BANKING AND FINANCE
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INTERNATIONAL INSURANCE SYMPOSIUM : popularization of new Investment Offers Tabled

The Interafrican Conference of the Insurance Market (Cima), in partnership with Financia Capital and the Bridge Consulting & Partners firm have held a symposium to vulgarize new investment offers. The event held in Douala on October 17 to 18, for its first edition under the theme “Insurance and Financial Markets”.

Among the financial market actors at the conference is the President of the Central African Financial Market Supervisory Commission (Cosumaf) ; the Director General (DG) of the Central African Securities Exchange (Bvmac) ; the Secretary General (SG) of Cima, among other Directors general of insurance and of the Cemac subregion.

The challenge of the work that brought together more than 150 market professionals is to stimulate, encourage and facilitate entry into the stock market of insurance companies of the Cemac zone. “The aim of the symposium is to present the evolutions of the financial market and explain to directors the added value of the financial market while highlighting their financial products so that they can invest in them,” reveals Serge Yannic Nana, CEO of Financia Capital and President of the Association of Stock Exchange Companies of Central Africa (Bvmac).

According to Blaise Abel Ezo’o Engolo, the CEO of Cima, the interest of the entry into the stock exchange of Cemac SA is at four levels. “It is a solution to regulatory constraints ; it is a means of raising funds for the financing of your farms ; it is an indicator of good management, a catalyst for development potential for the company and it is a major contribution to the financing and development of the economies of the member countries,” he explains.

During the working session, some obstacles to the insufficient use of the market by insurers were identified. For César Ekomie Afene, President of the Federation of African national law insurance Companies (Fanaf), who is also CEO of Nsia Vie Gabon, the difficulties lie in the long and tedious process of the Initial Public Offering procedure which requires deep internal funds, the transparency required by the issuer, the exact valuation of the company, the inadequate taxation constraints and the level of stock market culture which has not yet been adapted by many.

With regard to Cima, insurers advocate for strengthening the base of compulsory insurance that generate a minimum of premiums. Directors point out that action must be taken with reinsurers to facilitate liquidity coverage. Cosumaf and Bvmac, advocate for a Cemac Community tax system dedicated to attractive and incentive-based financial products intended for the investment of authorized insurance companies’ surpluses, promote stock market culture among these insurers, popularize new investment offers so that the financial market is more dynamic, in line with its values.

Insurance Companies on their side have relatively large financial resources waiting for their gradual mobilization. As proof, the assets representative of the regulated commitments of the insurance companies of the Cemac zone amount to 815 billion FCFA as of December 31, 2022. This treasury is the guarantee of their commitments made vis-à-vis the insured persons and beneficiaries of insurance contracts, must be managed in complete safety and allow the insurers to be able to meet the commitments owed.

Sorelle Ninguem

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