By Favour Nnabugwu
Cameroonian insurance market has recorded a turnover of 228.9 billion FCFA (396 million USD) as at 31 December 2021, According to Association of Insurance Companies of Cameroon (ASAC),
This amount is 8.6 percent higher than the 210.7 billion FCFA (394 million USD) of premiums posted in 2020.
With 152.6 billion FCFA (264 million USD), the 2021 turnover of the non-life class of business shows a progression of 8.4 percent compared to that of 2020. This segment accounts for 67 percent of total premiums.
AXA Assurance is in first place with 14.1 percent of non-life premiums. With market shares of 11.2 percent and 10.5 percent Activa and Chanas Assurances are second and third respectively in the non-life ranking.
Life insurance has shown a 9 percent increase during the financial year 2021 as the turnover went from 69.9 billion FCFA (130.7 million USD) in 2020 to 76.3 billion FCFA (132 million USD) a year later.
All ten insurance companies operating in the life class of business account for 33 percent of the market’s overall premiums. Allianz Vie is at the top of the life companies’ ranking with a 27.3 percent share of the life premium income. Next in the ranking are Prudentiel