Burkina: Government announces creation of reinsurance company with 51% of shares held by the State

The Burkinabe government decided on Wednesday in the Council of Ministers to create a reinsurance company that will be operational in 2025, with 51% of the shares held by the State and 49% by insurance companies established in Burkina Faso."The Council of Ministers adopted a decree establishing a reinsurance company that will be operational in 2025, with 51% of the shares held by the State and 49% by insurance companies established in Burkina Faso," declared the Minister in charge of the economy, Dr. Aboubakar Nacanabo at the end of the Council.The government also adopted the decree on legal transfer which will allow the State to better monitor the insurance market and ensure the operation and viability of the said company.According to the Minister in charge of the economy, Dr Aboubakar Nacanabo, the creation of this mixed economy company, which was done in consultation with insurance companies present in Burkina Faso, will limit the outflow of foreign currency linked to the payment of premiums ceded i n reinsurance.It will also allow the insurance market to organize itself in order to better meet customer needs, he added.Source: Burkina Information Agency