Cameroon's insurance market reached a new milestone in the 2024 financial year, achieving a total revenue (premiums written) of FCFA288.7bn ($519m), according to data released by the Ministry of Finance. This performance represents a 5.1% growth compared to 2023, when premium revenue was around FGFA274.6bn.
The data, released on 18 February, show that the property and casualty insurance sector remained the primary driver of the industry with FCFA190.3bn in premiums, while life insurance contributed FCFA98.4bn.
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Highlights of Cameroon’s insurance industry performance in 2024
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Figures in FCFA
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Non-Life
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Life
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Total Market
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Turnover (Issued Premiums)
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190,301,820,207
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98,409,684,653
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288,711,504,860
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Earned Premiums
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185,053,290,785
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98,409,684,653
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283,462,975,438
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Net Financial Income
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11,264,718,803
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9,799,494,182
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21,064,212,985
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Operating Subsidies
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464,980,121
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-
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464,980,121
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Total Income
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196,782,989,708
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108,209,178,835
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304,992,168,544
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Revenue Arrears
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Arrears in 2024
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19,807,807,997
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-
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19,807,807,997
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Cumulative Arrears (as of 2024)
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31,843,223,313
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-
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31,843,223,313
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Technical Provisions
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Claims Payable
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114,487,923,306
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-
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114,487,923,306
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Unearned Premium Reserve
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39,604,365,798
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-
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39,604,365,798
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Mathematical Provision
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-
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339,834,271,326
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339,834,271,326
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Expenses
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Claims Expenses (Paid + Reserves)
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79,328,310,634
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69,501,514,765
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148,829,825,399
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Management Expenses
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75,879,985,165
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25,559,395,188
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101,439,380,354
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— of which: Personnel Costs
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-15,799,081,166
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-7,392,715,441
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-23,191,796,607
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Total Expenses
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155,208,295,799
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95,060,909,953
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250,269,205,752
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Reinsurance Balance
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-25,801,921,408
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-1,373,541,151
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-27,175,462,559
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Gross Operating Result
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41,109,713,789
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13,148,268,882
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54,257,982,671
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Net Operating Result
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15,772,772,501
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11,774,727,731
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27,547,500,232
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Source: Finance Ministry, Cameroon
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Apart from the topline, the data show that the coverage ratio of regulated liabilities stood at 112.27% for the entire market as of 31 December 2024, ensuring that companies have the necessary assets to meet their contractual obligations. The overall solvency margin was 353.17%, above minimum requirements. However, the sector faced cumulative premium arrears amounting to FCFA31.8bn, illustrating premium collection challenges.