Togo - Insurance - Member State of CIMA

Togo is a member state of CIMA, along with Benin, Burkina Faso, Cameroon, Ivory Coast, Gabon, Guinea Bissau, Equatorial Guinea, Mali, Niger, the Central African Republic, Senegal, Chad and Congo.

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The Inter-African Conference on Insurance Markets (CIMA) is a unique example of integration, regulation and supervision of the insurance industry, bringing together 14 countries in West and Central Africa.

CIMA's mission is to work for the healthy and harmonious development of the insurance industry by ensuring the protection of policyholders and beneficiaries of contracts and the financial stability of economies. This treaty adopted a single insurance code, encompassing the rules of insurance contracts and the rules applicable to stakeholders: insurers, reinsurers, and insurance intermediaries.

In its approach to company supervision, CIMA places great emphasis on respecting the three pillars: correctly assessed commitments, sufficient and good-quality assets to cover them, and the ability to maintain a solvency margin to manage any exceptional events (commitment drift, sudden decline in assets, inappropriate reinsurance, or inappropriate pricing). This desire to maintain the technical and financial balance has led to a series of reforms in the CIMA zone.

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The Regional Insurance Supervisory Commission (CRCA) ensures that companies subject to its supervision comply with the rules of conduct in force, in order to ensure treatment in accordance with regulations; fair and professional treatment of policyholders, beneficiaries of insurance contracts, capitalization contracts, and victims of damage. The Commission also aims to raise public awareness about insurance activity and practices.

At the end of 2020, the CIMA Council of Ministers agreed to relax the implementation schedule for the increase in minimum capital for companies in the zone, in the context of the Covid-19 crisis. This reform has already raised the minimum equity requirement from 1 billion to 3 billion CFA francs, and planned to implement a new threshold of 5 billion before the end of 2021. Intended to strengthen the sector and allow the emergence of more solid players, given the fragmentation of the sector in the zone, this reform had provoked – until the eve of its implementation – numerous reactions among “small insurers”, or multi-established insurance groups, for whom the cost of this reform was heavy to bear and also led to a withdrawal of certain international insurers from certain countries in the zone, deemed less profitable.