On September 24th, 1981 in Paris, the plenipotentiaries of the twelve Member States signed the Agreement establishing the Common Reinsurance Company of the Member States of CICA (CICA-RE).
The States who are signatories of the Agreement, regrouped as part of the International Conference on Insurance Control (CICA) - today named as Inter-African Conference on Insurance Markets (CIMA), had expressed a great interest in the insurance area just after independence.
Theyâ€™ve very early understood that insurance is an occupation with strong vocation of international cooperation where contrary to many areas, independence should not be synonymous with fallback inside national borders, thus, extending the systems of the balkanization.
That's why, from 1961, our States decided to establish a broad collaboration in the field of insurance.
First, by controlling the foreign companies operating on their soil, then by establishing the International Institute of Insurance in YaoundĂ©, because it quickly appeared that it was not possible to create insurance industries without the men to enliven them. These executives enabled every Member State to be endowed with an Insurance market. But, due to the tightness of these markets and the importance of insured risks, there was an outflow of a big part of acquired premiums to the developed countries through reinsurance.
With the intention of restraining this capital export, the African Development Bank (ADB) led the States of the continent to establish the African Corporation of Reinsurance (AFRICA RE) the headquarters of which is located in Lagos. AFRICA RE has reduced the capital outflow. However, the Member States of CICA considered it opportune to complete this action by establishing their reinsurance company: CICA-RE.
The basic provisions of the CICA-RE were revised at the Member States General Meeting of April 16, 2009, held alongside the Franc Zone Finance Ministers Conference in Ouagadougou (Burkina Faso) (...)