Supporting effective regulation and supervision of index-insurance in Francophone Africa
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- The development of sustainable index-insurance markets requires enabling legal and regulatory environments
- The adoption of the “CIMA Book VII” on April 5th 2012 was a major milestone allowing and regulating the development ofmicroinsurance and index-insurance for 15 countries in the Inter-African Conference on the Insurance Market or CIMA region
- In addition to this regional regulatory change, the Global Index-insurance Facility (GIIF) has supported national insurance supervision agencies with this transition. In particular, GIIF has assisted the Senegalese Insurance Supervision Agency with the development of supervisory and customer protection tools for index-insurance
- This regulatory change has allowed the development of index-insurance pilots in Benin, Burkina Faso, Mali and Senegal
- Today, the CIMA region has a population of more than 145 million people, 58% of them living under $2 dollars a day and mostof them depending on agriculture for their livelihoods (contributing to an average of 30% of GDP)
