Togo-based Reinsurance Company Opens Office in Kenya

Togo based Reinsurance Company CICA-RE officially opened its Nairobi liason office on Thursday to create insurance and reinsurance capacity in the East African market.

CICA RE Managing Director Jean Baptiste Kouame, said the group was for the first time extending its network to an anglophone African country after consolidating its market position in Africa’s Francophone countries.

“CICA-RE is here because we are satisfied by Kenya’s fast growing economy. We believe the insurance sector in Kenya has enormous opportunities. It is top five in Africa. We are here to stay,” he said.

Kouame further said by the end of the year they will have opened an office in Tunis.

Insurance Regulatory Authority Commissioner Sammy Makove in attendance said the entry of CICA-RE will add value to the Kenyan market ‘that is why we have authorized them to operate in Kenya.”

He said CICA-RE has been given three years to capitalize and get registration in accordance to the amended Insurance Act.

“We have received requests for insurance and brokers to be allowed in the Kenyan market, however, we have put a halt on it. This is because we are coming up with a legal framework that will ensure any new player as to register first.”

Makove remains optimistic that the insurance industry is worth and provides more opportunities for the new entries. “Kenya is seen as a financial hub where investors want to put money. We believe, CICA-RE has the capacity and positive competition is a good thing as we create capacity for the East African Community.”

CICA-RE was established in 1981 by the member states of the CICA (International Conference Insurance Supervision) later termed as CIMA (African Conference for Insurance Market) after a new agreement was signed in 1992.CICA-RE started its operations on1st January 1984.

The Nairobi Liaison office will be headed by Mr. Stanley Kimbio.