30 years with Cima: A history, challenges and a future | Gabonreview.com

Following its creation on 12 July 1992, the Inter-African Conference on Insurance Markets (Cima) celebrated its three decades of existence on 20 December in Libreville. The opportunity to take stock, but above all to celebrate “a unique example of integration of regulation and supervision of the insurance industry” in 14 West and Central African countries”. The event was placed under the patronage of the President of Gabon, Ali Bongo Ondimba.

The ministers responsible for Cima Insurance in Council before the official celebration of this regulator’s 30th anniversary. © Gabon review

The Inter-African Conference on Insurance Markets (Cima) celebrated its 30th anniversary on 20 December in Libreville.e anniversary. The ceremony took place in the presence of many personalities, including the President of the Council of Ministers responsible for Insurance, the Central African Minister of Finance, Hervé Ndoba, the Gabonese Minister of Economy and Recovery, Nicole Janine Roboty-Mbou. An opportunity for the leaders of this regional institution to take stock and discuss the challenges and perspectives.

Last October, during a press conference as a prelude to this commemoration under the high patronage of President Ali Bongo Ondimba, the Secretary General of this organization, Blaise Abel Ezo’o Engolo, suggested that if the regulator of the insurance companies in 14 African countries has, among other things, achieved the operationalization of an integrated insurance market,”the path that has gone this far deserves such solemnity“. It is in this sense that these 30 years have been exalted.

Before the formal part of this meeting, the ministers responsible for insurance meet within the framework of the ordinary session of their council. At the end of the work, Hervé Ndoba said that this council made it possible to validate the budget for the financial year 2023, to review all the strong recommendations that have been rejected and to monitor the progress in their implementation. “We can congratulate ourselves on the implementation of these various strong recommendations, which make it possible to revitalize the insurance market.“, he said, adding that the insurance market in Africa, in general and in the Cima zone in particular, is in constant dynamism, in constant growth, and their role as councils is to monitor this environment.

© Gabon review

A brilliant record and 1.489 billion FCFA in revenue

For this reference institution in terms of integration and supervision of the insurance industry, the record has been bright since its establishment in July 1992. However, shortcomings remain, suggested the Secretary-General and the Chairman of the Council of Ministers respectively. Indeed, this organization has enabled the sector to make significant progress over the past ten years. “The average annual growth rate is 6%. Investments made by insurance companies in the economies of the various Member States amount to 2,749 billion CFA francs in 2021“Said Cima officials during the official part of this event open to the general public.

The turnover per December 31, 2021 amounts to 1,489 billion FCFA, while compensation claims in the same period are 837 billion FCFA.

Despite these figures, the President of the Council of Ministers declared: “This rating remains absolutely perfect. I will not be superfluous to remind that the need to cover the underprivileged remains glaring, that the penetration rate, which is still around 2%, remains far below the average for the continent, the financial capacity of our companies to insurance and reinsurance not yet allows us to cover the most important risks in our economies, the use of external reinsurance remains a common practice, and what about the claims settlement rate, which deserves special attention“.

For Cima officials, who took the opportunity to promote two prestigious assets of this institution, namely the International Insurance Institute -IIA- and the Joint Reinsurance Company of the Cima Member States (Cica-Ré), these 30 years represent a collaborative effort to promote and development of the insurance industry, the legislative framework registered in the Insurance Act and subsequent texts, control and reorganization of insurance companies and reinsurance.

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