Insurance companies established in Senegal have several challenges to meet to strengthen the financial inclusion of populations, said Tuesday the Director General of the Financial Sector and Competitiveness at the Ministry of Finance and Budget, Bamba Kâ.

''The many challenges facing the insurance sector include insuring new risks, cybersecurity, climate risks, insuring low-income populations, with the aim of strengthening the financial inclusion of populations'' , he said at the opening of a seminar for French-speaking insurance supervisors.

"The challenges and issues of risk-based supervision in emerging markets" is the theme of this meeting organized by the Inter-African Conference on Insurance Markets (CIMA), the French Prudential Control and Resolution Authority (ACPR ).

According to Mr. Kâ, this seminar is being held in a context of major reforms for the insurance sector, with the adoption in October 2019 of regulations on Islamic insurance by the CIMA Council of Ministers, among others.

According to Adam Issa, Commissioner Comptroller General at CIMA, who came to represent the Secretary General of the said organization at the opening of the seminar, the Inter-African Conference on Insurance Markets is in the process of putting in place a good governance mechanism so that control is well adapted and can take care of certain aspects of the insurance companies.

''Since 2012, CIMA has been recommending the establishment of an internal control system in insurance companies, so that they are better managed, so that we have feedback on the behavior of managers,'' said explained Mr. Issa.