Establish an incentive fiscal framework for the development of microinsurance operations in Côte d'Ivoire. This is the objective of the workshop that brought together financial sector regulators, the Directorate-General of Treasury and Public Accounting, the Directorate-General for Taxes, insurers and consumers, on Thursday, September 12 in Abidjan-Cocody.

The aim is to offer suitable insurance solutions for people with low incomes, especially those who work in the informal sector and who are underserved by conventional insurers.
Because, “microinsurance must be a development tool at the service of vulnerable populations and this objective can only be achieved with support measures, including is part of taxation,” said Arthur Ahoussi, Deputy Director General of the Treasury and Public Accounting. According to him, this workshop should lead to a preliminary draft consensus text in the interest of consumers and for the development of the microinsurance sector.

For Saliou Bakayoko, president of ASACI (Association of Insurance Companies of Côte d'Ivoire), this consensual text will contribute to the development of microinsurance because “the tax aspect is very important for the development of an activity like this,” he said.
For his part, the head of insurance in Côte d'Ivoire, Karim Diarrassouba, revealed that applying conventional insurance taxation to microinsurance will be unfavorable to the latter. That is why he wants a tax exemption or an exemption. According to the Insurance Code, microinsurance is an insurance mechanism characterized mainly by low premiums and/or insured capital by the simplicity of coverage, subscription formalities, contract management, claims reporting and compensation of victims. Its primary objective remains the protection of low-income households against specific risks in return for the payment of premiums or small contributions.