The Congolese insurance market

rd congoClosed to foreign investors, insurance in the Democratic Republic of Congo has been, for several decades, monopolized by Société Nationale d’Assurances (SONAS).

Since its establishment in 1968, this unique State-run stakeholder has been the only one authorized to underwrite risks throughout the country. Over the years, the volume of premiums has only decreased, before bouncing back at 70 million USD in 2018.

With the promulgation of Law 005/2015 on the Insurance Code, the market is now open to other national and foreign players.

The opening of the market has materialized in 2016 by the Insurance Regulatory and Control Authority (ARCA), a regulatory body dedicated to steering the revival of the Congolese market.

No less than 16 insurers announced, in 2017, their intention to get established in Congo.

In April 2019, ARCA granted licenses to three non-life insurance companies and one life company, namely:

  • Rawsur Life and Rawsur RDC, both subsidiaries of the Congolese bank Rawbank
  • Activa Assurance RDC, subsidiary of the Cameroonian group ACTIVA
  • Société Financière d’Assurance du Congo (SFA)

In March 2020, the regulator has issued three new authorizations to:

  • SUNU Assurances IARD
  • Mayfair Insurance Congo
  • Global Pionner Assurance (GPA)

By 30 June 2020, the Congolese market comprises eight insurance companies, including SONAS, which has been granted a period of adaptation to the new regulatory environment by ARCA.

The challenges of the Congolese market

The main purpose of the 2015 Insurance Code is to put an end to a long monopoly period in favor of SONAS. Insurance was then governed by disparate and totally obsolete texts.

This legislation prompted the evasion of premiums abroad with a non-insurance trend that was worsening year after year.

As a result of this situation, the insurance penetration rate in the DRC is one of the lowest in Africa. At 0.97% in 2018, it is far behind those recorded by its neighbors: 1.24% in Gabon and 2.4% in Kenya.

The new law advocates:

  • The opening of the market to free competition,
  • The establishment of a single regulator for all operators in the sector,
  • The introduction of a range of compulsory insurance (motor third party liability, airline liability, fire, construction, import faculties),
  • Better recourse management between insurers,
  • The establishment of a system of compensation for personal injury,
  • The creation of a guarantee fund for victims of road accidents caused by uninsured individuals.

For a country of nearly 2.5 million km2 and a population of 85 million, the market constitutes an enormous reservoir for insurance premiums. While the current turnover does not exceed 100 million USD, the real potential is estimated at 800 million USD in the short term and between 3 and 5 billion USD in the long term.

Congolese insurance market*: Information sheet of companies

Société Financière d’Assurance (SFA Congo)

  • Date and place of creation: 2017 à Kinshasa
  • License: Granted on 28 March 2019
  • Classes of business: Non-life insurance : fire, motor, construction, political risks, etc.
  • Founders of the company: Abdallah Yacoub Wazni / Henry Yoan Wazne

Contact

  • Head office: 134, Boulevard du 30 Juin, Commune de Gombe, Kinshasa, DRC
  • Phone: +243 81 73 00 108
  • E-mail: d [dot] lemaire [at] sfa-congo [dot] com / contact [at] sfa-congo [dot] com
  • Website: www.sfa-congo.com

SFA Congo in 2019

Number of employees
20
Authorized share capital
10 000 000 USD
Share capital as at 31/12/2019
10 000 000 USD
Shareholder's equity as at 31/12/2019
15.5 billion CDF (9 145 000 USD)
Assets as at 31/12/2019
39 billion CDF (23 030 000 USD)

Management

Abdallah Yacoub WazniChairman of the board
Antoine ChoueifatiGeneral Manager
Patrice BuabuaDeputy General Manager
Valery SafarianBoard Advisor
David LemaireCommercial and Marketing Manager
Thiemoko TraoreDevelopment and Intermediaries Manager
Ahmad KibritFinancial Manager
Lory PinziHuman Resources Manager

Shareholding

ShareholdersShares
Abdallah Yacoub Wazni49.50%
Henry Yoan Wazne49.50%
Ayad Mafouz1%
 

Activa Assurance RDC

  • Date and place of creation: 27 May 2019 in Kinshasa
  • Classes of business: Non life
  • Founder of the company: ACTIVA Group
  • Share capital: 16.206 billion CDF (9.562 million USD)

Contact

  • Head office: 4, Avenue Pumbu, Commune de la Gombe, Kinshasa
  • Phone: +243 85 85 86 382
  • E-mail : contact [dot] rdc [at] groupe-activa [dot] com
  • Website: www.group-activa.com/rdc/contact-us/

Management

Richard LoweChairman of the board
Denis OuedraogoGeneral Manager
Diane Zanga BokongoDeputy General Manager
Maryus NjiepmouchimTechnical and Commercial Manager
Laurent MunzembaAudit Manager
Joseph NouboussieFinancial Manager
Jacques LolekeHead of Health and Compensation
Olivier MukwayanzoHead of Claims
 

Rawsur SA

  • Date and place of creation: 28 March 2019 in Kinshasa
  • Classes of business: Motor, travel, comprehensive homeowner’s insurance, personal accidents, third party liability, Contractor’s All Risks (CAR) marine, professional comprehensive insurance,…
  • Founder of the company: Rawji Group
  • Share capital: 10 billion CDF (5.9 million USD)

Contact

  • Head office: 90, Boulevard du 30 Juin, Gombe, Kinshasa, DRC
  • Phone: +243 81 55 86 865
  • E-mail : contact [at] rawsur [dot] com
  • Website: https://rawsur.com

Management

Mazhar RawChairman of the board
Christian HapiRawsur Group’s General Manager
Zain RawjiRawsur’s General Manager
 

Rawsur Life

  • Date and place of creation:28 March 2019 in Kinshasa
  • Classes of business: Life, pension
  • Founder of the company: Groupe Rawji
  • Share capital: 10 billion CDF (5.9 million USD)

Contact

  • Head office: 90, Boulevard du 30 Juin, Gombe, Kinshasa, DRC
  • Phone: +243 81 55 86 865
  • E-mail : communication [at] rawsurlife [dot] com
  • Website: https://rawsur.com

Management

Mazhar RawChairman of the board
Christian HapiRawsur Group’s General Manager
 

SUNU Assurances RDC

  • Date and place of creation: 7 March 2019 in Kinshasa
  • Class of business: Non life
  • Founder of the company: SUNU Group
  • Share capital: 10 million USD

Contact

  • Head office: 47, Avenue Ngongo Lutete, Gombe, Kinshasa, DRC
  • Phone: +243 850 184 444
  • E-mail : rdc [dot] iard [at] sunu-group [dot] com
  • Website: https://sunu-group.com/fr/notrereseau/filiales/rdc

Management

Pathé DioneChairman of the board
Ibrahim CoulibalyGeneral Manager
Godelive de Cordier Okit'OteteDeputy General Manager

Actionnariat

ActionnairesParts
SUNU Equity interests99.792%
Others0.0095%
 

Mayfair Insurance Congo

  • Date and place of creation: 7 March 2019 in Kinshasa
  • Class of business: Non life
  • Founder of the company: Mayfair Insurance Kenya

Contact

  • Head office: Immeuble 1113, Boulevard du 30 Juin, 2ème étage, Bureau 2A, Kinshasa
  • Phone: +243 820 142 209 / +243 896 900 083
  • E-mail: info [at] mayfair [dot] cd / christian [dot] muta [at] mayfair [dot] cd

Management

Rahim DhroliaChairman of the board
Yashwin HawoldarChief Executive Officer (CEO)
 

SONAS

  • Date and place of creation: 23 November 1966 in Kinshasa
  • Secteur d’activité : Non life
  • State-owned company
  • Share capital: 43.162 billion CDF (25.5 million USD)

Contact

  • Head office: 6664 Immeuble SANKURU Boulevard du 30 Juin, Gombe, Kinshasa
  • Phone: + 243 81 687 7156
  • E-mail: communication [at] sonas [dot] cd
  • Website: https://www.sonas.cd

Management

Jean Robert Kumabwenyi IwasaChairman of the board
Lucien Ekofo BonyemCEO
Gilbert Bangula BadibangaDeputy CEO
 

* Global Pionner Assurance (GPA) data are unavailable

Exchange rate on 31/12/2019 : 1 CDF = 0.00059 USD

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