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Cameroon insurance market: 2022 provisional turnover

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

The total turnover of Cameroonian insurers increased by 10.12% from 2021 to 2022, reaching 253.1 billion FCFA (412.5 million USD) as opposed to 229.8 billion FCFA (397.6 million USD) at the end of the previous year.

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

AXA Assurance, which has 8.84% of the non-life portfolio, is ranked first among non-life insurance companies. Second by ACTIVA Assurances with a market share of 7.32% and followed by Chanas Assurances with 7.12% of the market share.

 

Classification of non-life insurance companies in Cameroon

                                                                                                                                                                                                                      Figures in thousands

Companies2022
Turnover 
(1)
2021
Turnover
2021-2022 Evolution (2)2022 Shares
FCFAUSDFCFAUSD
AXA Assurance22 374 88836 47121 528 22237 2443,93%8,84%
Activa Assurance18 524 77030 19517 246 52529 8377,41%7,32%
Chanas Assurances18 020 59429 37316 251 18928 11510,89%7,12%
SAAR Assurances17 012 01427 73015 060 01826 05412,96%6,72%
Allianz Cameroun12 382 83920 18410 622 79518 37716,57%4,89%
NSIA Cameroun11 154 03418 18111 107 23319 2160,42%4,41%
Garantie Mutuelle des Cadres – GMC10 471 89417 06910 586 69818 315-1,08%4,14%
SANLAM Cameroun10 012 16816 3208 821 44915 26113,50%3,96%
Atlantique Assurance9 496 84215 4808 189 07314 16715,97%3,75%
Prudential Beneficial General Insurance8 284 57813 5045 472 1739 46751,39%3,27%
Zenithe Insurance6 858 76211 1807 681 08413 288-10,71%2,71%
SUNU Assurances4 781 3127 7933 938 8266 81421,39%1,89%
Assurances Générales du Cameroun – AGC4 511 5307 3543 886 3476 72316,09%1,78%
Area Assurances3 745 3846 1054 666 1818 073-19,73%1,48%
Royal Onyx Insurance3 049 6814 9712 654 5434 59214,89%1,21%
PRO ASSUR Assurances2 971 7884 8442 563 2174 43415,94%1,17%
Compagnie Professionnelle d’Assurance – CPA2 371 7093 8662 284 5663 9523,81%0,94%
Total non life166 024 787270 620152 560 139263 9298,83%65,60%
Grand Total253 102 146412 556229 833 107397 61110,12%100%

(1) provisional figures
(2) Growth rate in FCFA

 

The written premiums for LIFE insurance reached 87.1 billion FCFA (141.9 million USD), a rise of 12.69% from the previous year. With 10.05% of the life premium income, Allianz Vie Cameroon is ranked first among the best life insurance providers. The runner-up and third-place finishes are held by Prudential Beneficial Life (8.03%) and Activa Vie (3.76%), respectively.

 

Classification of life insurance companies in Cameroon

                                                                                                                                                                                                                         Figures in thousands

Companies2022
Turnover 
(1)
2021
Turnover
2021-2022 Evolution (2)2022 Shares
FCFAUSDFCFAUSD
Allianz Vie25 427 07141 44620 940 90536 22821,42%10,05%
Prudential Beneficial Life20 324 53433 12917 643 58330 52315,20%8,03%
ACTIVA Vie9 518 92115 5168 588 57814 85810,83%3,76%
SUNU Assurances Vie8 081 75513 1738 234 73114 246-1,86%3,19%
WAFA
ASSURANCE Vie
6 230 01710 1556 204 42610 7340,41%2,46%
SAAR Vie6 060 5649 8794 431 6897 66736,76%2,39%
SONAM Vie3 258 7755 3123 889 4586 729-16,22%1,29%
SANLAM Vie3 203 6815 2223 625 8286 272-11,64%1,26%
NSIA Vie2 926 7474 7702 181 9133 77534,14%1,16%
ACAM Vie2 045 2943 3341 531 8572 65033,52%0,81%
Total life87 077 359141 93677 272 968133 68212,69%34,40%
Grand Total253 102 146412 556229 833 107397 61110,12%100%

(1) Provisional figures
(2) Growth rate in FCFA
Exchange rate 31/12/2022 : 1 FCFA = 0,00163 USD ; on 31/12/2021 : 1 FCFA = 0,00173 USD
Source : Association of Insurance Companies of Cameroon (ASAC)

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