(Business in Cameroon) - The non-life insurance market in Cameroon is expected to achieve CFA166 billion in FY2022 (up 8.83% YoY), according to provisional data published by the Association of Insurance Companies of Cameroon (Asac).
This slight increase was mainly supported by a good performance in the health and motor third-party liability segments which peaked at CFA78.6 billion against CFA71.21 billion in 2021, up 10.4% YoY. On the other hand, the fire and related risks segment saw a decline to CFA15.8 billion in 2022 against CFA19.49 billion in 2021. Same for individual incidents (CFA1.1 billion against CFA7 billion in 2021) and Marine hull insurance (CFA4.6 billion against CFA7.3 billion in 2021).
Of the 17 insurance companies active in the non-life segment, only four account for more than 45% of the turnover. Axa, comes first with CFA22.3 billion (up 3.93%); followed by the pan-African Activa Assurance (CFA18.5 billion against CFA17.2 billion), Chanas Assurances (CFA18.02 billion in 2022), and Saar assurances (CFA17.01 billion in 2022).
The best market growth was achieved by Prudential Beneficial General Insurance (PRUGBI), whose premium volume jumped by 51.39% to CFA8.2 billion, driven in particular by the bodily injury and health segment (CFA4.5 billion in 2022 against CFA2.8 billion in 2021). Sunu Assurance has also recorded a significant increase (+21.4%) with a turnover of CFA4.781 billion. The biggest underperformance was achieved by Area Assurance, whose turnover fell by 19% YoY due to a decline in the health sector, where its activity was reduced by more than half.
Non-life insurance accounted for 66.38% of the total turnover of the insurance market in Cameroon in 2022.