Cameroon's insurance sector presents a mixed picture, marked by sustained growth tempered by persistent challenges. In 2025, the Cameroonian insurance market generated approximately FCFA 300 billion in premiums, according to provisional data. This represents a 3.9% increase compared to the FCFA 288.7 billion recorded in 2024. This growth is driven by the rapid expansion of motor and health insurance lines.
Motor insurance is experiencing significant growth, while demand for health insurance is stimulated by increased awareness of health risks, the emergence of middle classes, and persistent gaps in public health systems. Despite this dynamic, the insurance penetration rate in Cameroon remains relatively low compared to other African markets, offering considerable potential for future growth.
Several factors hinder the sector's development, including low banking penetration rates, reluctance among some segments of the population to purchase insurance, and the need to improve financial literacy. To address these issues, regulators and insurance companies are working to strengthen confidence in insurance, particularly through awareness campaigns, simplified procedures, and the introduction of products tailored to local circumstances.
The year 2024 saw a 5.66% increase in the sector's turnover in the first half, reaching FCFA 155.82 billion. Insurance companies paid out over FCFA 125 billion in benefits to policyholders in 2023, a 13% increase. In terms of market share, Axa, Saar, Chanas, Activa, and Sanlam control 52% of the non-life insurance market in Cameroon.
Significant movements have also marked the Cameroonian insurance landscape. The merger between Sanlam and Allianz has been formalized, giving birth to SanlamAllianz Cameroon. This entity holds a significant market share, with over FCFA 51 billion in revenue and controls 18.7% of the market. Olivier Malatre heads SanlamAllianz Cameroun Assurances (general insurance), and Laya Sidibé is at the head of SanlamAllianz Cameroun Assurances Vie (life insurance).
The African Trade & Investment Development Insurance (ATIDI) is playing an increasing role in Cameroon. Since joining ATIDI in 2021, Cameroon has benefited from approximately FCFA 130 billion in investments guaranteed by the pan-African agency. ATIDI has invested $45 million (approximately FCFA 26 billion) to support these projects in the renewable energy, agriculture, financial services, and trade sectors. The Cameroonian government is in discussions with the AfDB and ATIDI to obtain guarantees covering a FCFA 585 billion borrowing on international markets.
On the regulatory front, Cameroonian Éric Kouaghu Tchuisseu has taken over as head of the Inter-African Conference of Insurance Markets (CIMA), the regulatory body for 14 African markets. He took office on April 1, 2026, succeeding his compatriot Blaise Abel Ezo'o Engolo. CIMA harmonizes insurance regulation in its member states, although each state retains its own regulator and rules vary slightly.
Despite the challenges, the Cameroonian insurance market presents significant growth potential, driven by a young and growing population, rapid urbanization, and increased awareness of risks. Innovation, adapting products to local needs, and a favorable regulatory framework will be essential to unlock this potential. The sector is expected to continue to grow, driven by motor and health insurance, as well as the development of micro-insurance and agricultural insurance products.
