Cameroon - Insurance - The dynamic insurance sector

In Cameroon, the insurance market has maintained a dynamic growth observed over the past few years. It will continue to grow in 2023, with the constant challenge of improving the penetration rate.

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Cameroonian insurers ended 2022 with a 10.12% increase in their overall turnover to 253.1 billion FCFA (412.5 million dollars) compared to 229.8 billion FCFA (397.6 million dollars) in 2021. Non-life premiums increased by 8.83% to reach 166 billion FCFA (270.6 million USD) at the end of 2022.

The ranking by non-life insurance company places AXA Assurance as the market leader with 8,84% of non-life portfolio. This is followed by Activa Assurances and Chanas Assurances with respective market shares of 7,32% and 7,12%.

Life insurance totaled 87.1 billion FCFA ($141.9 million) in premiums issued, up 12.69% year-on-year. Allianz Vie ranked first in the ranking of the best life insurers with 10.05% of life insurance premiums. Prudential Beneficial Life (8.03%) and Activa Vie (3.76%) came in second and third.

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The insurance sector in Cameroon appears to have been spared by the health crisis, with the curve rising in the insurance sector. In 2021, Cameroonian insurance companies achieved a turnover of 76.3 billion FCFA, an increase of 8.6% compared to the previous year, according to provisional market data compiled by the Association of Insurance Companies of Cameroon (ASAC). This upward performance is driven by individual insurance (+9.8%), whose turnover (CA) rose to 35.8 billion during the aforementioned period compared to 32.5 billion in 2020. Group insurance also maintained its course with an increase of 8.4% in its turnover, or 40.4 billion in 2021.

The increase in turnover could suggest an improvement in the penetration rate among the population, which is still far from being the case in reality. Indeed, despite the performance recorded in the sector, the insurance penetration rate in the country still stands at less than 3%. Yet, insurance is an essential cog in sustainable and truly inclusive economic development.

In 2021, Cameroon joined the African Trade Insurance Agency (ATI), becoming the 19th African member state of ATI with a contribution of EUR 11.37 million (USD 13.15 million), supported by the European Investment Bank (EIB). This operation allows the Republic of Cameroon to support export development, attract more foreign investment, and improve regional and international trade.