Axa has entered the African specialty market via a special purpose syndicate (SPS) arrangement with Chaucer Syndicate 1084, it announced today (19 April).
Axa Africa Specialty Risks will write speciality lines including political risks, energy and infrastructure for the African market from 1 May.
The partnership will initially utilise Axa’s new Lloyd’s SPS 6130, which will share business with Chaucer Syndicate 1084.
Axa said it will bring its distribution network and marketing capabilities to the partnership, while Chaucer will supply…
Meanwhile, the Inter-African Conference on Insurance Markets (CIMA) has responded favorably to the approval extension request submitted to the insurance market regulator in Central and West Africa by AXA Insurance Cameroon Ltd, the insurance firm confirmed to APA on Monday.
According to reliable sources, the insurance company operating in the property market which represents 72.5 percent of the Cameroonian insurance industry is now authorized to commercialize micro-insurance products relating to personal injuries, illness and injury.
The purpose of the request â€œis to put in place suitable and less expensive products accessible to people with modest incomes.â€�
Through this decision, AXA Insurance Cameroon intends to engage in an activity the potential of which â€œcan represent several times the current turnover of insurance companiesâ€�.
This could allow AXA Insurance Cameroon to achieve a CFA 5 billion sales revenue in the personal accident branch and disease, according to statistics from the Cameroon Insurance Companies Association (ASAC).
According to this twenty-two member professional organization, the personal accident and health segment officially represents about 23.5 percent of the insurance market, valued at nearly CFA 30 billion.