The insurance sector in Central and West Africa is poised for a new era with the appointment of Cameroonian Éric Rochereau Kouaghu Tchuisseu as Secretary General of the Inter-African Insurance Markets Conference (CIMA). This information was revealed at a meeting in Douala between the newly promoted official and industry stakeholders, gathered within the Association of Insurance Companies of Cameroon (ASAC).
CIMA plays a crucial role in regulating insurance markets in six Central African countries (Cameroon, Central African Republic, Congo, Gabon, Chad, Equatorial Guinea) and eight West African countries (Benin, Burkina Faso, Côte d'Ivoire, Guinea-Bissau, Mali, Niger, Senegal, and Togo). Éric Rochereau Kouaghu Tchuisseu will succeed his compatriot Blaise Abel Ezo'o Engolo, who has held the position since 2021, and will officially take office on April 1, 2026, in Libreville, the institution's headquarters.
Prior to this appointment, Éric Rochereau Kouaghu Tchuisseu rose through the ranks of the national insurance directorate of the Cameroonian Ministry of Finance, where he held positions as assistant research officer, then head of insurance inspection and related affairs. His experience within the insurance administration provides him with in-depth knowledge of the sector's issues and challenges.
CIMA faces major challenges, including compliance with regulations on the minimum capital of companies, the clean-up of the sector, the dissemination of insurance culture, and the strengthening of policyholders' confidence. The rate of insurance penetration in CIMA countries was about 1% in 2022, a low figure compared to South Africa (11.3%), Morocco (3.9%), or France (8.7%). This low rate is due to distrust of insurers, the weight of the informal sector, and the lack of awareness of insurance products.
To develop the market, CIMA is focusing on digitalization, micro-insurance, agricultural insurance, financial education, and improving the relationship of trust between insurers and insured. Created in 1992, CIMA recorded a turnover of 1,699.54 billion FCFA in 2022, up 12.6%. West African companies dominate the market, accounting for 66.9% of market share in the non-life sector and 78.4% in the life sector.
The appointment of Éric Kouaghu Tchuisseu comes at a crucial time when it is imperative to transform the community space into a deeper, more credible, and more inclusive market. The challenges are numerous, but the opportunities for growth are real for a sector that plays a key role in the economic development of Central and West Africa. CIMA will also need to improve the regulation of microinsurance in order to establish a more favorable framework for the development of an inclusive insurance market.
