(Business in Cameroon) - Insurance company SL Financial, founded in the U.S. by Cameroonian Achille Sime (pictured, middle), announced it is opening a subsidiary in Douala, Cameroon.
In a statement issued Tuesday, Achille Sime said his company will operate in the actuarial segment, a little-known branch of insurance. SL Financial's mission in Cameroon will be to evaluate the risks, costs, and profitability of insurance companies and microfinance institutions to develop micro-insurance and micro-pension products. It will also engage in universal health coverage currently being implemented in Cameroon.
SL Financial, Inc. intends to "revolutionize actuarial science by reviewing technical and pricing forecasts, capital adequacy analysis, global risk management, review and optimization of the reinsurance program, insurance, and reinsurance pricing, alternative insurance, etc.”
Achille Sime, who is also the Managing Director of the company, said he wants to tackle the lack of rigor, ethics, and integrity in the insurance business, which sometimes leads to "serious deviations punishable by the Cima regulation". "We have a well-defined strategy to face competition. It is about promoting excellence, continuing to build our reputation as a reliable partner in the strategic development of the country and Africa," he explained.
Based in the United States since 2016, SL Financial, Inc. entered the actuarial market in Nigeria in 2021. The cumulative revenue (U.S., Nigeria, and Cameroon) is estimated at $500,000 (CFA332.7 million) annually. In Cameroon, the newcomer will join rivals, including multinational Activa and the Cameroonian consulting firm IAC of Cameroon-Africa. About 80% of actuaries on the market operate in life insurance, against 20% in fire, accident, and miscellaneous risks insurance (IARD), according to IAC of Cameroon-Africa.