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– The Inter-African Conference of Insurance Markets

Gabon is a member state of CIMA, along with Benin, Burkina Faso, Cameroon, Ivory Coast, Congo, Guinea Bissau, Equatorial Guinea, Mali, Niger, the Central African Republic, Senegal, Chad and Togo.
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Headquartered in Libreville, the Inter-African Conference on Insurance Markets (CIMA) is a unique example of the integration of regulation and supervision of the insurance industry, bringing together 14 West and Central African countries.
CIMA's mission is to work for the healthy and harmonious development of the insurance industry by ensuring the protection of policyholders and beneficiaries of contracts and the financial stability of economies. This treaty adopted a single insurance code, encompassing the rules of insurance contracts and the rules applicable to stakeholders: insurers, reinsurers, and insurance intermediaries.
In its approach to company supervision, CIMA places great emphasis on respecting the three pillars: correctly assessed commitments, sufficient and good-quality assets to cover them, and the ability to maintain a solvency margin to manage any exceptional events (commitment drift, sudden decline in assets, inappropriate reinsurance, or inappropriate pricing). This desire to maintain the technical and financial balance has led to a series of reforms in the CIMA zone.
The year 2022 could mark a decisive step for the revival of activity in the insurance sector in Central and West Africa through the digitalization of procedures for the fourteen member countries of the Inter-African Conference on Insurance Markets (CIMA).
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With a low insurance penetration rate of less than 2%, the CIMA zone does not lack potential to approach the global average of around 7%. One of the levers on which insurers rely to improve social coverage is the dematerialization of insurance services, which could make it possible to reach a greater number of people, in this case, disadvantaged groups who do not have access to traditional insurance services.
Thirty years after its inception, the CIMA initiative has achieved significant achievements. The CIMA Code, which establishes the conference's single regulation, is available, always up-to-date, and widely shared. This important collection of all applicable insurance texts has been in effect since 1994.
Statistically: more than 200 companies were approved, 176 of which remain in operation; During the 2020 financial year, the market recorded a turnover of 1,363 billion FCFA. Claims settled for nearly 750 billion FCFA, technical and mathematical provisions valued at 2,276 billion FCFA. Investments represent 2,598 billion FCFA, commissions were paid to intermediaries for 149 billion FCFA and the net operating income stood at 85 billion FCFA.
The Regulator is very concerned about the restructuring of companies and the strengthening of their financial capacity and solvency. Today, all operating companies have the required minimum regulatory capital, and more than 80,000 companies cover their regulated commitments and have a sufficient solvency margin. For those that are still lagging behind, the Control Commission has implemented close monitoring to help them meet the standards. More than thirty companies have had all their licenses revoked.
The rate of claims settlement has improved significantly, although it still has room for improvement. Investment levels in savings and state-owned investment vehicles are significant.
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