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The insurance sector plays an important role in economic development by mobilizing investments secured by guarantees against potential risks. New companies have also arrived in Congo to address the low penetration rate.
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Congo has several insurance companies; the general branch of the accident and miscellaneous risks sector comes first, followed by the booming life insurance sector. The public insurer Assurances et Réassurances du Congo (ARC) and its private compatriot Assurances Générales du Congo (AGC) previously held the top spots, but with its merger with Sanlam Congo, the Nouvelle Société Interafricaine d'Assurance (NSIA) could become the leader. For its part, Sunu, present since 2022, has implemented innovative strategies to distinguish itself from its competitors. The group has focused on digital transformation by creating a local platform to transpose the insurance business onto mobile devices. Other major players include Africaine des Assurances Congo (AAC), Colina Congo, and LCS Assurances.
The low insurance penetration rate is mainly due to non-compliance with mandatory insurance policies and also to the ignorance of the general public and other administrative services regarding the purposes of insurance. It emerges from the presentations that mandatory insurance policies (automobile, import of goods and merchandise, etc.) are not always applied. Two other problems undermine the insurance sector in the Republic of Congo, as in the rest of the CIMA (Inter-African Conference on Insurance Markets) area. These are difficulties in paying victims of claims and the absence of a harmonized text establishing the status of insurance company controllers on the African continent.
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It would be necessary to improve the public's perception of the insurance industry by raising awareness of the importance of insurance, the rights of policyholders and beneficiaries of insurance contracts, and providing information on issues of underwriting procedures and claims settlement. This is to contribute to increased security for people, property, and human activities, to popularize provident mechanisms as a complement to mandatory social security schemes, and to promote the growth of economic activities.
The Congo Insurance Directorate is the technical body that assists the director general of national financial institutions in the exercise of his responsibilities in the field of insurance.
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