Like the Inter-African Conference on Insurance Markets (CIMA) where the insurance penetration rate remains very low, covering barely 1.1% of inhabitants, insurance is struggling to become established. in Cameroon, with less than 2% of the population covered regardless of enormous potential.
The Association of Insurance Companies of Cameroon (ASAC), based on “the real possibilities” of market development, militates for the generalization of insurance through the establishment of compulsory insurance subscription in order to boost the activity and improve national coverage.
In this perspective, it plans to “amplify the action of the State in favor of the development of insurance by opening up to make the subscription of compulsory insurance effective, through the creation of the RC pool of activities subject to the obligation. insurance ”. The current reflection should lead to the implementation of Civil Liability (RC) considered by professionals in the sector as “a guarantee of the exhaustiveness of the coverage of all liable persons”.
This extension of insurance in addition to other existing measures could also be based on the inclusion of a promise of insurance in responses to calls for tenders for public works contracts and production of a certificate of certification. insurance for obtaining the service order, raising awareness of the tax administration on the obstacle to the development of insurance represented by the obligation to register insurance contracts, particularly in health insurance, as well as in place of a death insurance obligation for all employees and all students in the name of promoting national solidarity.
For fiscal year 2020, the insurance market in Cameroon in the Life and P&C compartments of the 28 active companies achieved a turnover of 210 billion FCFA (388 million dollars) against 209 billion the previous fiscal year, i.e. an overall increase of 2.14%.