Prime Minister Philemon Yang Wants Insurance Coverage Extended To Underprivileged
March 5, 2013 § Leave a comment
If insurance companies hearken to the request of Prime Minister Philemon Yang, insurance coverage will no longer be only for the well-to-do. On February 25, the Prime Minister urged heads of insurance companies in Africa and experts from related organisations to pay greater attention to vulnerable people.
Yang made the request in Yaounde while chairing the 37th Annual General Assembly meeting of Federation of Insurance Companies in Africa, FANAF. The meeting, attended by some 600 delegates from 43 countries, was organised under the theme “Insurance and Social Risks”. He talked about measures by Cameroon to respond to disasters and accidents; prevention and sensitization on insurance.
Meanwhile, the President of FANAF, Protais Ayangma, said focus was on social risks and compensations in the sector such as health for all, accidents and compensation.
“Each time we meet, we challenge members to do well to pay claims of victims, which is our major role,” he said. He highlighted the role of the Conference of Inter- African Insurance Markets (CIMA), which is empowered to withdraw licenses from unprofessional insurance companies.
Ayangma said they intend to market the insurance sector and assure the public that insurance companies should be trusted in handling issues relating to risks. The President of the Insurance Association of Cameroon, Martin Foncha, said Cameroon was no longer satisfied with the second position it occupied in the insurance market within the area covered by CIMA. He said their target is to grab the first position from Ivory Coast.
For four days, insurance experts exchanged ideas on the challenges and opportunities for the development of an enterprise in Africa, the evolution of investment in Africa, societal responsibilities of insurance companies, coverage of natural disasters and mechanisms for the universal medical coverage. In Cameroon, medical insurance remains a luxury, as only few enterprises offer this benefit to their employees. Statistics from the Ministry Public Health show that malaria alone grabs 40 percent of the family income of Cameroonians.
During the FANAF gathering all member countries expressed the same experience, justifying why participants centered discussions on the vital role that health insurance could play in the social protection of Africans. The Federation’s President, Ayangma recommended a public- private partnership in the member countries of FANAF in order to enhance a universal medical insurance.
He called on participants to draw inspiration from Tunisia and Rwanda, which according to him have succeeded to protect their populations through this policy. Ayangma also hinted that plans were underway to implement the automobile guarantee fund in member countries to optimize and accelerate procedures put in place for road accident victims.