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African Reinsurer Magazine THE AFRICAN REINSURER A PUBLICATION OF THE AFRICAN REINSURANCE CORPORATION Volume 023, June 2009 The African Reinsurer AFRICAN REINSURANCE CORPORATION SOCIETE AFRICAINE DE REASSURANCE Headquarters/Siège: Plot 679, Karimu Kotun St., Victoria Island, P.M.B. 2765, Lagos, NIGERIA Tel: (234-) 2663323, 2626660-2, 68820 Telefax: (234-) 2663282/2626664 E-mail: [email protected] - Web site: http://www.africa-re.com - Your Reinsurer - Votre Réassureur - An ally within your reach - Un Interlocuteur de Proximité - A Partner You can trust - Un partenaire de confiance - A Strong Security - Une Sécurité renforcée with (S & P) BBB+ and A.M. Best A- Ratings avec les cotes BBB+ de S & P et A- de A.M. Best - An African Professional that stands by you - Un Professionnel Africain à vos côtés REGIONAL OFFICES Casablanca Nairobi Abidjan Africa Re Centre, Hospital Road, Rue Viviane A24 - Cocody 33 Boulevard Moulay Youssef, Upper Hill, Nairobi. 20 B.P 623 Abidjan 20. Casablanca, Maroc P.O. Box 62328 - 00200, Nairobi Tel : (225) 2240448 Tel: (22) 22 43 77 00 Tel: (254-20) 2730660-3, Fax: (225) 22404482 Fax: (22) 22 43 77 29 Fax: (254-20) 2724896, 2730608 E-mail: [email protected] E.mail: [email protected] E.mail: [email protected] SUBSIDIARY/FILIALE Mauritius Cairo African Reinsurance Corp. (South Africa) Maurice Le Caire Ltd 2nd Floor (West Wing) One Cathedral Square, 38c Mansour Street Abdeen Downtown Oakhurst Building -3, St Andrews Road, Mezannine level, Postal Code 46 Parktown 293, Houghton 204, Pope Hennessy Street Cairo, Egypt Johannesburg Port Louis Tel: (20-2) 2792-4020 Tel: (27-) 484-3764/970/606 Tel: (230) 20-0795 Fax: (20-2) 2792-4030 Fax: (27-) 484 - 00 Fax: (230) 20-2496 E-mail: [email protected] E-mail: [email protected] E.mail: [email protected] 2 The African Reinsurer Volume 023, June 2009 CONTENTS 23rd Edition, June 2009 Launched in 1987 Page INSURANCE & REINSURANCE THE AFRICAN Parametric Insurance: General Market Trends and Perspectives REINSURER for the African Insurance Sector PUBLISHER By Hector IBARRA, Assistant Vice-President, Insurance Linked African Reinsurance Corporation Securities Plot 679, Karimu Kotun St. Victoria Island PartnerRe New Solutions Inc. P.M.B.2765, Lagos, Nigeria Tel: 2663323, 2626660-2, 68820 The Changing Face of Political and Credit Risk Insurance in Telefax: 2663282/2626664 Africa E-mail: [email protected] By Peter JONES, CEO, African Trade Insurance - Nairobi EDITORIAL BOARD Insurance for the Poor in Africa – Need for a Paradigm Shift Editor-in-Chief Bakary Kamara By Vijayasekar KALAVAKONDA, Senior Insurance Specialist, World Bank, Washington DC (U.S.A) MEMBERS Alain RAVOAJA MANAGEMENT & FINANCE Ken AGHOGHOVBIA Adewale ADEWUSI The Role of Enterprise Risk Management in Corporate Roger Bong BEKONDO Governance TRANSLATORS By S. M. KABA, Deputy Director, Internal Audit/Chief Risk Ekereobong EKPENYONG Officer, Africa Re, Nairobi Noé Alexandre PENDA CONSULTANT MARKET PRESENTATION Mr. Kasali SALAMI The Algerian Insurance Market TYPING & TYPESETTING By Mohamed BELAZIZ, Deputy Director Underwriting & Patricia Amouzou Marketing, Africa Re Casablanca Highlights on the Nigerian Insurance Market By Fola DANIEL, Commissioner for Insurance, Federal Republic of Nigeria All rights reserved. No part of this publication 63 NEWS FROM THE REGIONS may be reproduced without the Publisher’s permission Volume 023, June 2009 The African Reinsurer 3 EDITORIAL Bakary H. KAMARA Editor-in-Chief This 23rd edition of the African mandate is precisely to promote and Reinsurer features topics that focus finance such exchanges through mainly on the issue of development credit insurance covers. and the contributions of insurance to that mission. However, micro-insurance, which is gradually being considered as Indeed, with the emergence of an alternative to conventional weather insurance, as well as credit insurance, seems to have taken root and micro-insurance risks, the issue in the continent, as illustrated by of the relevance of insurance-based the case of an extremely successful risk transfer techniques becomes micro-insurance company that has more apparent. become a traditional insurer and ranks among the top life assurers Africa Re, which for some time now, in its home market. has been committed to sharing new experiences aimed at promoting Enterprise Risk Management, now insurance among the underprivileged and in countries an indispensable good governance tool, is gaining with low insurance penetration rates, would like to use increased support in the corporate world, especially this 23rd edition to give voice to professionals whose as the 2008 financial crisis can be traced to the failed views are considered as authoritative in this field. control mechanisms set up by major conglomerates. Through this subject, Management wishes to share the Although weather insurance is gaining ground in Asia Corporation’s experience with the reader of the “African and Latin America, this product is yet in its infancy in Reinsurer”. Africa. The edition concludes with traditional items such as Furthermore, each year, the innovative African Trade market presentation and news from the regions. Insurance Agency (ATI) attracts more members and has become the first to assist in the development of intra- Have a rewarding reading! African trade ahead of another institution set up much earlier whose 4 The African Reinsurer Volume 023, June 2009 INSURANCE AND REINSURANCE PARAMETRIC INSURANCE: GENERAL MARKET TRENDS AND PERSPECTIVES FOR THE AFRICAN INSURANCE SECTOR By Hector Ibarra Assistant Vice-President, Insurance Linked Securities PartnerRe New Solutions Inc. I. INTRODUCTION appropriate to plan the development of scalable and sustainable local The consensus in the international parametric insurance markets in development community is that over developing countries. the last 35 years, there has been an increase in both the frequency of Within the international reinsurance natural disasters and the number market, PartnerRe has pioneered of people living in vulnerable areas, initiatives to engage in local market resulting in increased exposure development efforts with financial to the negative impact of natural institutions in developing countries disasters. There is therefore a for implementing parametric growing awareness of the need to weather and catastrophe products. promote market-based approaches PartnerRe has supported the design to transfer unhedged systemic and implementation of programmes exposures from developing countries in developing countries at both where the challenging reality is that macro and micro levels. insurance penetration remains very low. Based on Partner Re’s experience, this article aims to Innovations in the global financial markets, such as provide an overview of the current market development the development of the parametric weather insurance efforts and to set out what are considered to be the key in the late 990’s and the securitization of catastrophe constraints that impede the sustainable development risks during the early 2000’s have had limited impact of private parametric insurance markets in developing in developing countries thus far. The flexibility offered countries. The article recommends an approach that by these innovations is attractive particularly in the facilitates the participation of local financial institutions in light of difficulties in building traditional insurance the development of sustainable risk transfer markets. models in developing countries, due to institutional and technological constraints, the lack of experience data, I. WHAT IS A PARAMETRIC OR INDEX-BASED heavy transaction costs and the challenge of managing INSURANCE PRODUCT? moral hazard and adverse selection. It is important to note that the traditional insurance model for climate A parametric insurance product can be defined as an and catastrophe risks should not be discarded but that insurance contract where the ultimate payment or parametric models have been put forward as a potential contract settlement is determined by a weather or starting point for certain applications. geological observation or index, such as the average temperature or rainfall over a given period or the intensity The development community has strongly supported of an earthquake or a wind storm. Parametric insurance several pilot projects with the objective of assessing payouts are not based on individual loss adjustments, the feasibility of implementing risk transfer solutions for but are determined according to the measurement of a developing countries based on these innovations. The highly correlated index. Therefore, there is the potential contribution from this community has been remarkable for a mismatch between parametric insurance claims in proving the concept and has provided invaluable case settlement and the actual losses of the insured, which is studies. Given the success achieved so far, it is now generally referred to as basis risk. Volume 023, June 2009 The African Reinsurer 5 INSURANCE AND REINSURANCE II. PARAMETRIC INSURANCE MARKETS IN (i) Better quality data, DEVELOPING COUNTRIES: CURRENT STATUS (ii) Limited risk exposure which reduces the need for risk capital from international markets, The development community has been exploring the potential applications of the weather derivatives (iii) Ability to overcome local institutional weaknesses markets for developing countries since 999, although by reducing the scope of the project. most of the efforts remained at the research level until 2003. However, since
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