The insurance sector in search of vitality

The new office installed Friday in Yaounde by the Minfi, was called to discipline to ensure the competitiveness of the sector in a competitive environment.

Laxity, late settlement of disputes, non-compliance with the terms of contract is a bleak label that sticks to the image of insurance companies in Cameroon.

To kick off, Raphaël Futé, re-elected at the head of the Association of insurers of Cameroon (Asac) Friday already has his action plan: proximity actions that pass through communication and insurance of smaller players.

The president of Asac has placed his new mandate under the sign of reviving. During the elective General Assembly held last Friday, he returned to the actions carried out during his previous mandate, and which already pose the bases of this new lease. It includes the construction of the headquarters building and the celebration of the forty years of existence of the Asac.

The Friday meeting was an opportunity to take stock of the previous mandate and validate the finalisation of the process of purchase of land for the construction of the headquarters building of Asac in Douala.

The acquired experience, the management team expects the challenge of a more dynamic insurance. Only for the fact that, the revitalization of the insurance market implies according to Raphaël Futé, the creation of a new Fund warranty automobile to complete operative insurance cover, action mobilization of the creditors of the State to honour their commitments to insurance companies at risk of stopping their balance sheets and accompanying communication actions allowing to get consumers to a modern culture of insurance.

Minfi Alamine Ousmane Mey promised to respond to the problems in the shortest time: "we want to see the automobile guarantee fund materialize, sanitation of the balance sheet of insurance by debt settlement companies carried by dismemberments of certain structures of the State.

"We look forward already for the impact of article 13, which helped reduce the level of outstanding payments in this area thus strengthening liquidity insurance companies". Therefore, he urged the office to continue to bear the hope of this sector, which occupies a place of choice in the country's economy.