The insurance culture is little known in Cameroon in spite of the importance it plays in times of disaster. Insurance companies pay tens of billions of FCFA as claims to their clients each year, ensuring that the claims are correctly calculated and paid on time.

It is for this reason that the Association of Insurance Companies in Cameroon, ASAC, gave a press conference in Douala on September 8, 2015.

It was to debrief journalists on payment of claims and the importance of subscribing for insurance cover. Valère Francis Baliaba, who chaired the press conference on behalf of ASAC’s President, reiterated that the main objective of the 24 insurance companies in Cameroon is to manage disasters of all types and make sure that claims are adequately paid. He added that there are regulations that govern the sector, making it difficult for insurance companies to cheat clients.

Companies are sanctioned if they fail to respect deadlines for paying claims, he disclosed. The National Arbitration Commission is also there to facilitate and speed up the payment of claims in case of misunderstanding between insurance companies.

Valère Francis Baliaba urged subscribers to be cautious when subscribing for insurance cover and to follow procedures in filing for claims. He said insurance companies are making efforts to improve the situation of accident victims and their next of kin.