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Bodies Established by AIO

The African Reinsurance Forum

The AIO established the above forum to encourage contacts among African insurers, reinsurers and brokers within the continent. The forum is also open to international insurers and brokers. The forum meets annually, starting on the first Monday of October each year.

The 11th African Reinsurance Forum took place in Asmara, Eritrea from 30th September to 1st October 2005. The 12th African Reinsurance Forum is to be held in Tunis, Tunisia, on the dates to be advised.

Pools:

The AIO has established two pools to promote exchange of reinsurance business among its members within the continent. These pools are:

The African Aviation Pool:
The African Aviation Pool currently underwrites business from a number of African and international airlines as has been showing a very satisfactory growth and profitablity. 37 insurance and reinsurance companies from 14 African countries are doing business with the pool.

Summary of results (in US$

2004 2003 2002 Gross premium income 4,158,853 4,023,866 3,356,115 Underwriting Profit 852,872 1,749,000 884,251

Chairman: Dr. Moawad H. El Habashi, Misr Insurance Company, Egypt.

Managers: African Reinsurance Corporation

African Oil and Energy Pool:
This Pool has 28 underwriting members from 9 African countries. It has shown exceptional growth over the past few years as shown below.

Summary of results (in US$)

 

2004 2003 2002 Gross premium income 8,786,287 5,937,661 5,640,472 Underwriting Profit 3,620,461 1,980,316 856,409

Chairman: Ms. P. M. G. Soares, Managing Director/CEO of NICON Insurance Corporation, Nigeria

Managers: African Reinsurance Corporation.

Specialized Associations:

The AIO has established the following bodies:

The Association of African Insurance Supervisory Authorities (AAISA)
This association is the umbrella body that brings together insurance supervisory authorities from all parts of Africa. Its main objectives are to promote cooperation among supervisory authorities, to assist countries in human resources development, and to create a forum for the standardization of insurance laws and supervisory structures in the continent. It is also presently engaged in sensitizing African countries on the need for specific preparations in Insurance for WTO negotiations. It has held a number of workshops and seminars with the support of UNCTAD and the government of Luxembourg.

Chairman: Mr. Leon-Paul N'Goulakia, Government Commissioner/National Director of Insurance of Gabon
Secretary General: Mr. Deon van Staden, Head, Insurance Registration & Policy, FSB South Africa

Committee Members:

Dr. Mohammed Youssef, Chairman, Egyptian InsuranceSupervisory Authority, Egypt
Mr Jean-Baptiste Kouame, Directeur des Assurances, Cote d'Ivoire
Mr. Isreal L. Kamuzora, Commissioner of Insurance, Tanzania
Chief O. E. Chukwulozie Commissioner of Insurance, Nigeria

The Association of African Insurance Educators and Trainers (AAIET)

The above association was created in October 1999 at the 2nd meeting of African Insurance educators and trainers held under the auspices of UNCTAD in Addis Ababa.

Chairman:
Secretary General:
Office bearers will be appointed in due course.

The Association of African Insurance Brokers (AAIBBA)
The AAIBBA is set up for the purpose of promoting cooperation among its members and encourage business exchanges in the continent. It is struggling to achieve its objectives.

Since the General Assembly held in Fes, the elected bureau consists of:

Chairman: Mr. Omar Ngadi, Managing Director, African Reinsurance Brokers, Morocco,

Vice President: Chief Akin George

African Insurance Book Awards

AIO established the above awards to promote research and the writing and publication of articles and books on insurance, reinsurance and related subjects relevant to African experience and needs, and to promote knowledge and technical expertise presently inadequate in Africa.

Criteria for awards:

	1.	The book must be well-researched, original, informative, educational and relevant to any aspect of insurance in Africa
	2.	The author must be a practicing African Insurance Professional or educator
	3.	The book must be written in English or French.

So far, a number of books have qualified for awards.

AIO Committees

The AIO Life Committee:
This is a very active committee engaged in a number of activities and studies.

AIO Life Committee Activities

The 2005 activities of the life committee culminated in the AIO Life Conference in November 2005. More than 150 delegates from 20 different countries attended the seminar held in Maputo, Mozambique. Eight speakers presented papers at the event, all the papers were of a high standard (translated into English, French and Portuguese) and covered the following three main themes (making up the Pillars of financial security:

• State provision of employee benefits;
• Corporate provision of employee benefits; and,
• Individual Savings.

Furthermore, a panel consisting of five members led delegates on an insightful tour of the African Pensions Market. A paper was also presented on the implications of IFRS4 on insurance companies. This is an important topic which will no doubt re-surface at future conferences.

The insights from these papers, combined with experiences of delegates from different geographical areas within Africa, proved to e an excellent opportunity for delegates to gain new insights into the life assurance and pensions industry and discuss practical issues with one another.

Apart from hosting what proved to be a successful 2005 Life conference in Mozambique, the projects that form the committee’s current work programme are as follows:

• The collation of Legislative requirements for the African life assurance sector;
• Discussions with UNCTAD regarding the possibility of compiling a full mortality investigation for Africa; and,
• The provision of software that is practical, cost effective and efficient for life companies in Africa.

The highlight of the 2006 program will be the AIO Life conference to be held in Mauritius on 2-3 November 2006. Details will be made available at the 2006 AIO General Assembly.

Committee Members:

Chairman: Mr. Basil Reekie, Director, QED Actuaries & Consultants, South Africa
Vice Chairman: Mr. Stewart Henderson, Director, Old Mutual Regional Office, Kenya
Secretary: Mr. Mahesh Dookhee, Munich Re, Mauritius

Members:
Mr. Stain Singo, Nico Holding Limited, Malawi
Mr. Israel L. Kamuzura, Commissioner of Insurance of Tanzania
Mr. Olufemi Oyetunji, Managing Director of Crusader Insurance ( Nigeria) Plc., Nigeria
Mr. Saliou Bakayoko, CICA-RE, Togo
Mr. Roland Rasamoely, Acting Secretary General, AIO, Cameroon.
Mr. Novat Niyungeko, Managing Director, BICOR - Burundi
Mr. Jose Léao, General Manager, SIM Mozambique.

The AIO Computerisation Committee:
This Committee is charged with the implementation of the AIO computerisation project. Members:

Chairman: Mr. Albert J Nduna, ZimRe, Zimbabwe
Members: Mr. Jean K. Diagou, Mr. Zeru W. Michael, Mr. Bakary Kamara, Mr. J. O Ameh, Ms. P. Soares, Mr. Yoseph Aseffa.

AIO Credit Assessment Committee (CAC):

The Credit Assessment Committee is supported by UNCTAD and Standard and Poor's Insurance Ratings, London.

Members: Egyptian Insurance Supervisory Authority, Financial Services Board (South Africa), CIMA, Africa Re, Nigeria Re, ARB Morocco as well as S&P and UNCTAD in a consultative capacity.