On the occasion of the installation of the new office of the Association of Insurance Companies of Cameroon (Association des sociétés d’assurances du Cameroun – Asac) on May 17 in Yaoundé, it was learned that in the first quarter of 2017, insurance companies have already Paid CFAF 4 billion to the public treasury.
According to the findings of the Minister of Finance (Minfi), Alamine Ousmane Mey, present at the ceremony, this amount of 4 billion represents more than half of the revenues paid in the 2016 fiscal year, amounting to 7 billion CFA. Nevertheless, Minfi recommended to ASAC an effective supervision of insurance companies to protect the public funds they collect.
The Minister of Finance also asked the new office of Asac to consolidate the financial companies in Cameroon, whose turnover as of December 31, 2016 was estimated at 180 billion FCFA. The association of 24 companies should also explore all opportunities and other niches, including digital and universal health insurance, where the future looks bright for insurance companies.
Asac, now headed by Théophile Gérard Moulom, the managing director of Saham Assurances, has been called upon to play a key role in the creation of a national reinsurance organization.