The sector facing a high rate of unpaid losses and forgers

The Insurance Companies' Association of Cameroon (ASAC) has reported an overall turnover estimated at 89.2 billion FCFA (165 856 000 USD) in 2004 compared to 84.7 billion FCFA (157 544 000 USD) in 2003, that is, a 3.5% increase. The non-life business has achieved the total amount of 74.9 billion FCFA (139 220 000 USD) in premiums while both life and capitalization attained 14.8 billion FCFA (27 500 000 USD). The sector remains nevertheless confronted with two major problems: a high rate of unpaid losses and the presence of insurance forgers. Moreover, it is characterized by a general state of underinsurance in relation to individuals, industrial risks and motor class of business, where the proportion of non-insured vehicles in traffic has reached 50%.