FINACTU Group had the pleasure of delivering a training programme in Madagascar for the country’s main insurance sector stakeholders. The programme was delivered on behalf of the United Nations Development Programme (UNDP) through the IRFF (Insurance and Risk Finance Facility) project.
October 2026
From September 7th to 11th ,2026, the training brought together twenty senior staff members from the General Secretariat of the Banking and Financial Supervision Commission (CSBF), the Ministry of Economy and Finance, and UNDP. This training is part of the capacity building of insurance sector supervisors. It is in line with the guidance of Madagascar’s highest authorities aimed at strengthening the capacities of public stakeholders and supporting the country’s economic development. It enabled the teams in charge of supervision to acquire the fundamentals needed to properly carry out their responsibilities.
As a reminder, the Malagasy insurance market is still at an early stage, with six licensed insurers and premiums representing around 0.5% of GDP. Moreover, more than nine out of ten Malagasy have never had access to an insurance product. This situation is all the more critical as Madagascar is among the countries most exposed to climate hazards.
An intensive training programme combining theory and practice
The training programme was designed to cover the entire insurance product life cycle, from its design to the supervision of climate risk transfer.
Each day combined expert-led sessions, quizzes, hands-on exercises and case studies drawn from the Malagasy market, enabling participants to apply new concepts directly to their own supervisory work.
Session dedicated to off-site supervision and the financial analysis of insurance companies
From technical knowledge to supervisory decisions
The value of a training programme is measured not by its syllabus, but by the decisions it makes possible. Malagasy supervisors now have the reflexes needed to conduct effective supervision. These include reviewing a product file before it is marketed, recalculating a technical provision rather than relying on the company’s figures, detecting a weakness by cross-referencing several indicators before any threshold is breached, and assessing the reality of a risk transfer through reinsurance. These skills form an essential foundation for strengthening policyholder protection and supporting the soundness of the Malagasy insurance market.
At the end of the training, FINACTU ACADEMY certificates were awarded to each participant. These are not mere certificates of attendance. Issued following a final assessment, they are formal recognition of the skills each participant has acquired.
Participants after the FINACTU ACADEMY certificate ceremony, Andasibe, 11 September 2026
FINACTU, alongside supervisory authorities across the continent
According to Guillaume GILKES, Actuary, Technical Director of FINACTU Group and head of mission, “the request was clear from day one. Participants were not looking for a theoretical foundation, but for operational answers to questions they already face in their day-to-day work. That is why we were able to cover the entire programme in four days and devote the fifth day to their own topics. A supervisor who knows how to recalculate a provision and challenge a premium rate is concretely protecting hundreds of thousands of policyholders”.
Denis CHEMILLIER-GENDREAU, Founder and Chairman of FINACTU Group, adds that “this mission confirms FINACTU’s position alongside supervisory authorities across the continent. It follows similar missions for CIMA, the Central Bank of Mauritania, Bank Al-Maghrib and Tunisia’s General Insurance Committee (CGA). Insurance supervision in Madagascar is entering a pivotal phase, as the regulatory framework gradually moves towards Risk-Based Supervision (RBS). This is a key moment, when the quality of the skills built will have a lasting impact on the soundness of the market”.
