Cotonou 2026 Assembly to Launch Pan-African Pact for Insurance Inclusion and Economic Resilience
DAKAR, Senegal, June 23, 2026/APO Group/ — African insurance stakeholders are mobilising to address a major imbalance in which the continent represents nearly 19% of the world’s population but accounts for less than 1% of global insurance premiums.
To tackle this gap, the Federation of African National Insurance Companies (FANAF) will convene its General Assembly on “Insurance for All” from July 6 to 8, 2026, at the Sofitel Hotel in Cotonou, Benin. The event will serve as a key pan-African platform dedicated to advancing inclusive insurance across the continent.
The gathering is expected to bring together around 400 participants, including government officials, regulators, insurance and reinsurance companies, financial institutions, development banks, technical partners, and industry associations from across Africa.
The central objective is to build a shared vision and secure practical commitments that will expand insurance access for African populations while strengthening the sector’s contribution to social and economic development.
The discussions are expected to culminate in the adoption of a Pan-African Pact for Insurance Inclusion, alongside a 2026–2030 Strategic Action Plan. These frameworks aim to coordinate collective action toward an ambitious target of doubling insurance penetration across the FANAF region by 2040.
Insurance as a development priority
Within the CIMA zone, insurance penetration remains below 1% of GDP, significantly lower than the global average of more than 6%. As a result, millions of households, farmers, entrepreneurs, SMEs, and informal sector workers remain exposed to health, climate, economic, and social risks without adequate protection.
FANAF describes this gap as a pressing development challenge that must be addressed to support sustainable growth across the continent.
According to FANAF President Mamadou Koné, Africa cannot achieve sustainable economic progress without strengthening protection systems for people, businesses, and investments. He said the Cotonou assembly should mark the beginning of a renewed continental ambition for the insurance sector and its role in economic transformation.
Insurance as a driver of transformation
FANAF is seeking to reposition insurance beyond risk coverage, framing it as a strategic tool for economic resilience, savings mobilisation, investment protection, SME development, climate transition support, and broader financial inclusion.
Through the General Assembly, the organisation aims to elevate insurance as a central pillar of Africa’s economic, social, and financial transformation agenda.
A continental pact for action
The planned Pan-African Pact for Insurance Inclusion will serve as a unified framework bringing together governments, regulators, market operators, financial institutions, and development partners around shared goals.
It will be supported by a 2026–2030 Strategic Action Plan outlining priority actions, coordination structures, and monitoring mechanisms to ensure effective implementation of commitments.
A broad coalition of public and private stakeholders is expected to support the rollout, with the aim of translating policy commitments into measurable impact for African economies and communities.
Cotonou as a platform for consensus building
Beyond the insurance sector, the General Assembly is designed to serve as a high-level forum for dialogue between policymakers, investors, financial institutions, and technical partners to identify practical solutions for expanding insurance access across Africa.
The choice of Benin as host reflects the country’s ongoing economic transformation and underscores a wider continental commitment to developing homegrown solutions suited to Africa’s realities.
FANAF hopes the Cotonou 2026 meeting will mark a defining moment for African insurance, setting the foundation for long-term mobilisation in favour of inclusive and accessible insurance across the continent.
