Inter-African Federation of Insurers Brokers Convenes to Renew Governing Bodies and Assess Future Prospects

The Inter-African Federation of Insurers Brokers (Fiac) is in conclave from July 3 to 5, 2023 at the Radisson Blu hotel, near the Félix Houphouët-Boigny international airport in Abidjan, to renew its governing bodies.

the 14th^e elective general assembly of this umbrella organization, organized in collaboration with the National Association of Insurance and Reinsurance Brokers of Côte d’Ivoire (Ancar Ci), will make it possible to identify the strengths, weaknesses, opportunities and threats of this pan-African organization around of the theme: “Fiac, 17 years later, assessment and prospects”.

The official opening ceremony of the event, which took place on July 3, 2023, was an opportunity for Namory Karaboué, Deputy Director of the Public Treasury, representing Minister Adama Coulibaly of the Economy and Finance, to invite Fiac members to breathe new life into their umbrella organization. And this, in view of the weight of insurance in the economic life of the member countries.

“Indeed, the insurance brokerage sector in Côte d’Ivoire is booming,” said Namory Karaboué. As proof of this, the country has, as of June 30, 2023, 328 brokers against 127 in 2013, an increase of 158% in 10 years.

“However, the contribution of brokers in achieving market turnover is still low: 31% in 2021 compared to 28 in 2020”, he relativized.

This good mark, underlines the representative of the Minister Adama Coulibaly, should not hide the challenges of the sector. “Among other challenges, it is necessary to take up the issues of timely repayment of premiums collected on behalf of insurance companies; compliance with the provisions of article 13 of the Cima code; the production of statements and other documents within the regulatory deadlines”, listed Namory Karaboué.

Faced with these challenges, it is appropriate, according to the Deputy Director of the Public Treasury, to further professionalize the insurance brokerage sector. Before reassuring the audience of the ministry’s readiness to support the sector.

Cheick Bah, the president of the Inter-African Federation of Insurance Advisors, stressed that Fiac should not be seen as a simple association or syndicate of brokers, but rather an institution that controls more than 40% of insurance turnover. in the area, and which employs more than 3,500 people.

The Inter-African Federation of Insurance Advisors (FIAC) brings together 14 West and Central African countries.

Firmin NDri Bonfils