The turnover of Cameroonian insurance companies increases by 8.6% in 2021

In 2021, insurance companies based in Cameroon achieved a turnover of 76.3 billion CFA francs, up 8.6% compared to the year before, EcoMatin learned from provisional market data compiled by the Association of Insurance Companies of Cameroon (Asac). This performance is driven by individual insurance (+9.8%) whose turnover increased to 35.8 billion against 32.5 billion a year earlier. Group insurance also stayed the course with an 8.4% increase in turnover, i.e. 40.4 billion in 2021.

Read also: General Insurance of Cameroon wants to increase its capital to 5 billion FCFA

This upward trend is also perceptible in the property and casualty branch, which represents 67% of the area’s overall turnover. With 152.6 billion CFA francs in turnover in 2021, non-life insurance companies saw their market share increase by 8.4%. This segment is dominated by AXA (14.1% market share), Activa (11.2% share) and Chanas Assurances ((10.5%) we learn.

Read also: Insurance: Allianz and Sanlam join forces to create an African insurance giant

The 10 insurance companies that make up the Life segment hold only 33% market share. In terms of performance, Allianz Vie leads with 27.3% market share, followed by Prudential Beneficial Life, Activa and Sunu with 23.1%, 11.05% and 10.7% respectively.

By Marius Zogo

Read also: Insurance: the challenges of the 46th session of the Ordinary General Assembly of Fanaf

Leave a Comment