Deals
Congo Is About to Destroy the State Monopoly on Insurance
- Sixteen companies interested in starting insurance businesses
- Authority expects to start issuing licenses in fourth quarter
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The Democratic Republic of Congo’s insurance regulator is preparing to open up an industry for the first time that could be worth as much as $500 million a year to investors.
The newly created Insurance Regulatory Authority, known by the French acronym ARCA, received interest from at least 16 companies after requesting letters of intent in June, Managing Director Eric Mboma said, declining to identify individual firms. It will seek formal applications from those firms in August and award licenses in the fourth quarter, Mboma, a former chief executive officer of Standard Bank Group Ltd.’s Congolese unit, said in a phone interview from the capital, Kinshasa.