African insurers settle claims faster

Article 13 of the CIMA code compels insurance companies to demand payment of premiums prior to any underwriting or renewal of an insurance policy.
Photo credit: CIMA

According to Protais Ayangma, chairman of FANAF, this amendment has accelerated claims settlement. Article 312 provides for penalties targeting insurers that take much time for the settlement of claims without valid justification. In 2012, the amount of claims paid grew by 10%, versus 5% for premium income.

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