Download Tag: Burkina Faso

Société Nationale d’Assurances et de Réassurances (Mar 2024)

Société Nationale d'Assurances et de Réassurances (SONAR IARD ou l’assureur) a commencé à opérer en tant qu'assureur mixte en 1974, à la suite des initiatives de la Conférence des Nations Unies pour le commerce et le développement (CNUCED) visant à encourager la rétention des primes dans les pays en développement. Cependant, les activités vie de l'entreprise ont été scindées comme filiale à part entière en 1999, avec SONAR IARD conservant une participation majoritaire de 87,6 % dans la Société Nationale d'Assurances et de Réassurances Vie (SONAR Vie). En 2022, le groupe SONAR a également détaché Healthcare Coversure SA (Health Coversure) des activités de SONAR IARD, pour l’établir comme une filiale dédiée à la gestion de son portefeuille d'assurances maladie. Pendant que cette nouvelle filiale n’impacte pas matériellement la structure consolidée, l'assureur non-vie reste l'entité opérationnelle principale du groupe SONAR (aussi appelé le groupe), constitué de SONAR IARD, SONAR VIE et Health Coversure. GCR lui attribue cette position au sein du groupe en tant que société mère ultime consolidant les états financiers des activités à court terme, vie, et santé, et guidant les stratégies de toutes les filiales. De plus, l'entité génère de manière constante la majorité des bénéfices nets du groupe (2022 : 56% ; 2021 : 51% ; 2020 : 69% ; 2019 : 54%), bien que SONAR Vie comptabilise la majeure partie des actifs et des primes du groupe (2022 : 62% et 55% ; 2021 : 63% et 56% ; 2020 : 63% et 64% ; 2019 : 60% et 58% respectivement).

The following content requires an active registration and/or a subscription. For more information on GCR's subscription offering, please
click here
Already a member? Log in here

Décision de retrait du Burkina Faso, du Mali et du Niger de la Communauté Économique des États de l’Afrique de l’Ouest : Quelles conséquences? (Feb 2024)

Dans un communiqué conjoint, le Burkina Faso, le Mali et le Niger ont annoncé le 28 janvier 2024 leur retrait, avec effet immédiat, de la Communauté économique des États de l'Afrique de l'Ouest (CEDEAO). Cette décision est un événement majeur dans le contexte de l'intégration régionale en Afrique de l'Ouest. La CEDEAO, créée le 28 mai 1975 dans le but de promouvoir la coopération économique, sociale et politique entre ses États membres, voit remise en question cette dynamique d'intégration régionale, après 49 ans.

Au-delà de la réduction du nombre des membres, ce retrait suscite plusieurs interrogations et il est important pour GCR de suivre attentivement les développements futurs autour de cette décision.

The following content requires an active registration and/or a subscription. For more information on GCR's subscription offering, please
click here
Already a member? Log in here

Burkina Faso, Mali and Niger’s departure from the Economic Community of West African States: what are the consequences? (Feb 2024)

In a joint press release issued on 28 January 2024, Burkina Faso, Mali and Niger announced their departure, with immediate effect, from the Economic Community of West African States (ECOWAS). This decision is a major event in the context of the regional integration in West Africa. ECOWAS, which was set up on 28 May 1975 to promote economic, social and political cooperation between its member states, is seeing this regional integration dynamic called into question after 49 years.

Beyond the reduction in the number of members, this withdrawal raises several questions, and it is important for GCR to closely monitor future developments surrounding this decision.

The following content requires an active registration and/or a subscription. For more information on GCR's subscription offering, please
click here
Already a member? Log in here

Joint Reinsurance Company of Member States of CIMA (Oct 2023)

Joint Reinsurance Company of Member States of CIMA (CICA-RE) is a multilateral reinsurance company created in 1981 by member states of the CIMA (Conference Interafricaine des Marches d’Assurance) zone, as part of the agreement between Western Africa Economic and Monetary Union (WAEMU) and Central Africa Economic and Monetary Union (CAEMU) to harmonise insurance policies across the region. The entity began operations in 1984, with headquarters now located in Togo. At its inception, CICA-RE’s focus was to support the CIMA zone insurance industry by providing cedants additional capacity, and technical expertise, while retaining premiums in the region. Over time, operations gradually expanded to cover the rest of Africa, Asia and the Middle East, with effected changes in the legal cession arrangement stabilising the contribution of the CIMA Zone around the past five years average of 48% of gross premiums (2021: 46%; 2020: 55%, 2019: 42%, 2018: 45%, 2017: 51%). The reinsurer cements its position out of his primary market by securing strategic partnerships, obtaining privileges and opening representative offices. In the meantime, CICA-RE retains competitive advantages created through his mandate and institutional memory gathered over the many years of operation. As a result, the majority of the premiums (98%) are sourced outside of Togo, which precludes the entity’s overall risk score from being capped by the local operating environment.

The following content requires an active registration and/or a subscription. For more information on GCR's subscription offering, please
click here
Already a member? Log in here

Société Nationale d’Assurances et de Réassurances (Mar 2023)

SONAR IARD started trading as a composite insurer in 1974, following initiatives of the United Nations Conference on Trade and Development (“UNCTD”) aimed at encouraging premium retention in developing countries. However, the long-term activities of the business were split as a fully-fledged subsidiary in 1999, with SONAR IARD retaining a controlling 87.6% interest in SONAR Vie as at FY21. In FY22, the SONAR group further detached Healthcare Coversure SA, to be a subsidiary dedicated to the management of the underwritten health portfolio. While we do not expect a material impact from this new subsidiary on consolidated accounts, the short-term insurer remains the core operating entity of the SONAR group, as the ultimate parent company consolidating and guiding the strategies of all subsidiaries. In addition, the entity consistently generates the majority of group profits (FY21: 51%; FY20: 69%; FY19: 54%; FY18: 58%), although SONAR Vie has grown to account for the bulk of the group’s assets and premiums (FY21: 63% and 56%; FY20: 63% and 64%; FY19: 60% and 58% respectively).

The following content requires an active registration and/or a subscription. For more information on GCR's subscription offering, please
click here
Already a member? Log in here

Credit Spotlight: West African Economic Monetary Union Country Risk Scores (August 2021)

The Country Risk assessment, which is a key part of the operating environment score, interacts with GCR ratings in four ways. Firstly, the country risk scores create the foundation for the Anchor Credit Evaluator (the mapping table, see the Criteria for the GCR Ratings Framework and the interactive online map at GCRratings.com/criteria). Secondly, the country risk score/ assessment acts as an anchor to the GCR Risk Score and therefore ultimately to the GCR issuer ratings. Thirdly, the country risk assessment acts as a hurdle (or more accurately as a series of hurdles, differing according to industry) that limits uplift away from an entity’s financial sector operating environment (the combination of the country risk score and the financial sector risk score). Lastly, the country risk score provides a level from which government support can be applied for each industry.

The following content requires an active registration and/or a subscription. For more information on GCR's subscription offering, please
click here
Already a member? Log in here