Cameroon insurance market: 2022 provisional turnover

Cameroonian insurersThe Association of Insurance Companies of Cameroon (ASAC) has published the provisional market figures for the year ended 31 December 2022.

Cameroonian insurers closed the year 2022 with a 10.12% increase of their overall turnover to reach 253.1 billion FCFA (412.5 million USD) against 229.8 billion FCFA (397.6 million USD) in 2021.

Non-life premiums have progressed by 8.83% to stand at 166 billion FCFA (270.6 million USD) by the end of 2022.

The non-life insurance company ranking places AXA Assurance as the market leader with 8.84% of the non-life portfolio. Next are Activa Assurances and Chanas Assurances with respective market shares of 7.32% and 7.12%.

The life activity, for its part, has totaled 87.1 billion FCFA (141.9 million USD) of written premiums, which represents a 12.69% growth over a year. Allianz Vie is ranked first among the best life insurers with 10.05% of the life premium income. Prudential Beneficial Life (8.03%) and Activa Vie (3.76%) respectively occupy the second and third places.

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