Further to a request by African countries both through their Geneva missions, as well as the African Insurance Organisation (AIO), UNCTAD has developed five technical assistance projects aimed at addressing the needs of African countries in the area of insurance.
Development of affordable insurance software
This project will enable small and medium insurance companies to function competitively, produce accurate statements and reports both on insurance and reinsurance activities, and enable their governments’ supervisory authorities to monitor and regulate insurers´ activities and compile national statistics on insurance;
Establishment of African Catastrophe Risk Centre
The Centre was created to help identify potential catastrophes in Africa before they occur, provide to countries and sub-regions, advice on catastrophe insurance and preparedness, and create the necessary structures for post-catastrophe management;
Establishment of Functional Insurance Supervisory Authorities
This project will enable African governments to review national insurance laws and put in place adequate supervisory structures equipped with trained human resources and information technology capability to monitor their insurance industry and help ensure the solvency and security of their markets, the protection of consumers, as well as to issue licenses and supervise foreign companies in accordance with international standards;
Increasing personal savings through insurance
This project will help African countries develop insurance statistics required for conducting reliable Life and Pensions operations, and will be useful for national economic planning purposes; and
Training of insurance trainers
The ´training of trainers´ project will provide training institutes in Africa with the educational programmes tailored to the needs of their countries´ regulatory supervisors and the insurance industry at national and sub-regional levels. It will also provide networking opportunities and sharing of training expertise to the institute directors and local insurance professionals.
The five projects are budgeted at around US$6.5 million, and are now open for funding. Interested donors are encouraged to contact UNCTAD Insurance Programme team through contacts listed below for additional information.