Cameroon insurance market in steady growth

Jul 20, 2012

The president of Cameroon's Insurance Companies Association (Asac), Martin Foncha, said during a visit to the finance ministry on July 3rd that Cameroon's insurance market had a global production of Cfaf 142,5 billion (€217,2 million).

The president of Cameroon's Insurance Companies Association (Asac), Martin Foncha, said during a visit to the finance ministry on July 3rd that Cameroon's insurance market had a global production of Cfaf 142.5 billion (€217.2 million).

The damage insurance sector's 2011 turnover represents 75.6 percent if the global production, he said, quoted by Ecofin news agency.

Life insurance represents 24.6 percent of market shares and had an average growth of 9.4 percent over the past five years.

M.Foncha also highlighted Asac willingness to see a bill for the creation of The Cameroon Automobile Guarantee Fund (Camaf) voted for by the parliament in the November 2012 session. This project should allow low-income populations to access auto insurance.

The restructuring conducted by the Asac under the aegis of the Inter-African Commission on Insurance Markets (CIMA) since the 1990s helped to prepare the ground and led to the current dynamism and the gradual restoration of confidence due to the increasing reliability of insurance companies, according to a columnist from Business In Cameroon.

And the insurance sector outlook seems promising, as millions of Cameroonians still have no insurance cover. The Asac intends to conquer this clientele through several initiatives, ranging from the diversification of products to the simplification of procedures and the launch of an awareness campaign on the benefits of insurance.

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