The Cameroonian insurance industry is competitive, due to the presence of large foreign insurers such as Allianz, Axa, AIG and Saham Group. The higher technical underwriting ability and financial capacity of foreign insurers has led to the development of differentiated insurance products during the review period. Life insurers had higher growth opportunities due to increased demand, which led to the business expansion of existing insurers and also the entry of new insurers in Cameroon.

The number of life insurers increased from seven in 2013 to 10 in 2017. Contrarily, softening demand for commercial general insurance products, due to sluggish business sector performance in 2016 and 2017, led to increased competition among general insurers, resulting in consolidation. The number of general insurers operating in Cameroon declined from 18 in 2011 to 15 in 2017. Four reinsurers were operational in Cameroon in 2017.

The Cameroonian insurance industry’s GWP grew from XOF160.8 billion (US$325.4 million) in 2013 to XOF194.7 billion (US$334.7 million) in 2017, at a review-period (2013–2017) compound annual growth rate (CAGR) of 4.9%. In 2017, life insurance GWP accounted for 29.9% of the total industry GWP, while general insurance accounted for 70.1%.

The life insurance segment grew due to increased demand for savings insurance products.

Group term life was the most popular protection product, while demand for capitalization products also increased on account of their relatively higher returns.

The general insurance segment was largely driven by compulsory lines such as motor third-party liability (MTPL), construction insurance on projects exceeding XAF100.0 million (US$169,076.1), worker’s compensation and decennial liability insurance.