Managing Dir. message

Mr. Jean Baptiste N. KOUAME

CICA-RE, 30 years old already !

 

Originally, the political will of the twelve (12) Member States of the then Franc Zone, whose main objective was to "promote the expansion of the insurance and reinsurance industry, both on the national as well as regional levels, with a view to ensuring a better spread of risks and an increase in the retention capacity of the zone regarding insurance and reinsurance premiums ".

 

The direct consequence of the achievement of this objective is that the savings generated by better retention of premiums are invested in the Member States and thus help to accelerate their development.

 

The share capital, which, at the commencement of operations in January 1984, initially amounted to six hundred million (600,000,000) CFA Francs, essentially owned by the States, was gradually increased to six billion (6,000,000,000) CFA francs, and then evolved to twenty billion (20,000,000,000) CFA Francs fully paid up (65% for the States and 35% for the Financial Institutions and Insurance Companies) with a new configuration of the Board of Directors.

 

Indeed, under a public-private partnership, the Company's texts revised in 2009 and 2013 allowed an inflow of capital by new shareholders, so that the shareholders now include, in addition to the 12 Members States, the West African Development Bank (BOAD/WADB), the African Solidarity Fund (FSA) and 58 Insurance Companies.

 

The 2009-2020 Strategic Development Plan gives greater clarity to the development of the Company's operations, whose turnover amounted to 30.2 billion CFA francs, well in excess of forecasts, thus generating a net profit of 2.6 billion CFA francs.

 

In view of its overall economic performance, CICA-RE established links with Rating Agencies. Its first rating dates back 10 years with the South African ratings Agency, the Global Credit Ratings co. (GCR), and in January 2016 it finalized a rating process with the world-renowned A.M. Best Company, based in England.

 

In addition to its headquarters in Lomé, CICA-RE currently has two (2) Regional Offices in Douala and Abidjan, one (1) Contact Office in Nairobi and one (1) Office in Tunis.

 

The total number of staff is currently 85 officers, employed both in Headquarters and the various field Offices.

 

In view of the economic, social and political environment on the one hand, and the limited scope of African insurance in global insurance, as well as the low level of penetration, on the other, there are still a great many challenges in years to come.

 

In order to be able to play its part properly over the next three decades, the Regional Reinsurer knows that it can count on all its partners by offering them in return the services and expertise more shaped by its values such as : Responsiveness, fulfilment of commitments, good governance and the permanent quest for excellence.

 

To all our partners and business relations, to whom we wish to express our gratitude for the constant support we say : THANK YOU, the work goes on !

 

Jean Baptiste N. KOUAME

Managing Director

Discover CICA-RE

Established in 1981 by the Member States of the International Conference on Insurance Controls (CICA), which became the Inter-African Insurance Markets Conference in 1992, CICA-RE began operations on 1 January 1984.

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Key figures

SALES BY INSURANCE LINE (in million CFA F)

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