In 2021, insurance companies based in Cameroon had a turnover of 76.3 billion FCFA, up 8.6% compared to the previous year, EcoMatin has learned from provisional market data compiled of the Association of Insurance Companies of Cameroon (Asac). This performance is due to individual insurance (+ 9.8%) whose turnover rose to 35.8 billion compared to 32.5 billion a year earlier. Group insurance also maintained its lead with an 8.4% increase in turnover, or 40.4 billion in 2021.
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This upward trend is also noticeable in the deteriorating branches of 67% of the global turnover of the sector. With FCFA 152.6 billion in turnover in 2021, non-life insurance companies saw their market share grow by 8.4%. This segment is dominated by AXA (14.1% of market shares), Activa (11.2% of shares) and Chanas Assurances (10.5%).
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The 10 care 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% shares respectively.
By Marius Zogo
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