Report of the meeting of the General Assembly of the ASAC

At the general meeting, the Association of Insurance Companies of Cameroon (ASAC) reviewed the development of projects such as:

• the distribution of the pink card in September 2002 relative to the coverage of cross-border disasters within the Central African Economic and Monetary Community (CEMAC)
• The implementation in January 2003 of a single certificate in the marine insurance sector in order to prevent fraud relative to the customs clearance of imported goods
• The creation of a new fund of motor insurance
• The creation of a national board of arbitration to accelerate the settlement of disasters by January 2004

Assessing the insurance sector. Market turnover amounts to 77.3 billion FCFA, (+11.4% compared to 2001)
To note the good health of the third party insurance sector, the bustling of the life sector and the apathy in the motor vehicle sector: premium turnover went down by 4.6% compared to 2001 to reach 20.5 billion FCFA in 2002 and this despite the increase in the number of vehicles.

The new measures include the creation of a national reinsurance company managed by the insurers themselves, the stabilizing of the brokerage sector, the implementation of an attractive tax system for the insurers, added to the possibility to insure part of the public domain.