AXA to offer microinsurance services in Cameroon
It has received an agreement from CIMA.AXA insurance company is now authorised to provide microinsurance products in Cameroon relating to personal injuries, illness and property damage.
The Inter-African Conference on Insurance Markets (CIMA) has this week extended the agreement of AXA Insurance Company SA Cameroon so that it can offer such products, APA agency reports.
The purpose of this extension, according to AXA, "is to put in place suitable and less expensive products that are accessible to people with modest incomes".
There are 25 insurance companies in Cameroon that share a market with a turnover of over 120 billion CFA Francs (€183 million), according to statistics from the Federation of Insurance Companies of African National Law
The country is the second African insurance market, behind Côte d'Ivoire - ranked first.
However, the country's insurance penetration rate does not exceed two per cent.