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The African Reinsurer Volume 032 Volume NOUVELLES DES REGIONS DES NOUVELLES Le R PRESENTATION DE MARCHE DE PRESENTATION Juin 2018 Juin é assureur Africain - Juin 2018 assureur Africain GESTION ET FINANCE ET GESTION ASSURANCE ET REASSURANCE ET ASSURANCE EDITORIAL THE AFRICAN REINSURER A PUBLICATION OF THE AFRICAN REINSURANCE CORPORATION PUBLICATION DE LA SOCIETE AFRICAINE DE REASSURANCE DE AFRICAINE SOCIETE LA DE PUBLICATION LE REASSUREUR AFRICAIN REASSUREUR LE EDITORIAL INSURANCE & REINSURANCE MANAGEMENT & FINANCE MARKET PRESENTATION June 2018 The African Reinsurer - June 2018 - June 2018 Reinsurer The African NEWS FROM THE REGIONS Volume 032 THE AFRICAN REINSURER African Reinsurance Corporation Société Africaine de Réassurance A PUBLICATION OF THE AFRICAN REINSURANCE CORPORATION African Reinsurance Corporation Société Africaine de Réassurance Headquarters/Siège: Plot 1679, Karimu Kotun St., Victoria Island, P.M.B. 12765, Lagos, NIGERIA Tel: (234-1) 4616820-8, 2800924-5 Telefax: (234-1)2800074 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 with A Rating - Un Réassureur fiable (A.M. Best) and A- (S & P)) Noté A (A.M. Best) et A- (S & P) - An African professional that - Un Professionnel africain à vos côtés stands by you Regional Offices Casablanca Nairobi Abidjan Lagos 33 Boulevard Moulay Youssef, Africa Re Centre, Hospital Road, Rue Viviane A24 - Cocody Plot 1679, Karimu Kotun St., B.P. 7556 Upper Hill, Nairobi. Ambassades Victoria Island, Casablanca, Maroc P.O. Box 62328 - 00200, Nairobi 20 B.P 1623 Abidjan 20. P.M.B. 12765 Tel: (212) 22 43 77 00 - 5 Tel: ( 254-20) 297 - 0000 Tel : (225 ) 22404480 / 75 Lagos - NIGERIA Fax: (212) 22 43 77 29 - 30 Fax: ( 254-20) 297 - 0666, 297 -0777 Fax: (225) 22404482 Tel: (234-1) 461 6820, 28 000 78 E.mail: [email protected] E.mail: [email protected] E-mail: [email protected] Fax: (234-1) 28 000 74 E-mail: [email protected] Cairo Mauritius Africa Re Building, 11th Floor, 4e, 1st Settlement Service Center One Cyber City, Ebene New Cairo Mauritius ZIP Code: 11865 Tel: (230) 454-7074 Cairo, Egypt Fax: (230) 454-7067 E.mail: cairo @africa-re.com E.mail: [email protected] Subsidiaries Local Office African Reinsurance Corporation South Africa Retakaful Addis Ababa Local Office Africa Ltd (ARCSA) Africa Re Building, Gerad Mall, 6th Floor, Suite Number 432 Africa Re Place 4e, 1st Settlement Service Debrezeit Road, Beklobet, Kirkos Sub City, 10 Sherbourne Road Center Kebele 05 Parktown 2193, New Cairo P O Box 1055 Johannesburg, ZIP Code: 11865 ADDIS ABABA Tel: (27-11) 484 -3764 Cairo, Egypt Ethiopia DL: (27-11) 351 9598 E.mail: cairo @africa-re.com Office Tel: +251 11 416 5803/4 Fax: (27-11) 484 - 1001 Mobile: +251 922122473 E.mail: [email protected] Email:[email protected] 1 African Reinsurance Corporation Société Africaine de Réassurance CONTENTS 32nd Edition, June 2018 Launched in 1987 THE AFRICAN 3 EDITORIAL REINSURER INSURANCE & REINSURANCE PUBLISHER 4 Financial disintermediation: disruptive potential of Federal African Reinsurance Corporation Plot 1679, Karimu Kotun St., V/Island Government of Nigeria debt strategy on the financial intermediation P.M.B.12765, Lagos, Nigeria role of life insurance Tel: (234 1)4616820-8, 2800924-5 Telefax: (234 1)2800074 By Amos Adeoye FALADE, Retired CEO, Guardian Express Assurance Co. E-mail: [email protected] Ltd, Lagos, Nigeria EDITORIAL BOARD 13 Converting the traditional thrift and loan societies in Cameroon into veritable microinsurance institutions EDITOR-IN-CHIEF Corneille KAREKEZI By FOMBA Bernard BABILA TANYI, Lecturer, Department of Insurance, University of Bamenda, Cameroon MEMBERS 17 Reflections on compulsory group life assurance Séré Mady KABA Roger BONG BEKONDO By Abdul-Rasheed A. AKOLADE, Senior Manager, Life Underwriting, Adewale ADEWUSI Africa Re, Lagos Regional Office Eric TALA Victor IGIAMOH 19 Selection of risks in life insurance By Thierry KOUADIO, Assistant Manager, Life Underwriting, Africa Re, TRANSLATORS Abidjan Regional Office Roger BONG BEKONDO Alexandre Noé PENDA Eric TALA MARKET PRESENTATION Stephen AYUKOSOK 22 An overview of the insurance market of Equatorial Guinea CONSULTANT By Charly BENGA, Engineer – Manager, Underwriting, Africa Re, Abidjan Kasali SALAMI Regional Office ISSN 2467–7998 25 NEWS FROM THE REGIONS All rights reserved. No part of this publication may be reproduced without the Publisher’s permission 2 EDITORIAL Corneille KAREKEZI Editor-in-Chief The 32nd African Reinsurer presents interesting articles on microinsurance institutions argues that a properly constituted financial disintermediation, compulsory group life assurance, co-ordination mechanism can provide an entry point for a selection of risks in life insurance and converting traditional programme of microinsurance which can be replicated in other thrift and loan societies into veritable microinsurance regions of the country. institutions. The write-up on the importance of risk selection in life In the past thirty years, a number of developments in the insurance presents the mechanism of risk selection in this Nigerian financial services industry have disrupted the market. class of business. It defines the steps involved and role played Such disruptions could well enhance the capacity of life at the three stages of the selection process namely: technical, insurance to play its financial intermediation role effectively. medical and financial. The debt management strategy of the Federal Government of Nigeria is the latest disruptive development. The article on The importance of compulsory group life assurance schemes financial disintermediation discusses the disruptive potential has been raised and discussed in a number of forums in Africa of this strategy on the financial intermediation role of life over the past few decades. The article on compulsory group insurance and the opportunities that may come with such life assurance presents the main advantages of this class and disruptions. further supports the arguments in favour of such schemes across Africa. Certain features of the thrift and loan schemes, called Njangis in Cameroon, justify their possible conversion into Before presenting news from the different regions of the microinsurance schemes. The author of the article on continent, the 32nd African Reinsurer presents the insurance converting traditional thrift and loan societies into veritable market of Equatorial Guinea. 3 Issue 32 June 2018 The African Reinsurer INSURANCE & REINSURANCE Financial disintermediation: disruptive potential of Federal Government of Nigeria debt strategy on the financial intermediation role of life insurance 1.0 Introduction However, modern life assurance offerings, designed as investment Life insurance is a major source of long- products, explicitly separate savings term funds in the financial sector of from protection premiums. These any economy. It intermediates between products emerged as a reaction from the surplus (policyholders) and the life insurers to the disruptions in the deficit units in the financial services financial markets, resulting from the system such as governments (federal, operations of other institutions that state, local) and corporate bodies by offer similar investment products. channelling the funds to the deficit unit. The funds are used by the Federal Indeed, the past thirty years have Government to close the gap between witnessed a number of developments in Amos Adeoye FALADE revenue and expenditure and to finance the Nigerian financial services industry. infrastructures such as roads, schools These developments have really Retired CEO, Guardian Express and hospitals; while corporate bodies disrupted the market, thus diminishing Assurance Co. Ltd, Lagos, need such funds for industrial projects, the capacity of life insurance to properly Nigeria housing development and equipment intermediate between savers and users financing. of funds. However, such disruptions may come with opportunities which, Needless to add that life assurance is if properly identified and harnessed, able to serve as a mechanism for such could well enhance the capacity of financial intermediation because of its life insurance to play its financial long-term nature, the structure of the intermediation role effectively. The products and presence of elements debt management strategy of the of the law of large numbers. The Federal Government of Nigeria is the premium for traditional life insurance latest of such disruptive developments. products embeds savings for long-term The strategy has the potential to protection in addition to a provision for disrupt the market through financial mortality risks. This is especially true of disintermediation, as discussed in this whole life and endowment assurance. article. 4 INSURANCE & REINSURANCE 2.0 Financial disintermediation interest rate rises (a). It may require a life 2.2 Historical perspective of the life office selling part of its assets at a loss insurance industry in Nigeria Financial disintermediation reflects and may also reduce the attraction of The potential effects of the the behaviour of fund providers in an life policies to the public. The process of debt management strategy on environment of rising interest rates financial disintermediation results from the capacity of life insurance for on financial assets. It is important to a series of developments in the financial
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