Insurance Companies Open Up To Public

This is within the framework of the opendoor- days organized in Douala from May 29 to June 1st, 2019.

In order to edify the public on the job done by insurers, the association of Insurance Companies, ASAC from May 29 to June 1, organized open-door-days at the Camtel esplanade in Douala, the second in close to a decade. Speaking during the opening ceremony, the president of the Organising Committee Esther Tiako justified the event by saying insurers are not well known and thus not loved by the population, hence the need to break the wall by communication more on their activities and products as well as federate their efforts in order to improve on the image of the profession. Whereas insurance companies have been doing much within the last decade as the amount spent on the compensation of disaster victims rose from 41 billion in 2013 to over 83 billion in 2018.

The president of the association of insurance companies, Gerard Theophile Moulong, said insurance is at cross-roads in Cameroon as companies have to do more in terms of image and the compensation of victims of disasters especially motor accidents. It is for this reason that the sector has been creative, coming up with a diversity of products to meet the needs of the population such as the IDA which provides for the rapid compensation of victims of motor accidents. Without going through the long process of waiting for the accident reports from the police, both motorists can mutually agree to do the report accompanied photos of the incident. He also mentioned the ‘Carte Rose Cemac’ which provides for cross border insurance cover for clients and the digitalisation of services. They also meet every fifteen days to look into compensation cases and signed conventions with some hospitals related to care for victims of road accidents. “Efforts are made to facilitate the procedure for compensation and shorten the period”, he said.

Responding to concerns about the value added tax, the Secretary General in the Ministry of Finance representing the Minister said, time should be given for the evaluation of the present finance law and that it is only at the end of this evaluation that changes can be made. He said insurance plays a vital role in financing the economy and called on the insurers to respect compensation rules, implement the IDA. He announced that by 2020 all insurance companies will be expected to raise their capital to five billion.

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