The total premiums' volume achieved by the Cameroonian insurance market [4] reached 205 billion FCFA (356 million USD) in 2018 compared to 161 billion FCFA (338 million USD) in 2013, that is an increase of 27.4% over five years. However, the insurance penetration rate remains low, of less than 2%.
These figures were revealed by Théophile Gérard Moulong, General Manager of Saham Assurances, during he 2nd edition of "the insurance day", which is being held from 29 May to 1 June in Douala.
This low penetration rate goes hand in hand with a very high level of non-insurance, even for compulsory covers sucg as motor third party liability . According to the ASAC President, less than 40% of vehicles are insured in Cameroon
The company's overall investments amounted to 370.8 billion FCFA (645 million USD) in 2018, representing 2.1% of GDP.