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Adama Ndiaye, president of the African insurers' federation, said that the number of mergers among insurers in Western and Central Africa has been relatively small despite new capital requirements, Middle East Insurance Review reported. Mr. Ndiaye said that most insurers preferred to raise their own funds. Under the rules, insurers needed to increase their capital to 3 billion CFA francs ($5 million) by May 31, up threefold from the previous requirement of XOF 1 billion.