New West-African insurance legislation recognises microinsuance key performance indicators
The Inter African Conference for the Insurance Market CIMA has adopted a microinsurance regulation that integrates the key performance indicators developed by the Performance working group of the Microinsurance Network.
CIMA announced in April 2012 that an agreement has been signed by all its 14 member states to implement new microinsurance regulations. This landmark occasion represents not only a significant step towards a regulated microinsurance sector in the region, but it will also ensure the low-income populations are better protected against life’s perils.
Moreover, the new regulations requires all microinsurers to report 9 out of the 10 Key Performance Indicators that were developed by the ADA and BRS in collaboration with GIZ and the Performance Working Group of the Microinsurance Network. The set of indicators, which have been promoted throughout the developing world since 2007, is a management tool for microinsurance providers to ensure their products are financially viable, and of real value to their low-income clients.