The president of the association of insurance companies in Cameroon, Thierry Kepeden highlighted the need to work in collaboration with government to optimise the sector’s turnover.
During a workshop organised by the Parliamentary network for the promotion of insurance policies and banking services REPASS, MPs were presented the insurance landscape in Cameroon which according to Thierry Kepeden, president of the association of insurance companies has a potential that has to be optimised. The meeting according to him was of great importance, coming barely a few weeks after the installation of the bureau, which has already established an elaborate roadmap. The forum was used to explain future stakes of the insurance market in Cameroon.
Cameroon has an unquestionable potential as far as insurance is concerned yet it is not optimised. Statistics indicate that by 2020 ending, the insurance market revenue was at 210 billion meanwhile for a country like Côte D’Ivoire whose population and purchasing power do not measure up to Cameroon’s, they had a turnover of 415 billion, almost double what Cameroon made. After questioning and exploring various avenues like the optimisation of compulsory insurance, establishment of new compulsory insurance policies and providing enabling frameworks in line with for life insurance, the head of the insurance companies thinks there is a headway. “Since Parliament makes the laws, we came to meet and explain the stakes to them so that together we can optimise the turnover and bring up to the level of Côte D’Ivoire” Kepeden said.
The insurance gap in Cameroon is enormous. The need for quick action explains the holding of the meeting with law makers who in one way or another can make things move in the right direction.
To Honorable Djeumeni Benilde, president of the parliamentary network, the insurance coverage road is a long way. Recalling the fire that ravaged part of the former National Assembly building, and for which it was difficult to apportion blame, he used it as an eye opener for other state buildings to be insured.