Total premiums generated in the insurance market of the Democratic Republic of the Congo (DRC) reached $377.89m in 2024, up by 16.17% compared to 2023, according to the Insurance Regulatory and Control Authority (ARCA).
In its 2024 annual report, titled “The State of the Insurance Market in the DRC”, ARCA said that the trend confirms the positive momentum observed since the market effectively opened in 2019, following growth rates of 12.95% in 2023 and 32.46% in 2022.
|
Summary of financial performance of the DRC insurance market
|
|
Indicator
|
2024
|
2023
|
Growth (%)
|
|
Total Written Premiums
|
$377.89m
|
$325.29m
|
+16.17
|
|
Life Insurance Premiums
|
$35.10m
|
$20.97m
|
+67.29
|
|
Non-Life Insurance Premiums*
|
$342.80m
|
$275.45m
|
+24.4
|
|
Insurance Density (per capita)
|
$3.46
|
$3.07
|
+12.7
|
|
Penetration Rate
|
0.53%
|
0.46%
|
+21.7
|
|
Non-Life Claims Paid
|
$56.18m
|
$50.78m
|
+10.6
|
|
Life Benefit Payouts
|
$4.71m
|
$1.82m
|
+158.5
|
|
*Note: The Non-Life 2023 figure is extrapolated from the provided growth rate; the text specifically compared 2024 to 2022 ($275.45m) for that specific branch.
|
The overall premiums in the insurance industry grew by 466.15% to $377.89m in 2024 from $66.75m in 2018, since the effective opening of the market to competition in 2019.
In 2024, insurance activity in the DRC involved 10 licensed insurance companies (seven non-life and three life). Altogether, there were 51 insurance players in the market that also included reinsurers, health management organisations, brokers and agencies.
Rawsur remained the biggest non-life insurer in 2024 with premiums totalling $121.5m, representing 35.45% of the non-life sector while Rawsur Life maintained its lead as the largest life company with premiums of $21.7m, commanding 61.85 % of the life market.