Cameroon Insurance Industry – Key Trends and Opportunities to 2027
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Cameroon Insurance Industry Report Overview
The total gross written premiums (GWP) in the Cameroon insurance industry were XAF253.1 billion in 2022 and is expected to record a CAGR of more than 6% during 2023-2027. The Cameroon insurance industry report provides in-depth market analysis, information, and insights into the Cameroon insurance industry.
Cameroon Insurance Industry Outlook 2022-2027 (XAF Billion)
The report has a comprehensive overview of the Cameroon economy, government initiatives, and investment opportunities. The Cameroon insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements are covered in this report. Furthermore, the report offers Cameroon’s insurance market structure giving details of lines of business and premiums ceded along with cession rates.
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Market Size (2022) | XAF253.1 billion |
CAGR (2023-2027) | >6% |
Key Insurance Sectors | Life Insurance and General Insurance |
Key Trends | Health Insurance and Microinsurance |
Key Lines of Business (General Insurance) | Property, Motor, Liability, Financial Lines, MAT, and General Insurance PA&H |
Key Companies | Prudential Beneficial, AXA Assurances, Allianz Cameroon, Activa Life, Assurances du Cameroun, AXA Assurances, and SUNU Assurances |
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Cameroon Insurance Industry Trends
Some of the key trends influencing the Cameroon insurance industry are health insurance and microinsurance.
Health Insurance: The government’s UHC initiative aims to provide all citizens with affordable healthcare, including coverage against catastrophic health expenditures. On March 30, 2023, the government announced it would launch the pilot phase of UHC by April 2024, with a full rollout set to be completed by 2030. The government previously launched the National Health Insurance Fund, which covers a limited range of health-related services. The aim of UHC is to expand the level of coverage provided.
Microinsurance: aYo holdings is an African insurtech company created by MTN Group to boost its cross-selling potential in countries including Cameroon. For example, the aYo Recharge+ service offers several different benefits to MTN customers. The first 1 million individuals who purchase MTN products (such as data packages) and pay via the group’s MoMo digital wallet will receive free accidental hospitalization and life cover as a reward.
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Cameroon Insurance Industry Sectors
The key sectors in the Cameroon insurance industry are life insurance and general insurance. In 2022, the general insurance sector accounted for the highest share. The sector’s growth is driven by motor insurance, which is the leading LOB with a 35% share of general insurance DWP in 2022. It was followed by non-life personal accident and health and property insurance. Cameroon’s general insurance penetration rate is lower than both the emerging and developed markets averages.
Cameroon Insurance Industry Analysis by Sector, 2022 (%)
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Cameroon Insurance Industry – Competitive Landscape
The key companies in the Cameroon insurance industry are Prudential Beneficial, AXA Assurances, Allianz Cameroon, Activa Life, Assurances du Cameroun, AXA Assurances, and SUNU Assurances among others. In 2021, Prudential Beneficial was the leading insurer in the Cameroon insurance industry, followed by AXA Assurances and Allianz Cameroon.
Cameroon Insurance Industry Analysis by Companies, 2022 (%)
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Key Segments Covered in the Report.
Cameroon Insurance Industry Sector Outlook (Value, XAF Billion, 2018-2027)
- Life Insurance
- General Insurance
Scope
This report provides a comprehensive analysis of the Cameroon insurance industry –
- It provides historical values for the Cameroon insurance industry for the report’s 2018–22 review period, and projected figures for the 2023–27 forecast period.
- It offers a detailed analysis of the key categories in the Cameroon insurance industry and market forecasts to 2027.
- It profiles the top life insurance companies in Cameroon and outlines the key regulations affecting them.
Key Highlights
• Key insights and dynamics of the Cameroon insurance industry.
• A comprehensive overview of the Cameroon economy, government initiatives, and investment opportunities.
• The Cameroon insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements.
• The Cameroon insurance industry’s market structure giving details of lines of business.
• Cameroon’s reinsurance business’s market structure giving details of premium ceded along with cession rates.
Reasons to Buy
- Make strategic business decisions using in-depth historic and forecast market data related to the Cameroon insurance industry, and each category within it.
- Understand the demand-side dynamics, key market trends, and growth opportunities in the Cameroon insurance industry.
- Assess the competitive dynamics in the Cameroon insurance industry.
- Identify growth opportunities and market dynamics in key product categories.
AXA Assurances Cameroun
Prudential Beneficial Life
Chanas Assurances
SUNU Assurances
Societe Africaine d’Assurances et de Reassurances (Cameroon)
Activa Life Insurance
NSIA Assurances Cameroun
Table of Contents
Frequently asked questions
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What was the Cameroon insurance industry gross written premium in 2022?
The gross written premium of the Cameroon insurance industry was XAF253.1 billion in 2022.
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What is the Cameroon insurance industry growth rate?
The insurance industry in Cameroon is expected to achieve a CAGR of more than 6% during 2023-2027.
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What sector dominated the Cameroon insurance industry in 2022?
The general insurance segment dominated the Cameroon insurance industry in 2022.
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What are the key companies in the Cameroon insurance industry?
The key companies in the Cameroon insurance market are Prudential Beneficial, AXA Assurances, Allianz Cameroon, Activa Life, Assurances du Cameroun, AXA Assurances, and SUNU Assurances among others.
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