News Africa25 May 2020

Cameroon:Insurers urged to cover COVID-19 patients to honour insurance contracts

25 May 2020

The Inter-African Conference on Insurance Markets (CIMA) has stipulated to the Association of Cameroon Insurance Companies (ASAC) to provide coverage to policyholders infected by COVID-19, in accordance with principles of "fair treatment and protection of the insured".

In a letter dated 18 May 2020, CIMA secretary general Mr Issofa Nchare specified that "claims related to the coronavirus should not be subject to any exclusion not provided for in the insurance contracts”, according to a report by Financial Afrik.

This issuance from CIMA, the body in charge of insurance regulation in 14 French-speaking countries in Africa including Cameroon, may sound like a disavowal of ASAC's position that medical treatment of patients with COVID-19 "is the exclusive prerogative of the State".

In view of the socio-economic impact of COVID-19, CIMA also requests ASAC to advise its members “to maintain solvency and a cash level in accordance with regulations and to defer the distribution of dividends to shareholders".

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