Insurance sector records CFAF 139.8 billion of turnover

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- Tuesday, 22 January 2013 10:18

(Business in Cameroon) - The figure is an increase of 8.5% from the 2010 figures. According to the 2012 financial year report, investments in the sector generated a net financial revenue of 8.1 billion francs CFA. Meanwhile revenues generated in the sector stood at 146.7 billion francs CFA.

In terms of expenses, 134.7 billion francs CFA was used. Out of this amount 58.6 billion dropped in claims, overheads took 36.8 billion francs CFA while reinsurance balance stood at 23.4 billion and contracts acquisition costs 15.7 billion francs CFA.

Going by the turnover figures, Cameroon ranks second out of 14 counties of the Inter-African Conference on Insurance markets (CIMA). The country counts 25 approved companies, 18 in the All-risk and Transport Insurance (IARDT) category and seven in “Life Insurance.”

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