With over $50bn of collected premiums each year across the continent, and unprecedented year-on-year growth, it is important that African insurers think more strategically at where they invest their portfolios, Papa Madiaw Ndiaye, Founder and CEO of AFIG Funds, has said.

Insurance policy holders in Africa can now expect greater gains in their portfolios in the coming years, added Ndiaye, speaking at the Journée de la Finance, an event organized by AFIG Funds, and the Federation of African Insurance Companies (FANAF).

The event, now in its fifth edition, was held in Abidjan, Ivory Coast on February 17, 2016 with the goal to increase partnerships and synergies between financial and insurance institutions.

Over 194 companies from 29 countries in North and Sub-Saharan Africa were present to listen to finance and insurance industry leaders from across the region.

In the last 15 years, the investment portfolio of African insurers has remained almost unchanged despite unprecedented growth of their revenues, according to AFIG Funds.

Monira Diallo, Investment Manager at AFIG Funds, said: "At present, the portfolios of African insurers are essentially made up of real estate investments, term deposits and low yield debt securities. These can either be potentially risky or produce low yields."

"The result is an industry where revenues are increasing but profits are not. A shift to diversify their investment strategies into public markets and alternative assets is key to sustained growth," she said.

Continued dialogue and brainstorming of ideas are key to growth in the sector.

Advanced Finance and Investment Group (AFIG Funds) is a private equity fund management company with offices in Dakar, Johannesburg and Washington, DC.

The company manages the Atlantic Coast Regional Fund (ACRF), a $122m regional fund focused on 29 countries in West and Central Africa.

ACRF considers investments in all sectors, and targets strong growth companies, preferably with a regional scope, in its target region.

Established in 1976, the Federation of African Insurance Companies (FANAF) is a professional association headquartered in Dakar and geared towards promoting Insurance and Reinsurance as well as developing business relationships among its members.

FANAF includes 194 insurance and reinsurance companies with presence in 29 countries across North and Sub-Saharan Africa.