Power Changes Hands At ASAC

Raphael Fute has replaced Martin Foncha promising a speedy compensation of victims.

Raphael Fute, General Manager of Compagnie Professionelle d'Assurances, has taken over the presidency of the Association of Cameroon Insurance Companies (ASAC) from Martin Foncha who has come to the end of his term of office at the helm of the institution. The election is the outcome of ASAC's ordinary general assembly which held in Yaounde on Monday May 13.

Talking on the vision of the new team, Raphael Fute said they will work to restore confidence of the public on the insurance sector and strive to ensure a speedy insurance compensation for victims of catastrophes. "Our vision is to make the Cameroon's insurance market an exemplary one, credible where actors are in solidarity, a growing market so that we can conveniently play our role of ensuring security of institutional investors for the financing of our economy. By our actions, we will strive to make the insurance market credible in the eyes of everybody. We have also realised that people criticise us because they do not know what we are doing. We are going to communicate more so that people can know more about what we are doing," he said. The vision is in line with the recommendations of the 37th General Assembly of the Federation of Insurance Companies of Africa (FANAF) which enjoined insurance companies in the continent to reduce their compensation procedures for a speedy attention to victims of catastrophes as well as adopt the Guarantee Fund for Automobile for a better compensation of victims.

On the balance sheet of his four-year stay at the helm of ASAC, Martin Foncha said, "We put in place a pool of co-insurance to handle public transport and it is working well, we have also improved in terms of training and we have also installed a code of ethics in ASAC. We had an insurance open door days two years ago and we were about organising the second edition this year but we had to at short notice accept to host an international conference, the federation of insurance companies in Africa and it was a huge success because we had more than 600 delegates coming from about 43 different countries."

The Monday's general assembly was spiced by the presence of the Minister Delegate at the Presidency in Charge of Public Contracts, Abba Sadou, who spoke on how the ministry and ASAC could collaborate to ensure sanity in the two sectors.