Premiums consolidation

Magazine Issue:

Insurance in the Gulf between shadow and light [3]

Magazine date:

Apr 2014

The CIMA Zone insurance companies are required to fund or simply cancel the previous unearned premiums collected from policyholders by the end of 2014.

Used with permission from Microsoft Office Cameroon, where nearly 40% of the premiums were not recovered, is the hardest hit by this measure. Some insurers require a further extension of the deadline, an idea which is not shared by companies that have made efforts to comply with the regulation. CIMA has already banned the purchase of insurance policies on credit as well as the collection of premiums by brokers.