The Congolese insurance market posted total premiums of $320m in 2023, compared to a mere $70m in 2018, according to the director-general of the Insurance Regulatory and Control Authority in the DRC (ARCA), Alain Kanyinda.
He indicated that the rapid growth of due to the liberalisation of the sector that took effect in 2018.
Mr Kanyinda made these comments during a presentation on the state of the insurance market in the DRC for the 2021 and 2022 financial years. The premium volume exceeded $268m in 2022.
He pointed out that South Africa accounted for around 70% of Africa's $74bn in gross written insurance premiums. Morocco, Algeria, Kenya, and Nigeria share 18% while other African countries including the DRC share the remaining 12%. The ARCA management team wants to set up a dynamic insurance sector with reliable operators.