(Business in Cameroon) - In 2020, the cumulated turnover in the Cameroonian insurance sector was XAF210 billion, Théophile Gérard Moulong (photo), president of the association of Cameroonian insurance companies ASAC, revealed on May 25, 2021. The figure is slightly up by 0.6% compared with the XAF209 billion recorded in 2019.
This performance achieved despite the coronavirus pandemic is in line with the predictions made, months ago, by Cameroonian insurer Protais Ayangma - the founder of “Saham Assurance Cameroun,” formerly “Compagnie nationale d’assurances.” In a release published after the first coronavirus cases were confirmed in Cameroon in 2020, the founder explained that the pandemic would have a limited impact on the Cameroonian insurance sector. He even predicted that since the government was paying for the care of infected individuals, and insurers had excluded pandemic risks (as they did with AIDS) from the list of covered cares, Covid-19 would have no impacts on the health insurance segment.
Let’s note that despite Cameroonian insurers’ steadily positive performances over the years, the insurance penetration rate is still low in the country.
According to the ASAC, it is currently 3%. Several reasons can explain this status. First, residents are unwilling to underwrite insurance policies because insurance companies are reputed for not compensating the insured persons in case of accidents or losses. Also, some experts point out that there is a lack of insurance packages customized for residents' needs.