In 2021, insurance companies based in Cameroon achieved a turnover of 76.3 billion CFA francs, up 8.6% compared to the year before, EcoMatin learned from provisional market data compiled by the Association of Insurance Companies of Cameroon (Asac). This performance is driven by individual insurance (+9.8%) whose turnover increased to 35.8 billion against 32.5 billion a year earlier. Group insurance also stayed the course with an 8.4% increase in turnover, i.e. 40.4 billion in 2021.
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This upward trend is also perceptible in the property and casualty branch, which represents 67% of the area’s overall turnover. With 152.6 billion CFA francs in turnover in 2021, non-life insurance companies saw their market share increase by 8.4%. This segment is dominated by AXA (14.1% market share), Activa (11.2% share) and Chanas Assurances ((10.5%) we learn.
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The 10 insurance companies that make up the Life segment hold only 33% market share. In terms of performance, Allianz Vie leads with 27.3% market share, followed by Prudential Beneficial Life, Activa and Sunu with 23.1%, 11.05% and 10.7% respectively.
By Marius Zogo
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