By Favour Nnabugwu
The insurance market in Cameroon saw premiums rise by 8.70 percent to FCFA229.8bn ($367.3m) from FCFA211.43bn generated in 2020, according to the Association of Insurance Companies of Cameroon (ASAC) in its 2021 annual report.
At 0.9 percent, the insurance penetration rate in Cameroon remained low in 2021.
By segment, the non-life insurance market posted premiums of FCFA152.56bn, representing 66.4 percent of the total. The segment grew by 8.4 percent or FCFA11.79bn in 2021, compared to 2020. The growth was attributed mainly to the Accident & Illness and Motor Liability categories, which alone had an increase of FCFA11.98bn in premiums compared to 2020.
Life companies, on the other hand, contributed 33.62 percent of total premiums in 2021, reporting a premium income of FCFA77.27bn in 2021.
With FCFA21.5bn in premium income representing 14.11 percent of the non-life segment, AXA was the largest insurer, followed by Activa Assurance (11.30%) and Chanas Assurances (10.65%). .
In life insurance, the top two companies (Allianz and Prudential Beneficial Life) alone accounted for half (49.93%) of the turnover.
There are 27 insurance companies operating in Cameroon, comprising 17 non-life and 10 in life insurers.
