CICA-RE in Togo Records FCFA 106 Billion Turnover for 2022

Finance

Thursday, 13 July 2023 11:18

CICA-RE in Togo Records FCFA 106 Billion Turnover for 2022

(Togo First) - The Reinsurance Company of the Member States of the Inter-African Conference of Insurance Markets (CICA-RE), based in Lomé, recorded a turnover of over FCFA 106 billion for the 2022 financial year. Year on year, the figure grew by 10.4%, with a result of CFA8 billion. These results were presented to the public and shareholders at the Company’s 41st Ordinary General Assembly held in Lomé on July 7, 2023.

In the three previous years, CICA-RE’s turnover was also on the rise. According to the firm’s management, it grew from CFA87 billion in 2020 to CFA96 billion in 2021, then to CFA106 billion in 2022.

1 Company

The company attributes the upward dynamic to the resolution of some key issues. "When we arrived, we audited all subscriptions and there are many businesses that pay you premiums, but the amount of claims is very high. This means that while the turnover is significant, profit does not follow. My goal is to correlate the turnover with the profit," Karim Diarassouba, the company's general manager, who took over in January 2021, told Togo Presse.

1 cica

"All these achievements got CICA-RE to be rated B+ by AM Best, the highest rating in the region and even in Africa. As a result, the African Development Bank (AfDB) joined our shareholder base," the manager added. CICA-RE currently works on its 2024-2028 strategic development plan, which should help it become more visible and strengthen its internal structure.

CFA 110 billion for 2023

CICA-RE eyes a turnover of CFA110 billion this year. It is on a good track to achieve this goal, given that only six months into the year, it has already achieved almost 70% of the amount, according to the firm’s managers.

Founded in 1987 within the framework of the Inter-African Conference of Insurance Markets (CIMA), CICA-RE is a company specializing in reinsurance (the insurance of insurance companies). Based in Lomé, it brings together the member countries of the West African Economic and Monetary Union (UEMOA) and the Economic Community of West African States (ECOWAS) and thus covers Benin, Burkina Faso, Cameroon, Central African Republic, Congo, Côte d'Ivoire, Gabon, Mali, Niger, Senegal, Chad, and Togo.

Ayi Renaud Dossavi

REFORMS OVERVIEW

STARTING A BUSINESS (more info)

At the fifteenth position, worldwide, and first in Africa, under the Starting a Business index of the 2020 Doing Business ranking, Togo sustains its reformative dynamics with more reforms….

ENFORCING CONTRACTS (more info)

Compared to some years ago when it was one of the lowest rankers under the Doing Business’ Enforcing Contracts indicator, Togo, leveraging many efforts to improve its business climate, was able to jump significantly on the index in the recent years... .

CONTRACT EXECUTION (more info)

Creation of special chambers of commerce for small debts • Creation of chambers of commerce at the Court of Appeal • Civil and commercial cases now handled by distinct clerks • Establishment of commercial courts in Lomé and Kara • Lawyers and bailiffs now have access to the FORSETI COMMERCIAL platform • A maximum period of 100 days was fixed to settle a commercial dispute .

TRADING ACROSS BORDERS (more info)

In comparison to previous years,Togo has significantly improved its ranking under the“Trading across borders” indicator by adopting multiple reforms that focus mainly on the digitization and reduction in delays, for import and export procedures related to import and export.

In comparison to previous years, Togo has significantly improved its ranking on the “Trading across borders” index by adopting multiple reforms that focus mainly on the digitalization and reduction in delays, for import and export procedures related to import and export.

CONSTRUCTION PERMIT (more info)

After moving from the 133rd to 127th place under the 2020 Doing Business’ construction permit index, Togo intends to reiterate this feat in the coming edition of the global ranking. To this end, it has introduced this year multiple reforms.

GETTING ELECTRICITY (more info)

Over the past two years, Togo’s ranking under the Doing Business’ Getting electricity and water indicator has increased consistently. Owing this performance to multiple reforms aimed at making it easier for businesses to access power and water, Lomé plans to introduce even more reforms this year to keep up its improvements.

REGISTERING A PROPERTY (more info)

Out of all the 'Doing Business’ indicators, Property Registration is where Togo has improved the most since 2018. Indeed, after spending years in the lowest part of this ranking, the country now seeks to beat Rwanda which is the best performer on this index in Africa. To do so, Lomé has been introducing many reforms, with the latest batch implemented this year.

PUBLIC PROCUREMENT (more info)

From professionalization to digitization, through legislative regulations, Togo’s public procurement framework is constantly being modernized. Several reforms have been implemented to improve the sector much to the benefit of the private sector, which is the focus of the National Development Plan.

PAYING TAXES AND DUTIES (more info)

To improve its business environment, Togo introduced some important reforms related to the payment of tax and duties. From the replacement of some taxes to the cancellation of others through exemptions, the country has only one objective: offer the most attractive tax framework to investors and economic operators. To achieve this, the authorities relied on digitization.