Ouagadougou: Experts from the 14 member states of the Inter-African Conference of Insurance Markets (CIMA) began their first session of 2026 on Monday in Ouagadougou. This 13-day meeting aims to develop a technical report to guide and inform the decisions that will be taken at the next Council of Ministers of the organization.
According to Burkina Information Agency, Burkina Faso's Minister of Economy and Finance, Aboubacar Nacanabo, stated that the experts will work to produce a report that will guide and inform the decisions during the CIMA Council of Ministers. The topics on the agenda include the regulation of the insurance sector, its governance, financial inclusion, and the modernization of insurance services through digitalization.
Mr. Nacanabo emphasized that these issues align with the progress of CIMA, focusing on regulating the insurance sector, governance, financial inclusion, and modernization through digitalization. He highlighted the strategic importance of these themes in adapting to new economic and technological realities.
He stressed the necessity for experts to conduct comprehensive analyses to identify pathways that will enable the Council of Ministers to make decisions supportive of the sector's harmonious development. During the opening ceremony, Mr. Nacanabo underlined the significance of the session in addressing crucial issues for the future of the insurance sector in the CIMA area.
The minister also pointed out the pivotal role of insurance in the economies of CIMA member countries, describing it as a resource mobilization and protection tool. He stressed the importance of paying close attention to regulatory and governance issues to protect the insured and stabilize the economy.
Mr. Nacanabo asserted that a high-performing insurance sector contributes directly to economic stability and development financing. He urged participants to produce a quality report that could form the basis for relevant and effective ministerial decisions.
Issaka Abdoulhamid, Chairman of the CIMA Committee of Experts, highlighted the central role of this technical body in the organization's functioning. He invited the experts to diligently examine various draft texts, ensuring reform consistency and adaptation to the CIMA zone's market realities.
Mr. Abdoulhamid emphasized the need for increased vigilance in the face of emerging risks, digital transformation acceleration, and growing governance and solvency requirements. He urged collective efforts towards building a more robust, inclusive insurance sector focused on sustainable economic financing.
Finally, he expressed his hope for discussions to occur in a spirit of dialogue, collegiality, and consensus-building for the benefit of all member countries in the community area. The Inter-African Conference of Insurance Markets unites 14 African states, working to harmonize regulations and strengthen the insurance sector within its community area.