Africa: Approvals for new insurance companies in the CIMA zone in 2015

The regional commission for insurance control (CRCA) has granted seven new licenses to insurance companies in 2015. These companies include three non life insurers: Société Africaine d’Assurance et de Réassurance de Côte d’Ivoire (SAAR), WAFA Assurances Côte d’Ivoire and SUNU Assurances IARD Gabon  and four life insurers: WAFA Assurances Vie Côte d’Ivoire, AXA Vie Côte d’Ivoire, WAFA Assurances Vie Cameroun and SAHAM Assurance Vie Gabon. 

CRCA has also issured approval for extension of license to four companies, AXA Cameroun, AXA Côte d’Ivoire, AXA Gabon and AXA Sénégal to market microinsurance products in the non life class of business  (bodily injury, health and property damage).

CIF Vie Bénin, a company specializing in microinsurance was also authorized to underwite life, death and savings classes of business.