Cameroonian insurance market: premium growth in 2021

analyseAccording to provisional data published by the Association of Insurance Companies of Cameroon (ASAC), the Cameroonian insurance market has recorded a turnover of 228.9 billion FCFA (396 million USD) as at 31 December 2021. This amount is 8.6% 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% compared to that of 2020. This segment accounts for 67% of total premiums. AXA Assurance is in first place with 14.1% of non-life premiums. With market shares of 11.2% and 10.5%, Activa and Chanas Assurances are second and third respectively in the non-life ranking.

Life insurance has shown a 9% 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% of the market's overall premiums. Allianz Vie is at the top of the life companies' ranking with a 27.3% share of the life premium income. Next in the ranking are Prudentiel Beneficial life (23.1%) and Activa Vie (11.05%).

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