Insurances - Cameroon

Cameroon

The Insurances market in Cameroon is projected to reach a market size (gross written premium) of US$2.03bn in 2024.
Non-Life Insurances dominate the market with a projected market volume of US$1.08bn in 2024.
The average spending per capita in the Insurances market amounts to US$69.15 in 2024.
From a global comparison perspective, the highest nominal value is reached the United States, with a projected market size of US$4,642.0bn in 2024.
The gross written premium is expected to show an annual growth rate (CAGR 2024-2028) of 2.38%, resulting in a market volume of US$2.23bn by 2028.
In global comparison, the United States is anticipated to generate the highest gross written premium in 2024, amounting to US$4,642.0bn.
Cameroon's insurance market is experiencing a surge in demand as more individuals and businesses recognize the importance of protecting their assets and mitigating risks.

Market

Region

Region comparison

Currency

Analyst Opinion

The Insurances market in Cameroon is experiencing significant growth and development. Customer preferences in the insurance market in Cameroon are shifting towards more comprehensive coverage options as individuals and businesses seek to protect themselves against a wide range of risks. This trend is in line with global patterns where consumers are becoming more aware of the importance of insurance in safeguarding their financial well-being. Trends in the market show an increasing demand for health and life insurance products in Cameroon. This can be attributed to a growing middle class with higher disposable income, as well as a greater emphasis on personal well-being and financial security. Additionally, the government's efforts to promote insurance uptake through regulatory reforms and public awareness campaigns have also contributed to the expansion of the market. Local special circumstances in Cameroon, such as a relatively low insurance penetration rate compared to other countries in the region, present both challenges and opportunities for industry players. The market is still relatively untapped, providing room for growth and innovation. However, factors such as low levels of financial literacy and a predominantly informal economy pose barriers to widespread insurance adoption. Underlying macroeconomic factors, including stable economic growth and increasing foreign investment in Cameroon, are also driving the development of the insurance market. As the country's economy continues to expand, there is a growing need for insurance products to mitigate risks and support long-term financial planning for individuals and businesses alike. This favorable economic environment is likely to sustain the growth of the insurance sector in Cameroon in the coming years.

Methodology

Data coverage:

Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.

Modeling approach / Market size:

Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.