The financial losses from Tropical Storm Freddy can potentially reach into the tens of millions of dollars in Madagascar, considering the high number of destroyed buildings, says global insurance broking and risk management company, Aon, in its "Weekly Cat Report".
The reform of the insurance sector has been carried out jointly by the Ministry of Economy and Finance (MEF) and Banky Foiben'i Madagasikara (BFM) for four years, and is still in progress, notably through the revision of the Insurance Code.