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The African Reinsurer THE AFRICAN REINSURER A PUBLICATION OF THE AFRICAN REINSURANCE CORPORATION Headquarters/Siège: Plot 1679, Karimu Kotun St., Victoria Island, P.M.B. 12765, Lagos, NIGERIA Tel: (234-1) 2663323, 2626660-2, 618820 Telefax: (234-1) 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- Rating avec les cotes BBB+de S & P et A- de A.M. Best A- - An African Professional that stands by - Un Professionnel Africain à vos côtés you Regional Offices Bureaux Regionaux Nairobi Abidjan Casablanca Africa Re Centre, Hospital Road, Rue, Viviane A24 - Cocody Tour Atlas, Place Zallaqa Upper Hill, Nairobi. 20 BP 1623 Abidjan 20. BP 7556, Casablanca, Maroc P.O. Box 62328, Nairobi Tel : (225) 22404480 - 22404481 Tel: (212) 22 317174, 22 30 61 54 Tel: (254 -2) 2730608, 2730624 Fax : (225) 22404482. Fax: (212) 22 30 79 64 Fax:2724896 E.mail: [email protected] Tlx 28079 M E.mail: [email protected] E.mail: [email protected] Subsidiary Filiale Mauritius Cairo African Reinsurance Corp. (South One Cathedral Square, 12 Khan Younus Africa) Ltd Mezannine level, off Shehab Street rd 3 Floor (Noth Wing) Pope Henessy Street Mohandeseen, Geiza - Oakhurst Building 11-13, Andrew’s Port Louis Tel: (202 )3456611 3034880, Road, Parktown 2193, Houghton Mauritius Fax: (202)303480 2041, Johannesburg Tel: (230) 210-0795, Fax: (230) 210-2496 E.mail: [email protected] Tel: (27-11) 484-3764/1970/1606 E.mail: [email protected] Fax: (27-11) 484 - 1001 E.mail: [email protected] C o n t e n t s June 2005, Volume 019 Established in 1987 ------------------------------------------------------------------------------------------------------------------------------- -- Page The African Reinsurer EDITORIAL INSURANCE & REINSURANCE PUBLISHER Supervising the Reinsurance Industry: The European Blueprint African Reinsurance Corporation By Philippe Trainar, Director of Economic, Financial and International Plot 1679, Karimu Kotun St., Affairs, Fédération Française des Sociétés d’Assurance V/Island P.M.B.12765, Lagos, Nigeria Tel: 2663323,, 2626660-2, 618820 Telefax:2663282/2626664 Building a Competitive Insurance Industry: Lessons from E.mail: [email protected] consolidation around Africa By Alain G. Ravoaja- Director, Central Operations & Inspection, Africa-Re EDITORIAL and Adewale Adewusi – Head of Statistics, Africa-Re BOARD Editor-in-Chief MANAGEMENT & FINANCE Bakary KAMARA Principles And Practice of Good Corporate Governance In Members InsuranceCompanies Oumar E. Diaw(Consultant) By Bakary KAMARA - Managing Director, Africa Re Kasali Salami(Consultant) Isidore Kpenou Tontines in Africa: A case study of Cameroon Ken Aghoghovbia By Richard LOWE, Managing Director, ACTIVA Assurances Cameroun Mamadou Diallo Sunday J. Udoh John Izegbu TRANSLATORS MARKET PRESENTATION Mamadou Diallo Sunday J. Udoh The Malawi Insurance Market Mamadou Kane By Chris KAPANGA, Managing Director, NICO General Insurance Ekereobong Ekpenyong Company Ltd of Malawi The South African Market TYPING By Paul RAY, Managing Director, African Reinsurance Corporation (South Africa) Ltd Patricia Beguy TYPESETTING Patricia Beguy NEWS FROM AFRICA By Kasali A. Salami (Consultant) All rights reserved. No part of this publication may be reproduced without the Publisher’s permission Bakary H. KAMARA Editor-in- Chief At a time when the heat of character of the profession economic realities are centred on makes it difficult for them to the international insurance be subjected to a national industry, following some supervisory authority. overseas investigations, which Nevertheless, globalisation has revealed quite a number of overtaken the proponents of unconventional practices, the such an idea, as economic and Editorial Board of the African financial information, however Reinsurer deemed it necessary to technical or remote, are now more readily expatiate on corporate governance issues available to each consumer or partner. It within the insurance industry. Indeed, was considered appropriate to invite a although the principles of transparency, neutral observer, an independent discipline, independence, equity and specialist on the subject to deliberate on accountability have already been well the issue of reinsurance supervision, with entrenched in the insurance profession, the hope that players as well as which is strictly controlled and regulated, lawmakers will be inspired thereby, as it is disheartening to discover such they prepare to introduce some practices as revealed by the investigations innovations on the subject. carried out in the United States. Africans, who were among the first (the King The notion of tontine, an African Committee in South Africa) to deliberate peculiarity and a forerunner of modern and legislate on corporate governance, insurance, deserves to be clarified, and to have a duty to remain abreast of modern that end, a professional volunteered to economic trends by adopting the rules of throw more light on the subject. transparency and judicious disclosure, which are the main allure of all Mergers and acquisitions, which are responsibly managed companies. topical issues of the day, have been analysed on a regional basis, thus leading The drive towards modern economic one to understand why the issue has not trends in the reinsurance sector goes well recorded a clear-cut success in Africa, beyond the issue of corporate governance despite the enthusiasm that this given the fact that more voices are development has raised in other parts of clamouring for stricter supervision of the the world. industry, as reinsurers serve as a complement to direct insurers. In effect, This edition concludes with the traditional the argument presented as the basis for items, which are Market Presentation, excluding reinsurers from national including the largest (South Africa), and supervision, was that the international News from Africa. Volume 019, June 2005 The African Reinsurer SUPERVISING THE REINSURANCE INDUSTRY: THE EUROPEAN BLUEPRINT By Philippe Trainar Director of Economic, Financial and International Affairs Fédération Française des Sociétés d’Assurance Europe is about to adopt a supervision but also even the blueprint on reinsurance principle of reinsurance control supervision. Although the draft itself is not accepted in all has been almost unanimously countries, even in Europe. The accepted, its motivations were reinsurance industry is various and complex. It is on record that supervised in the United States as well as France initiated the blueprint and was the United Kingdom, Finland, Denmark, joined much later by Germany. The Luxemburg and Portugal. However, there project itself gave rise to heated debates. is absolutely no supervision in Belgium, Indeed, while some people argued that Ireland and Greece. In between these supervision would be of no use either by two poles are countries like Austria, Italy, reason of the very nature of reinsurance, Germany, France, Holland and in which transactions are between very Switzerland where reinsurance is enlightened professionals or the difficulty supervised without any exigency as to the in monitoring that activity, others solvency margin. Therefore, there is the expressed the view which has eventually need to examine the arguments for and been generally accepted, that supervision against reinsurance supervision. is inevitable to confirm the quality of European services in the reinsurance 1.1 Wrong Motivations for market and establish the legal framework Reinsurance Supervision needed to discourage discrimination against European reinsurers, especially by Normally, two motivations are given for the Americans. This article will examine the supervision of financial activities: the the reasons for the supervision of the existence of systemic risk and the need to reinsurance industry and the structure protect the consumer. proposed in the European blueprint to circumvent the difficulties inherent in Systemic risk such supervision. Systemic risk refers to a loss, which, 1. Reasons for Reinsurance although restricted at the onset to a few Supervision financial institutions, has the tendency to extend to the entire sector irrespective of As at now, not only is there no the solvency of the institution concerned harmonized rule for reinsurance with the ultimate risk of payment system Volume 019, June 2005 The African Reinsurer collapse and general economic crisis1. other operators, thus sustaining a Systemic risk should not be confused with “retrocession spiral”. This is a a general shock, which concurrently potential source of contagion affects a large number of financial because, like the inter-bank credit, it institutions and imperils their solvency creates such a link among all the (for example, drastic fluctuation in players in the sector that the failure interest rate, an inflationary shock or a of one reinsurer is likely to affect stock market crash). The contagious the entire sector. effect of systemic risk could be, to a large extent, psychological as officers, faced The complexity of the reinsurance with inadequate information in their arrangement and in the case of operating environment, may simply non-proportional treaty, the interpret the failure of the first few disproportionate risk sharing with institutions as a threat to others, thus the insurer as well as the systematic justifying
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