Mauritania: Govt mulls over insurance reforms
Source: Middle East Insurance Review | Apr 2016
The government of Mauritania is looking into reforming the insurance market, which is mired in multiple problems related to its structure and the business environment.
One option is to create a Regulatory Authority of Insurance Markets (ARMA), an independent public agency to supervise all insurance players in Mauritania, reported Financial Afrik. This move would be a leaf taken out of Morocco's book as the Moroccan government recently established the independent Supervisory Authority of Insurance and Social Security (ACAPS).
The second option is to transfer the current Insurance Supervision Department to the Central Bank of Mauritania (BCM). The Department currently operates under the Ministry of Commerce, Industry and Tourism.
The authorities hope that the insurance sector will give a boost to the proposed stock exchange in Nouakchott, which would be the country's first bourse.
At present, there are 15 local insurance companies and two foreign insurance brokers in Mauritania. With an annual turnover of about US$6 million, the insurance market, dominated by the motor business, is considered relatively modest.