150 billion FCFA of turnover for insurance companies

The Association of Insurance companies of Cameroon has announced an annual turnover of 150 billion CFA francs for the year 2013.

The figures have been at a steady rise these past seven years, where sales topped at 140 billion CFA francs.

Out of twenty-three companies in Cameroon, sixteen branch companies earned 102 billion CFA francs, or 73% of the market, against 48 billion CFA francs for the life branch, 27% of the market.

The automobile sector is leading with a turnover of 34 billion CFA francs.

The insurance market in Cameroon witnessed an improvement during the restructuring initiated under the auspices of the inter-African Conference of Insurance (CIMA) markets, which is a group of fourteen countries.