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

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Filename CICA-Re-Public-Credit-Report-Oct-2023.pdf
Filesize 255.65 KB
Version paid report
Date added October 13, 2023
Category Credit Rating Reports, Insurance
Tags Benin, Burkina Faso, Ivory Coast, Senegal, Togo

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.