Speech by Mr Sani YAYA, President of the Council of Insurance Ministers Excellency Mr the President of the Gabonese Republic, Head of State ; Ladies and Gentlemen Presidents and Members of Constitutional Institutions; Minister of Economy, Foresight and Development Programming of the Gabonese Republic; Ladies and Gentlemen, Members of the Government of the Gabonese Republic; Ladies and Gentlemen Ambassadors and Members of the Diplomatic Corps; Ladies and gentlemen the President and the members of the Regional Commission of Insurance Control; Gentlemen General Secretaries of CIMA; Ladies and Gentlemen National Directors of Insurance and Institutions of CIMA; Ladies and Gentlemen the Presidents of the Board of Directors and General Managers of insurance companies; Ladies and Gentlemen; Dear guests; I would like above all in my name and on behalf of all the guests who came from diverse backgrounds to participate and honor their presence this ceremony to express my gratitude to the authorities of the Gabonese Republic for all the marks of attention and all the arrangements made to make our stay on Gabon’s land pleasant. I would also like on my own behalf and on behalf of all CIMA Institutions and Animators, to express my deepest thanks and gratitude to His Excellency Mr. Ali BONGO ONDIMBA, President of the Republic of Gabon, Head of the State to have kindly agreed to honor and enhance its effective presence this inauguration ceremony of the headquarters of the General Secretariat of the CIMA. The opportunity that is offered to us is happy and beautiful. It is the result of the vision, the will, the commitment and the hard work of the dozens and dozens of people I would like on my behalf and on behalf of the Council of Ministers to send my warmest congratulations and my sincere thanks. It is impossible for me to list here by name all the actors who took part in the realization and the success of this project. I would like, however, to pay special tribute to : All the authorities of the Gabonese Republic, in particular His Excellency Mr. Ali BONGO ONDIMBA, President of the Gabonese Republic, Head of State to have made available the current site with the issuance of a land title; All my predecessors within and at the head of the Council of Ministers who initiated, worked, followed and validated the different phases of this important project; The different members of the Steering Committee (COPIL) of the project; The Secretary General of CIMA and his predecessor whose daily work has been increased tenfold with the need to ensure project ownership of the project; The assistant to the client; All companies and their employees who took part in the work, particularly as prime contractor. For the realization of this beautiful building that we inaugurate today, it was necessary to raise from the insurance companies of the market a global amount of 6.5 billion FCFA. We should therefore thank the insurance companies who believed in this project and contributed to the success of the fundraising operation. This success must also be shared with all the Member States that have contributed by guaranteeing repayment of the loan. This solemn occasion also allows me to reiterate the gratitude and thanks of all CIMA member countries to the Gabonese people for having accepted very early to be the cradle of the General Secretariat of CIMA and for having provided the environment necessary for its development and that of its activities over the past 22 years. As such, I would like to recall that this plot of 1,302 m² in the heart of Libreville on which is built this beautiful building that we inaugurate today is a gift of the people and the Gabonese government. Excellency the President of the Republic, Head of State; Ladies and Gentlemen; The opportunity that is offered to me allows me to celebrate what we have achieved in a short time: the CIMA is recognized as an example of integration that today allows insurers easily duplicate a Member State to the other examples of successes and good practices recorded. We must take care of this beautiful tool that many other regions envy us. It is therefore fitting to pay a heartfelt tribute to our predecessors and to the founding fathers of CIMA for this vision and this avant-garde ambition which allows insurers to be simultaneously present in the 14 Member States. The opportunity also allows me to return to two of the primary missions of the CIMA, the supervisory and regulatory body of the insurance sector to which Member States have transferred their prerogatives in insurance : Work to protect policyholders and beneficiaries of contracts; Work for the healthy and harmonious development of the insurance industry and the economies of the Member States. Significant progress has been made since the beginning of the activities of the General Secretariat of CIMA in 1995, more than 20 years ago. The turnover of the zone rose from 229 billion FCFA in 1995 to 1030 billion FCFA in 2015, an increase over this period of 350% and an average annual evolution of 7.8%. The investments made by insurers in the economies of the various Member States amount to CFAF 1,793 billion in 2015 for CFAF 1,564 billion of technical provisions. These figures, which seem glowing, should not obscure the fact that the penetration rate in our zone remains one of the lowest in the world and around 1% depending on the country, reflecting the fact that a still too large portion of population does not have insurance coverage. Significant efforts remain to be made by all stakeholders to meet this challenge, in particular through the financial education of the population and the development of inclusive insurance that allows people to increase their resilience and not fall into a cycle of poverty. in case of painful or unforeseen event. The regulations issued by the Council of Ministers, the work and injunctions of the Regional Insurance Control Commission and the controls carried out by the General Secretariat through its brigade have made it possible to change and improve many market practices as regards in particular the fair treatment of insured persons and beneficiaries of. However, public confidence in the insurance industry is far from over. Tremendous efforts must continue to be made by the various stakeholders (supervisory authorities, insurers, intermediaries, etc.) to establish this confidence and make it grow. This process will necessarily involve the respect of commitments and in particular by the diligent payment of benefits by insurance companies. I would therefore conclude by launching an invitation to all to identify and take the critical paths necessary for the full realization of the missions that our States have entrusted to us through the Treaty. Long live the Interafrican Conference of Insurance Markets and long live international cooperation. Thank you. Share via:
