Coral Gables, March 25, 2024 – SL FINANCIAL is an actuarial consulting and advisory firm based in Miami, Florida. We offer actuarial consulting and advisory services for businesses and governments in both traditional (re)insurance and alternative risk financing industries.

The 48th General Assembly of the Federation of African National Insurance Companies (FANAF), held in Nouakchott, Mauritania (February 18-22, 2024), tackled a critical theme: how insurance can propel economic and social development across Africa. Titled "FANAF 2024," the event sparked discussions on various aspects:

• Enhancing Financial Inclusion and Social Welfare: The conference explored how insurance can increase financial inclusion by offering micro insurance products and facilitating access to financial services for underserved populations. Additionally, discussions addressed how insurance can contribute to social welfare through products like health and agricultural insurance.
• Supporting Infrastructure Development and Resilience: The role of insurance in supporting infrastructure development through long-term funding for critical projects was highlighted. Furthermore, the conference examined how insurance can enhance resilience by assisting individuals and businesses in recovering from unforeseen events like natural disasters.
• Overcoming Industry Challenges: The conference explored strategies for overcoming key challenges, including increasing insurance awareness and affordability to address low penetration, tackling the lack of consistent regulations across countries, and improving infrastructure, technology adoption, and talent development.
• Emerging Trends and Opportunities: The conference examined how the African insurance industry is embracing the future, with discussions on leveraging technology for better efficiency and customer service, the potential disruption from InsurTech startups, and the increasing need for climate risk management solutions and related insurance products.
• Collaboration and Regional Integration: The conference stressed the need for collaboration between insurance companies, regulators, and other stakeholders. This collaborative effort would tackle shared challenges and drive regional integration, creating a stronger and more unified African insurance market.

Actuaries are key to Africa's insurance growth, with expertise in designing inclusive micro-insurance, expanding mobile access, and strengthening infrastructure with parametric insurance. Their data skills can further propel efficiency through tech adoption and collaboration with InsurTechs, while offering vital climate risk expertise. 

SL FINANCIAL empowers insurers to navigate challenges and seize these opportunities.

For any question or media inquiry, please visit our website at www.sl-financial.com or contact our team at that ceo@sl-financial.com.

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Achille Sime

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ceo@sl-financial.com