“30 to 40% of Cameroonian car owners are not insured”

Raphaël Futé, president of the Association of Insurance Companies in Cameroon (ASAC), has revealed that 30-40% of Cameroonian car owners these days, have not subscribed to insurance.

"At one point, we thought that this low penetration rate may be due to this image that insurers portray on the market. That is, the thought of companies collecting money from consumers and delaying when it comes to settling loss claims,” he said in an interview with the government daily.

This reluctance of Cameroonians to endorse mandatory car insurance, according to the regulation, further reduces the penetration rate of insurance in Cameroon, which is "extremely low", or less than “2% in relative value,” said the ASAC president.

Although the 2nd market (after Ivory Coast) in the inter-African Conference of the Insurance Markets (CIMA), the regulator of the sector in Central Africa and West, Cameroon remains a fallow field in the area of insurance.

The culture of insurance is still embryonic due to the high cost of benefits as compared to the standard of living of populations, but especially reluctance of companies to fulfill their obligations towards insured disaster, according to some experts.