Insurance companies record over 163 billion turnover - ASAC

Insurance in Cameroon has realised a turnover of 163 billion CFA francs, according to the Association of insurance companies of Cameroon (ASAC), which is currently celebrating the fortieth anniversary.

This figure represents the set of twenty-four insurance companies, including seventeen in fire, accident, casualty and transport sector (IARDT) which made 122 billion FCFA of turnover, and seven in the life branch, accounting for a total of 41 billion CFA francs benefits.

According to the CCSA, these statistics show a growth of 6 percent per year, "indicating better prospects for the future", with the arrival of new businesses as early as next year like the Moroccan group Wafa assurance.

It is for insurance companies to diversify their offerings to increase the number of subscribers which remains woefully low despite. Insurance affects barely 5 percent of the entire country's population.