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Cameroon

Cameroon

Insurance Intelligence

Providing expert analysis, independent market insight and company data on the insurance industry.

Insurance market reports are produced following a country visit with interviews with professionals working in the sector with systematic updates to information throughout the cycle. Covering market developments, macroeconomic factors and comprehensive details of the regulatory environment including relevant taxation as well as market indicators and company statistics.

Axco’s Cameroon Non-Life Insurance Market Report (P&C) also comprises a detailed analysis of lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers’ liability and liability.

The Life & Benefits Report for Cameroon includes detail on social security, healthcare, individual life assurance and pensions information as well as market statistics and life company statistics

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Information for Cameroon can be seen in:

Insurance Market Reports (Non-Life) Insurance Market Reports (Life & Benefits) Global Statistics Regulatory Alerts Market Profiles Insight Compliance Compliance Point Clinical Trials Axco API Insight Risk Manager

Country Information

Time-zone
Capital city
Currency
Population
Real GDP growth (%)
Inflation (%)
latest GWP
Insurance Penetration (%)
GMT+1
Yaounde
XAF
27.22 mn
3.20
2.43%
349.92
0.89

Cameroon benefits from a broad-based economy with good agricultural potential, as well as mineral and hydrocarbon reserves. Oil production is the primary driver of growth but has been declining in recent years due to maturing oil fields. Other sectors are held back by one of the most impoverished business environments in the world.

Cameroon is not in an earthquake zone, but the volcano Mount Cameroon, which is about 60 kn (37 miles) from Douala, shows signs of modest activity; this brings some danger of tremors and the risk of a big eruption. The volcano has also, on occasions, released clouds of carbon dioxide which have suffocated people or animals in nearby valleys, and deposits of ash from earlier eruptions have caused landslides when loosened by heavy rains.

Cameroon is the second largest insurance market in the CIMA zone (behind Ivory Coast) but still relatively under-developed with non-life insurance penetration. 17 non-life companies were operating in the Cameroonian market in 2020. Most of the larger insurers in Cameroon have partnerships or shareholdings with banks and are looking to exploit the channel for non-life product sales. In the life market that is split almost equally between individual and group business,  there were 11 licenced companies.

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