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ASAC : New Executive Staff Takes Office

The Association of Insurance Companies of Cameroon (ASAC) has elected and installed its new executive staff following a General Assembly held this September 27, in Douala. The election held in the presence of Louis Paul Motaze, Minister of Finance and chaired by Thierry Kepeden, CEO of Axa Cameroon.

For the renewed team, they have as task to continue the consolidation of the market, obtaining solutions and instruments necessary for the growth of the insurance penetration rate from the State, the restructuring of the ASAC, the fight against the negative perception vis-à-vis insurance among other missions.

Despite palpable achievements within the two years mandate, ASAC wants to go further in the development and growth of the insurance market in Cameroon whose penetration rate stagnates at a rate of 1 %. For this new mandate, Thierry Kepeden and his team are planning to improve traceability in claims management, optimize and develop compulsory insurance in Cameroon, reduce car non-insurance, dematerialize the car insurance certificate, and continue to clean up the market, the establishment of the National Reinsurance Company (Cameroon-Re).

The ASAC also expects the government side to sign various files, in particular that of the decree implementing the law of July 16, 2015, establishing the automobile warranty fund in Cameroon, the signature of the decree implementing the law fixing the terms and conditions for the application of container rental Insurance, the establishment of tax incentives necessary for the transfer of the management of the end-of-career allowance, and the exemption from VAT for life and health insurance contracts and commissions.

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For Louis Paul Motaze, ASAC must improve the rate of claims settlement, the effective and efficient operation of the platform for monitoring the marketing and centralization of car insurance certificates, the liquidation of all pending subrogatory remedies, the collection and securing of state financial resources, the dematerialization of car certificates, the effective transfer of outstanding funds to the Caisse de dépôts et consignations.

The General Assembly of the ASAC also allowed its members to draw up a qualitative and quantitative assessment of the sector for the last two years. Thus, ASAC has generated for the “non-life” segment, a provisional turnover estimated at 166.02 billion FCFA in 2022. Figure up by 13.46 billion FCFA, compared to the 2021 financial year closed with a turnover of 152.56 billion FCFA. Regarding the “life” branch, Asac ended the 2022 financial year with a turnover of 87.08 billion FCFA (77.27 billion FCFA in 2021), that is an increase of 9.8 billion FCFA.

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