Congo Insurer Pays First Claims in Eight Years by Selling Assets

The Republic of Congo's state-owned insurer paid its first claims in eight years after selling real estate and is planning more property disposals to help recapitalize the business, Bloomberg News reported. Assurances et Reassurances du Congo, which owes claimants 7 billion CFA francs ($12 million), stopped payments in 2010 after the company struggled to reconstitute files damaged in a civil war a decade earlier. The Inter-African Conference of Insurance Markets, a supervisory body, threatened to suspend ARC's membership unless it resumed paying claims, ARC Chief Executive Officer Marc Gaston Akobo said in a phone interview Monday from the capital, Brazzaville. The company sold properties in the port city of Pointe Noire in order to resume claims payments last month, said Claude Vaya, director of product development. Read more.