The Insurance Companies Committee of Mali (Ccam) has announced that the Automobile Guarantee Fund will be operational soon.
Mr Oumar Ndoye, Ccam president, said that the fund will pay compensation to victims who suffer personal injury in motor accidents in which the drivers who caused the accidents remain unknown, or are insolvent or are uninsured.
Speaking at a recent insurance event, he noted improved turnover in the insurance sector in Mali from 2014 to 2018. "The statistics of the last five years show an encouraging evolution of the turnover which has crossed the bar of FCFA48bn ($81m) in 2018 while it was only FCFA33bn in 2014.”
He also noted that there was an increase in claims from 2014 to 2018. According to him, insurers paid claims of FCFA11bn in 2014 and FCFA21bn in 2018.
"So I can say very clearly here that insurers pay claims. Many efforts are made to improve the pace, and thus satisfy our insured and victims of disasters," he said.
Mr Ndoye also outlined the various players in the Malian insurance market.
"The first category consists of 13 insurance companies, including 10 non-life insurance companies and 3 life insurance companies.
“The second category includes insurance intermediaries, including nearly 30 licensed brokers which are part of the Professional Association of Insurance Consultants of Mali (APACM), and many more general agents and business introducers.
“The third category is that of the expert assessors whose role in accident and damage management contributes to establishing a peaceful relationship between insurers, the insured and victims. "
The vice president of the Association of Consumers, Abdul Wahab Diakite, urged insurers to also pay attention to motorcycle insurance.