Insurers penalized by CIMA

Magazine Issue:

Insurance supervision [3]

Magazine date:

Jul 2014

Many insurers have been sanctioned by the Conférence Interafricaine du Marché des Assurances (CIMA) for non-payment of claims within a reasonable time and for dealing with unlicensed insurance intermediaries.

Used with permission from Microsoft This type of sanction highlights the problem of solvency of many insurers who delay compensation fees owed to policyholders. In July, CIMA will give its opinion on a dozen financing and contingency plans issued by insurance companies in the region.
It will also supervise 16 insurers. The recent figures, published last March and showing the number of licensed companies in 14 countries rising from 87 in 1997 to 161 in 2014, are nevertheless promising.

Meanwhile, turnover rose from 247 billion FCFA (565 million USD) in 1997 to 810 billion FCFA in 2012 (1.6 billion USD).