André Azibli, managing director of Togo's GTA Assurances and GTA Assurances Vie, has been elected chairman of the Life Insurance and Economic Financing Committee of the Fédération des Sociétés d’Assurances de Droit National Africaines (FANAF), an association of African insurers. He was elected during the 12th FANAF Insurance Markets Forum in Lomé earlier this week.
Azibli, who also chairs Togo's professional association of insurance companies (APSAT), has more than 20 years of experience in Africa's insurance industry. In his new role, he will lead discussions on channeling long-term savings into investment and expanding insurers' role in financing economic activity across countries covered by the regional insurance regulatory framework of the Conférence Interafricaine des Marchés d’Assurances (CIMA).
The appointment comes amid concerns over unpaid premiums and the practice of selling insurance on credit. Both issues were raised by industry representatives at the Lomé forum. They can weaken insurers' cash positions and reduce the funds available for long-term investment.
Azibli will also work to promote life insurance products that encourage long-term saving. Another priority will be to support the development of microinsurance products tailored to low-income households and workers in the informal sector.
He will also seek to encourage insurers to channel more of the funds they manage into local investments, expanding their role as providers of long-term capital alongside banks and other financial institutions.
Azibli's election places a Togolese insurance executive at the center of regional discussions on how the insurance industry can contribute to economic development across the CIMA region.
Esaïe Edoh