Issues related to climate risks and resilience are of increasing concern globally. Africa, in particular, faces these environmental challenges, requiring prevention and adaptation measures. It is in this context that the General Assembly of the Organization of African Insurance Supervisory Authorities (O2ACA) was held on the theme “Climate risks and resilience”, on the sidelines of the Annual Meetings of the IMF and the Bank world in Marrakech, Morocco.
During this meeting, African insurance sector regulators examined ways to strengthen the inter-African partnership and improve cooperation in the field of insurance market supervision. The choice of the theme “Climate Risks and Resilience” reflects the importance of understanding and addressing the impacts of climate change on the insurance sector.
Indeed, regulators have underlined the importance of drawing inspiration from international best practices to address climate risks. Discussions included specific approaches to address these challenges and promote resilience in the insurance sector in Africa.
During this General Assembly, the Director General of the Insurance Regulatory and Control Authority (ARCA) in the Democratic Republic of Congo (DRC), Alain Kaninda, presented the progress of the insurance sector after its liberalization. He also called for support from institutions such as the IMF and the World Bank to strengthen the technical capacities of ARCA and promote the development of inclusive insurance in the DRC.
The insurance sector in the DRC, since its liberalization in 2015, presents considerable potential but remains faced with numerous challenges. ARCA is working to fill the existing gap in mobilizing funds and is setting up programs to combat insurance premium evasion and control compulsory insurance. Popularizing and raising awareness of the requirements of the Insurance Code are also priority areas of its action.
In this spirit, since March 1, 2023, ARCA has launched, in partnership with the General Directorate of Customs and Excise, the control of compulsory insurance, with particular attention paid to insurance of imported goods. These initiatives aim to strengthen policyholder confidence and ensure compliance with insurance obligations.
To meet the challenges of the insurance sector in the DRC, the support of international institutions such as the IMF and the World Bank is essential. By working closely with these partners, ARCA will be able to strengthen its technical capacities, promote inclusive insurance and support the economic development of the country..
In conclusion, the O2ACA General Assembly on Climate Risks and Resilience was an important opportunity for African insurance regulators to exchange best practices and strengthen cooperation. The participation of ARCA of the DRC demonstrates their commitment to meeting the challenges of the insurance sector in a context of climate change. By working closely with international institutions, ARCA hopes to overcome obstacles and contribute to the development of a strong and inclusive insurance sector in the DRC.