25 February 2013

Africans Brainstorm on Appropriate Insurance Intervention

Heads of insurance companies in Africa and experts from some international organizations are working in Yaounde to come out with measures that will further put man at the centre of all insurance interventions. The Prime Minister, Philemon Yang on behalf of the Head of State, President Paul Biya, chaired the opening ceremony of the 37th Annual General Assembly of the Federation of Insurance Companies in Africa, FANAF taking place at the Yaounde Conference Centre till Thursday, February 28, 2013.

The over 600 delegates from some 43 countries working on the general theme, "Insurance and social risks," will come up with a system to appropriately tackle cases of accidents, sickness and natural disasters. Prime Minister Philemon Yang, while citing Cameroon's institutional measures to respond to accidents and disasters, called on the officials to propose measures that put man at the centre of preoccupations in line with the spirit of the theme.

The President of FANAF, Protais Ayangma, said the recommendations of the Yaounde meeting should make the system of compensation equitable, fast, just, total and timely. The officials are also expected to propose better ways of structuring the insurance system. It is for this reason that African insurance officials are to work on a system of universal medical coverage. They are also expected to opt for the creation of Guarantee Fund for Automobile to cover insurance in this sector.

For four days, the experts will brainstorm on topics such as the evolution of investment in Africa; challenges and opportunities for the development of an enterprise in Africa; place of private insurance in universal medical coverage mechanisms; societal responsibilities of insurance companies; and coverage of natural disasters. They will also discuss on topics like market of ideas; ways of reflection on the future of the economy, insurance and finance in Africa. The topics for discussion in the session converge in using insurance to create wealth, harmony, stimulate development and fight poverty in Africa.

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