Non-life insurance: Atlantic Assurance Cameroon doubles its turnover in 2020

Atlantic Assurance Cameroun IARDT ended 2020 with a turnover of 6.284 billion CFA francs. The data, published by the Association of Insurance Companies of Cameroon (Asac), far exceeds the $ 2.9 billion received by the local subsidiary of the financial holding company Atlantic Group in 2019, up 112.91%. Thanks to this indicator, the company took 9th place.e ranks in the ranking of non-life insurance companies in terms of turnover out of 17 operating in Cameroon. Asac does not give reasons for this progress, but according to an internal source, it can be attributed to the strengthening of the company’s digital strategy by introducing insurance products tailored for low-income people.

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In general, according to Asac, turnover of life insurance companies in Cameroon fell slightly by -0.17% to 140.9 billion francs. Saar Assurances (-18.57%), Pro Assur Assurance (-24.17%), Saham Cameroon (-17.55%), Allianz Cameroon (-13.91%) lost it … With an annual turnover of about $ 210 billion the insurance market remains hard to reach for the general public. With a comparable population and purchasing power, Côte d’Ivoire’s insurance market will have a turnover of 415 billion CFA francs in 2020. To reverse this trend, Asac President Thierry Kepeden plans to use several levers. “The first lever is to optimize the existing compulsory insurance. We know that motor third party liability insurance is compulsory, but 50% of the cars in circulation are not insured, ”he said on June 4, taking office.

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As a second lever, Thierry Kepeden plans to challenge the government for the effectiveness of the 1975 law and its executive order of 1977, which obliges 100 million CFA francs for the construction of a structure to insure any construction risk. The same law obliges architects, design bureaus and technical supervision companies to take out ten-year liability insurance when they get a job. “We have brought this to the attention of the government so that this commitment is included in the package of documents for issuing a building permit,” adds the new president of ASAC. Who also hopes for the application of the 2018 law providing for compulsory insurance of containers leaving ports. “We also need to work on introducing new compulsory insurance.” These are, for example, education insurance with multiple risks, compulsory fire insurance for all buildings open to the public (stadiums, markets and theaters – niches for insurance income in Cameroon), etc. the credibility of their activities, as well as the creation of a new communication policy.

Read also: In 2020, the insurance sector will reach a global production of 210 billion francs francs.

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