Rédaction Africa Links 24 with CP
Published on 2024-03-07 09:38:40
In 2023, the insurance sector in the Democratic Republic of Congo generated $319 million, representing a coverage of 0.44%. However, the goal set for 2028 is ambitious: to reach 3% coverage. Compared to the African average of $1.5 billion in revenue, the challenge is significant for the DRC, which must surpass its starting point of $319 million to reach this summit.
In this regard, during a morning information session on the development prospects of the insurance sector held on Wednesday, March 6 in the Panorama room of the Fleuve Congo Hotel, Finance Minister Nicolas Kazadi officially launched the reinsurance facility for the oil, gas, mining sectors, and the risk of political violence in the DRC.
This new trajectory is part of the efforts of the Ministry of Finance, entrusting the insurance regulatory and control authority in the DRC with the mission of deploying extensive coverage for the mining, oil, gas sectors, and political violence. “It will no longer be possible for companies, legal entities, or individuals whose risks are 75% located in the DRC to insure abroad or in a company not recognized by the ARCA,” the national treasurer announced.
Through this bold initiative, the DRC is committed to economic growth and financial stability, challenging established paradigms and opening up new perspectives for the development of the insurance sector in the country. For the DRC to maintain its position, it must adhere to a number of insurance rules. It is a matter of security and deployment for a sector with a potential of $5 billion.
Alain Kanyinda Ngalula, the head of the Authority for Regulation and Control of Insurance in the DRC (ARCA), confirmed that his organization and its partners have put in place a system that allows the DRC to have a large reinsurance capacity and control of insurance and reinsurance in the oil, gas, mining, and political violence sectors. “It is this mechanism, established by ministerial decree and managed by ARCA, that will allow us to work at the international level,” said Alain Kanyinda Ngalula with satisfaction.
ARCA thus encourages the Congolese people and current economic operators to subscribe to insurance for the future. It is the best way to believe in what is best in oneself and in the power that lies beyond. Calm before different accidents often brings nothing, except insurance against the pain of lacking it.
TEDDY MFITU/CONGOPROFOND.NET
Read the original article(French) on Congo-Profond
