(Business in Cameroon) – Chanas Assurances SA, a subsidiary of the National Hydrocarbons Company (SNH), has appointed Henri Théodore Bayouak as its new Chief Executive Officer (CEO). Bayouak previously served as the Deputy CEO. This decision was made following a board meeting held on October 18 in Douala. During the same meeting, Igor Emmanuel Soya Bissaya, an advisor at SNH, was appointed as the new Chairman of the Board.
These leadership changes are part of a broader strategy aimed at reclaiming Chanas Assurances’ position as a market leader in the insurance sector in Cameroon. The company emphasized in a statement that shareholders are relying on Bayouak’s 27 years of experience, which includes training as an actuary in applied mathematics for finance and insurance at the Technical University of Berlin, to help regain lost market share.
Chanas Assurances was once a dominant force in Cameroon’s insurance market until 2013, largely due to contracts from its major shareholder, SNH. However, the company faced significant challenges following a public conflict between its CEO, Jacqueline Cassalegno, and SNH’s General Director, Adolphe Moudiki. After a prolonged struggle, Chanas Assurances began a recovery process in 2020 with new financial support from SNH. This included a capital increase following Cassalegno’s departure, with SNH injecting CFA2.3 billion to raise the company’s capital from CFA2.3 billion to CFA6 billion.
According to the Cameroon Insurance Companies Association (ASAC), Chanas Assurances ranked third in the non-life insurance market in Cameroon in 2022, holding a 10.8% market share. The company, once a leader in this segment, has fallen behind French insurer AXA, which has a 13.5% market share, and local competitor Activa, with 11%.
As part of its efforts to reclaim leadership in the Cameroonian market, Chanas Assurances received shareholder approval in July 2022 to venture into the life insurance sector. With a capital of CFA5.2 billion, Chanas Assurances Vie aims to “become the preferred partner for individuals and businesses in a context favorable for the development of a diverse insurance offering” according to official sources.
