of FANAF
13/02/2017
Placed under the High Patronage of HM King Mohammed VI, the 41st Annual General Meeting of the Federation of African National Insurance Companies (FANAF), organized in Marrakech from February 13 to 16, 2017, hosted some 1300 professionals of the insurance and reinsurance sector from 59 countries. The opportunity was to shed light on the new regulatory challenges and operational challenges facing African insurance.
Represented by a delegation made up of managers and executives, The Supervisory Authority of Insurance and Social Welfare (ACAPS) was invited to this event, the official opening of which was given by ACAPS President , Mr. Hassan Boubrik.
In his opening speech Mr Boubrik reminded that the missions of the insurance regulators had to cover not only the protection of the rights of insured persons, the financial stability but also the development of the markets, the easy access cost-effective insurance products by consumers and setting up frameworks for innovation.
Recalling that, at the operational level, one of the major challenges facing the African insurance sector will probably come from the digital revolution, the President of ACAPS also stressed the need to start thinking about different issues, be it:
- Convergence towards international standards of risk-based solvency;
- The supervision of market practices or what is called Market Conduct;
- The development of markets which would involve the revision of certain regulations in order to promote innovation and access to insurance products for a larger part of the population, citing the example of Micro Insurance;
- Greater convergence of regulatory frameworks governing African markets, in order to simplify operators' lives and also to favor the emergence of transnational players, of larger sizes, able to compete and who would be more visible on the international insurance market.
