(Business in Cameroon) – Insurance companies operating in Cameroon disbursed CFA125.32 billion in payouts by December 31, 2023. This marks an increase of 13.07% compared to CFA110.83 billion in 2022, the National Association of Insurance Companies (ASAC) reported.
Non-life insurance payouts rose by 15.33%, reaching CFA71.81 billion in 2023, compared to CFA62.26 billion in 2022. Life insurance payouts also grew by 10.17%, totaling CFA53.51 billion in 2023, up from CFA48.57 billion the previous year.
The cost of claims in the non-life segment significantly increased from CFA61.87 billion in 2022 to CFA79.68 billion in 2023. This pushed the loss ratio up from 37.04% in 2022 to 43.76% in 2023, reflecting a 6.72 percentage point deterioration.
In contrast, the cost of benefits in the life insurance and savings segment dropped slightly to CFA65.10 billion in 2023, down from CFA65.87 billion in 2022.
While claim payouts have risen, they represent only 46.6% of the insurance sector’s revenue in Cameroon. According to ASAC, this revenue reached CFA274.65 billion in 2023, a 7.14% increase from CFA256.34 billion in 2022.
ASAC did not disclose the insurance penetration rate for 2023. However, it was reported at 0.9% in 2021 and had declined to 0.7% in 2022, according to the same source.
