Advancing Regulatory Alignment and Market Integration of the African Insurance Sector with the Context of AfCFTA: A Critical Review of Literature

Agripah Marangwanda; Abubaker Qutieshat

doi:10.36948/ijfmr.2024.v06i03.21790

Advancing Regulatory Alignment and Market Integration of the African Insurance Sector with the Context of AfCFTA: A Critical Review of Literature

Author(s)	Agripah Marangwanda, Abubaker Qutieshat
Country	Tanzania
Abstract	This comprehensive literature review synchronizes the examination of the pivotal role of the African Continental Free Trade Area (AfCFTA) in advancing regional economic integration, particularly focusing on its implications for the insurance sector. It underscores the critical importance of regulatory harmonization and market integration in leveraging AfCFTA to unlock the potential of the insurance industry for fostering financial stability and driving economic growth across Africa. Drawing from a theoretical framework emphasizing regulatory coherence, digital transformation, cross-border collaboration, and sustainability, the review analyzes the current state of the global insurance sector. It explores emerging trends and challenges, including the impact of the COVID-19 pandemic and the evolving regulatory landscape. In examining the African insurance perspective, the review identifies key trends such as increasing demand for insurance services, digitalization, and the growth of emerging markets. It also highlights persistent challenges such as low insurance penetration rates and regulatory fragmentation. The potential of AfCFTA to address these challenges and facilitate cross-border insurance services is explored, alongside the importance of aligning regulatory frameworks and promoting market integration. Furthermore, the review delves into the regulatory environments of both global and African insurance markets. It emphasizes the need for comprehensive regulatory reform to ensure market competitiveness, consumer protection, and financial stability. The role of international organizations such as the International Association of Insurance Supervisors (IAIS) in setting global standards and facilitating regulatory cooperation is examined. The review also analyzes integration efforts within African insurance markets, focusing on regional initiatives within the East African Community (EAC), Southern African Development Community (SADC), Conférence Interafricaine des Marchés d'Assurance (CIMA), and the Economic Community of West African States (ECOWAS). Case studies of integration efforts in the European Union (EU) are explored to draw lessons for African regional integration. The literature review highlights the significance of AfCFTA in shaping the future of the African insurance sector. It underscores the importance of regulatory harmonization, market integration, and cross-border collaboration in unlocking its full potential for driving economic development and resilience across the continent. Through collaborative efforts and a steadfast commitment to regulatory alignment, Africa's insurance sector can fulfill its potential as a catalyst for transformative change within the AfCFTA framework
Keywords	African Insurance sector, Regulatory alignment, Market expansion, AfCFTA
Field	Business Administration
Published In	Volume 6, Issue 3, May-June 2024
Published On	2024-06-01
Cite This	Advancing Regulatory Alignment and Market Integration of the African Insurance Sector with the Context of AfCFTA: A Critical Review of Literature - Agripah Marangwanda, Abubaker Qutieshat - IJFMR Volume 6, Issue 3, May-June 2024. DOI 10.36948/ijfmr.2024.v06i03.21790
DOI	https://doi.org/10.36948/ijfmr.2024.v06i03.21790
Short DOI	https://doi.org/gtxrp5

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Advancing Regulatory Alignment and Market Integration of the African Insurance Sector with the Context of AfCFTA: A Critical Review of Literature

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