(Business in Cameroon) – As of June 30, 2024, Cameroon’s insurance market recorded revenue of CFA155.82 billion. This is 5.66% higher than the amount collected during the same period last year, according to data released by the Cameroon Insurance Companies Association (ASAC) in December 2024.
In detail, the non-life insurance segment generated CFA108.29 billion, up 4.52%, while the life and capitalization segment brought in CFA47.54 billion, growing by 8.37%.
However, the benefits paid to policyholders decreased by 1.37% year-on-year, totaling CFA60.71 billion, down from CFA61.55 billion on June 30, 2023. ASAC did not disclose premium payments within the two market segments, nor did it provide details on claims expenses.
The premiums paid to policyholders in H1 2024 accounted for 60.71% of the total benefits paid in 2023, which amounted to CFA125.32 billion. At the same time, the premiums issued by the 27 insurance companies (life and non-life) operating in Cameroon represented 43.26% of their total revenue in 2023, which was valued at CFA274.65 billion, according to ASAC.
