{"id":32160,"date":"2024-02-17T19:52:48","date_gmt":"2024-02-17T18:52:48","guid":{"rendered":"https:\/\/yearbooktest1.com\/?p=32160"},"modified":"2024-06-28T10:50:13","modified_gmt":"2024-06-28T08:50:13","slug":"madagascar-la-reforme-du-secteur-des-assurances-avec-une-nouvelle-loi","status":"publish","type":"post","link":"https:\/\/afrique.yearbook-media.com\/en\/madagascar-la-reforme-du-secteur-des-assurances-avec-une-nouvelle-loi\/","title":{"rendered":"Madagascar \u2013 Insurance sector reform with new law"},"content":{"rendered":"
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\n\t\t\t\t\t\t\t\t\tMadagascar \u2013 Insurance sector reform with new law\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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Insurance is one of the sectors essential to economic and social development. Therefore, the government has initiated a comprehensive reform of the sector, beginning with the revision of the legal and institutional frameworks.\u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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The objective is to transform the current insurance sector into a robust and resilient one that promotes financial inclusion. Indeed, this sector contributes, on the one hand, to social security, particularly for families and businesses, and on the other, it generates collective savings channeled to serve the national economy. <\/p>\n

The level of penetration remains very low: 62% of adults have no knowledge of insurance and 92% of Malagasy adults are not insured. Furthermore, compared to other countries with the same level of economic development, the number of insurance companies is limited to five. Thus, the insurance sector is dominated by two state-owned companies, creating conflicts of interest and, in fact, a low level of competition.<\/p>\n

The sector contributes significantly to tax revenues (2% of total revenue) but the multiplicity of taxes is perceived as a brake on the development of the sector (20% of VAT, 5 to 20% of TCA, 10 to 38% of TACAVA). The contribution of the sector to economic growth is still very low (0.58% of GDP).<\/p>\n

Supervision of the sector would benefit from being improved to comply with international best practices in this area. <\/p>\n

The main innovations and improvements brought by the new law are the expansion of the insurance sector landscape with the possibility of establishing oneself as a reinsurance company, not previously provided for, and the authorization for foreign reinsurance companies to establish themselves as a branch.<\/p>\n

The expansion of authorized operations will be done taking into account market needs and technological developments by introducing new concepts on microinsurance, digital insurance and index insurance.<\/p>\n

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In addition, financial inclusion is strengthened by extending compulsory insurance, previously limited to civil liability insurance for motor vehicles, to construction, school, import, professional civil liability insurance for the repair, sale and inspection of motor vehicles, and by inserting appropriate provisions.<\/span><\/p>\n

Consumer protection is noted in the law with a complaints management mechanism in order to restore the capital confidence of consumers of financial services.\u00a0<\/p>\n

It is also a question of establishing a crisis resolution framework and creating a safety net in order to limit, in particular, the costs linked to the failure of insurance companies across the economy and also to protect the interests of policyholders.<\/p>\n

Independent supervision will be dedicated and ensured by the Banking and Financial Supervision Commission (CSBF).<\/p>\n

Currently, five insurance companies, operating in accordance with the 1999 Insurance Code, share the Malagasy market, with ARO as the leader: ARO Insurance (Omnibranches Insurance and Reinsurance), 59% market share; Ny Havana Insurance and Reinsurance Company, 14%; Allianz Madagascar, 12%; Saham Insurance, 9% and MAMA (Malagasy Mutual Insurance Company), 6%. These companies only cover approximately 1% of the Malagasy population.<\/p>\n

The product offering is limited to Life\/Non-Life insurance: health, retirement, civil liability (CL), in particular compulsory Automobile CL insurance which has the largest number of members.<\/p>\n

To date, digital insurance does not exist in Madagascar. This new product is, however, provided for in the new Insurance Code, which is expected to be promulgated in 2020 (already promulgated by the Lower House). It also provides for new mandatory insurance policies, such as school insurance, marine insurance, etc.<\/p>\n

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Les assurances se trouvent parmi les secteurs essentiels au d\u00e9veloppement \u00e9conomique et social. Aussi, le gouvernement a entam\u00e9 une r\u00e9forme en profondeur du secteur, \u00e0 commencer par la r\u00e9vision du cadre l\u00e9gal et du cadre institutionnel.\u00a0 L\u2019objectif vis\u00e9 consiste \u00e0 transformer le secteur des assurances actuel en un secteur solide et r\u00e9silient, favorisant l\u2019inclusion financi\u00e8re. … Read more<\/a><\/p>","protected":false},"author":1,"featured_media":34366,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[109,5,149],"tags":[],"class_list":["post-32160","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-assurances","category-madagascar","category-madagascar-assurances","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-20"],"acf":[],"yoast_head":"\nMadagascar - Insurance sector reform with a new law<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/afrique.yearbook-media.com\/en\/madagascar-la-reforme-du-secteur-des-assurances-avec-une-nouvelle-loi\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Madagascar - La r\u00e9forme du secteur des assurances avec une nouvelle loi\" \/>\n<meta property=\"og:description\" content=\"Insurance is among the sectors essential to economic and social development. 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