For the past few days, social media posts have been reporting that the insurer AXA has decided to compensate nearly 4,000 companies affected by the coronavirus in Cameroon. This is surprising considering the impressive number of companies and even the regulation of the sector regarding the coverage of pandemics.
After a proper check, it appears these posts are unfounded. Also, in an open letter sent by Protais Ayangma, founder of the National Insurance Company (now Saham Assurance Cameroun), to insurers, we learn that such compensations are not possible. The reason, he says, is that insurers exclude pandemics from health insurance as it has been the case with AIDS. This fact has been confirmed by insurance companies such as Beneficial and Nsia.
Nevertheless, Axa affirms that other measures have been taken by the Group to respond to the health, economic, and social emergency. The insurer explains that it gives its "unconditional" support to the research. "Through the Axa Research Fund, Axa has decided to mobilize an additional €5 million [about XAF3.2 billion] for the development of responses to infectious diseases and Covid-19, including the implementation of post-crisis solutions,” it indicates.