Insurance Generated CFA87 Billion Turnover in Togo in 2022

Finance

Monday, 24 July 2023 08:35

Insurance Generated CFA87 Billion Turnover in Togo in 2022

(Togo First) - Togo’s insurance sector recorded a turnover of CFA87 billion in 2022. This is 34% more than the figure recorded in 2017, according to the country’s Ministry of Economy and Finance. Out of the CFA87 billion generated last year, motor insurance generated CFA13 billion or 14.9%.

The information was disclosed on July 19 by Akou Mawussé Afidenyigba, Chief of Staff to the Minister of Economy and Finance while giving the opening speech at the General Assembly of Motor Insurance. The Assembly was held in Lomé, over three days, and it gathered insurance sector experts who discussed issues the sector must overcome to better help people and grow.

Afidenyigba, on the occasion, noted that "various actions are being taken to provide material for insurance companies to allow the sector to fully play its role for the benefit of our populations."

The President of the Insurance Committee of Togo, Simon Pierre Gouem, spoke about the challenges related to the holding of the assembly. "There have been difficulties, notably in terms of pricing and compensation, due to a lack of information and delays in decisive settlements. That's why we wanted to bring all the stakeholders together so that we can exchange ideas and make motor insurance even more beneficial," he said.

Some of the major topics explored during the meeting included issues and prospects for compensation, particularly for claims, digitalization, and its potential to facilitate the marketing of this insurance, among others.

Ayi Renaud Dossavi

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