By Ayomide Otitoju
African insurance stakeholders are set to gather in Cotonou, Benin, from July 6 to 8, 2026, for the General Assembly on Insurance for All, a major continental event aimed at expanding insurance access and strengthening the sector’s contribution to economic and social development across Africa.
The assembly, organized by the Federation of African National Insurance Companies (FANAF), comes against the backdrop of a significant disparity in global insurance coverage. Although Africa accounts for nearly 19 percent of the world’s population, it represents less than one percent of global insurance premiums.
The event, scheduled to hold at the Sofitel Hotel in Cotonou, is expected to attract nearly 400 participants, including government officials, regulators, insurance and reinsurance executives, financial institutions, development banks, technical and financial partners, and professional organizations from across the continent.
According to FANAF, the gathering seeks to promote a common vision and secure concrete commitments to accelerate insurance inclusion while reinforcing the sector’s role in supporting Africa’s development agenda.
A key outcome of the assembly will be the adoption of the Pan-African Pact for Insurance Inclusion and a 2026–2030 Strategic Action Plan. The framework is designed to coordinate collective efforts toward doubling insurance penetration across the FANAF region by 2040.
Insurance penetration within the CIMA zone remains below one percent of Gross Domestic Product (GDP), compared with a global average of more than six percent. As a result, millions of households, farmers, entrepreneurs, small and medium-sized enterprises, and informal sector operators remain vulnerable to health, climate, economic and social risks.
Speaking ahead of the event, FANAF President, Mamadou Koné, described insurance inclusion as a critical development priority for the continent.
“Africa cannot build sustainable growth without strengthening protection mechanisms for its populations, businesses and investments. The Cotonou General Assembly must mark the starting point of a new continental ambition for African insurance and its role in the continent’s economic transformation,” he said.
FANAF noted that insurance has evolved beyond its traditional role as a risk management tool and is increasingly recognized as a strategic instrument for economic resilience, savings mobilization, investment protection, SME financing, climate adaptation and financial inclusion.
The organization said the General Assembly would provide a platform to reposition insurance as a central driver of Africa’s economic, social and financial transformation.
The Pan-African Pact for Insurance Inclusion will serve as a reference framework for governments, regulators, insurers, financial institutions and development partners, establishing shared objectives and coordinated actions to expand insurance coverage across the continent.
The accompanying Strategic Action Plan will outline priority intervention areas, implementation mechanisms and monitoring frameworks to ensure commitments translate into measurable outcomes.
Beyond the insurance industry, the event is expected to foster dialogue among policymakers, investors, financial institutions, development partners and market operators on strategies to accelerate insurance penetration in Africa.
FANAF said hosting the event in Benin reflects the country’s growing economic and financial profile and demonstrates the collective commitment of African stakeholders to develop solutions tailored to the continent’s unique realities.
The federation expressed confidence that the Cotonou gathering would become a landmark moment for the future of African insurance and a catalyst for long-term continental action on insurance inclusion.
