Two companies continue to lead the life insurance and capitalization sector in Cameroon, together accounting for more than half of the market in 2023. Allianz, the local arm of the German group recently merged with South Africa’s Sanlam, remains at the top with a turnover of CFA 22.8 billion, despite a decline of 11.15% compared to the previous year. Allianz now controls 25.66% of the market.

Right behind Allianz is Prudential Beneficial Life Insurance (Prubli), which saw a strong 11.08% year-on-year increase, reaching CFA 22.5 billion in revenue. The British group’s local subsidiary holds 25.40% of the market, maintaining its position as a major player. These two companies have strengthened their grip on the market, controlling over half of the life insurance business in Cameroon.

While the Cameroon Insurance Companies Association (ASAC) didn’t specify the claims paid by these companies, it noted a significant increase in premiums for 2023, driven largely by individual insurance policies. Premiums from individual policies rose by 8.11%, reaching CFA 41 billion. However, group insurance saw a slight dip of 3.75%, with premiums totaling CFA 47.6 billion. Life insurance itself now represents 32.36% of the market, with premiums of CFA 88.87 billion in 2023, up from CFA 87.71 billion the previous year.

Source: Business in Cameroon