Two alternatives needed to stop premium escalation in the insurance industry

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Kinshasa, June 12th, 2021 (CPA).- Finance Minister Nicolas Kazadi, insurers and brokers have opted for the creation of a reinsurance company specific to the Democratic Republic of Congo (DRC), and the adoption of the policy co-insurance considered as two alternatives for the DRC to restore its image on the basis of insurance, indicates a statement from this ministry received Friday at the CPA.

These two alternatives were identified on Wednesday in Kinshasa during an exchange that the Minister of Finance had with insurers and brokers on the need to stop the evasion of premiums in the insurance sector, in order to boost the sector. insurance in the Democratic Republic of Congo (DRC).

This meeting with all the bosses of the insurance companies, said the source, made it possible to closely examine this sector, which is hyper prolific for economic growth and the creation of reliable and stable jobs. Speaking on this subject, the Director General of SONAS, Bonyeme Ekofo Lucien indicated that the Congolese finance boss raised an important point that some considered a taboo namely, the evasion of bonuses with gloomy relish at through the actions taken by insurers. However, he added, strategies are being refined by the insurance regulator to significantly reduce this escape which has taken up residence in full view of all without binding measures.

The development of the insurance market being a priority for the Congolese government, it will be a question for all stakeholders to work collegially and without duplicity to achieve tangible results. “Moreover, the problem of evaded premiums can only be resolved if the authority of the State is imposed by scrupulously respecting and enforcing the insurance code which regulates this sector, the emergence of which is not taking place. object of any doubt, ”said the Director General of SONAS. He said that it is within this framework the national financier has proposed to insurers the creation of suitable products, stressing that it is this ingenuity that will contribute to the crystallization of the real development of insurance in the DRC.

To promote the insurance market towards the best horizons, judicious choices were made, citing among other things, the fact of putting an end to the random and sporadic nature of awareness or popularization as a paradigm of persuasion to establish and perpetuate this new culture.

He said he had made the choice of setting up a priori as well as a posteriori a special unit for insurance supervision as a sine qua non in order to force policyholders to comply. To this end, the Minister of Finance was keen to set the record straight with a view to mobilizing public revenue in all sectors. ACP/