Benin: opening of the General States of Insurance for All in Cotonou

The General States of Insurance for All, organized by the Federation of African National Insurance Companies (FANAF), opened on Monday, July 6 in Cotonou, with the ambition of making inclusive insurance a major lever for social protection and economic resilience in Africa. Over three days, insurers, regulators, public authorities, and technical and financial partners must reflect on ways to expand access to insurance for populations that are still poorly or not covered.

At the opening of the event, Nicolas Yénoussi, Minister Delegate to the Minister of Economy and Finance, in charge of Finance and Microfinance of Benin, noted that the continent is largely under-insured, despite its demographic weight, with a penetration rate well below the global average. He argued that the Pan-African pact for inclusive insurance (expected at the end of the event) should be based on innovation, proximity, accessibility, and trust, with operational results.

“We are living in a time marked by the multiplication of risks; more than ever, our populations need effective mechanisms for protection and resilience. (…) In this context, insurance should no longer be considered just a financial product; it is a strategic instrument for economic and social development,” said the minister.

On his part, “Mamadou G.K. Koné”, President of FANAF, made a strong plea for inclusive insurance. To illustrate the urgency of action, he told the story of Aïssatou, a trader whose business was destroyed by a fire due to lack of adequate coverage. Through this example, the Ivorian highlighted that millions of Africans remain exposed to life’s shocks without a safety net.

For “Mamadou G.K. Koné”, inclusive insurance is “neither an act of charity nor a gesture of generosity”, but the very heart of insurers’ mission. He emphasized the paradox of a continent that accounts for nearly 60% of the world’s population, while representing only about 4.1% of premiums collected worldwide. Therefore, he stressed the urgency of building simple, affordable products accessible via mobile phone and tailored to the realities of farmers, traders, artisans, and small businesses.

Hervé Tchiakpé, President of the Association of Insurance Companies of Benin (ASA Benin), stated that this meeting should lead to concrete solutions to offer a “healthy, accessible, and affordable” protection to people traditionally excluded from traditional insurance.

The head of insurers in Benin also emphasized the strategic significance of these discussions, which are expected to result in a Pan-African pact involving states, regulators, businesses, and sector partners on a common trajectory by 2040. The ultimate goal of this meeting is to seal a Pan-African pact capable of engaging our states, regulators, businesses, and partners until 2040. (…) We want to build a framework for more inclusive, determined, and closer to the real needs of the most vulnerable populations.”

He also praised Benin’s choice for hosting these discussions: “this choice demonstrates the credibility of our market, the quality of our relations with authorities, and Benin’s capacity to host major events.”

The discussions in Cotonou should thus lay the foundations for a more favorable environment, based on proportionate regulation, incentivizing taxation, and financing commensurate with the stated ambitions. The announced objective is to double the insurance penetration rate in the African region by 2040.