Professional Documents
Culture Documents
Henry FORD
Henry Ford: New York was not built by men but by insurers Without insurance, there would be no skyscrapers because no worker would accept to work at such a height, risking a fatal fall and leaving his family in misery. Without insurance, no capitalist will invest millions to build similar buildings that a simple butt of a cigarette could reduce to ashes. Without insurance, no one would drive. A good driver is aware that he risks at every moment to crash into a pedestrian. WITHOUT INSURANCE, NO TRANSPORT
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GENERAL SITUATION
The contribution of insurance to the GDP of ECOWAS is weak less than 1% The penetration of insurance into the population is weak less than 1% General defiance regarding insurance The involvement of insurers in decisions regarding financing is weak High risks despite very significant potential Absence of a systematic, concerted and continual approach between insurers and bankers in the search for a solution to the mastering of risks Absence of an institutional approach to the management of risks
Consequence: The rate of change for banks and insurance companies is too slow to incite efforts to address the challenges on a national or regional level.
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Transport risks: accidents, Risks linked to transported cargo: fire, theft Risks linked to warehousing: fire, water damage Risks of responsibilities of agents along the transport valuee chain: transporter, shipper, handler, stevedore, dispatcher, etc. Risks lined to people: death, injury Financial risks: insolvency, deposit, operating loss
Finance programs do not sufficiently consider the role of insurance notably for the management of financial risks.
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What we propose
Modeling and Structuring in order to master the risks and fully exploit the potentials, creating new opportunities to reinforce the development of existing activities.. A new relationship between the bank and the insurer based on the sharing and management of the collective risks
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Grant funding
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Advantages for the borrower : Better management of risks Lowering of interest rates Higher volume of credit awarded
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Truck fleet renewal for transport of petrol products 120 trucks financed at 90 millions FCFA /per truck Partner Bank: Bank of Africa Insurer: ALLIANZ / courtier SOGERIS Unique contract, including :
Financing at a reduced rate over 5 years Truck insurance during the period of the loan Insurance of fuel Deposit from Total Trucks as collateral Closed contract for delivery of petrol to Total
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SOME NOTES
ECOWAS BROWN CARD: a managment instrument for claims at the regional level for vehicles, although with some implementation difficulties in certain countries. CODE CIMA : Regional law regulating the insurance practice in the Member States of CIMA with difficulty for countries outside of the CIMA zone.
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Summary
Integrate insurance and banks Innovative financial measures/products
15/03/2013