Naperville, IL -- (SBWIRE) -- 03/11/2013 -- Cameroon has a small insurance industry. Given the market size, the non-life insurance segment is highly competitive and fragmented with the presence of 18 companies. The global financial crisis had both a direct and indirect impact on the industry; Cameroon’s economy is largely dependent on commodity exports, which declined during 2008–2010 as a result of the crisis and negatively affected the overall economy. The volume of goods and services exported by the country declined by 4% in 2008, 2.7% in 2009 and 1.2% in 2010 respectively. In 2009, the IMF disbursed US$144 million under its Exogenous Shocks Facility to help Cameroon cope with the adverse effects of the crisis. In addition, the decline in exports directly caused written premiums in the marine, aviation and transit insurance category to decline in 2008 and in 2009. The Cameroon Automobile Guarantee Fund (CAMAF) project is expected to help the country’s low-income population buy auto insurance, which is expected to translate into an increased demand for motor insurance.
Scope
This report provides a comprehensive analysis of the insurance industry in Cameroon:
- It provides historical values for the Cameroonian insurance industry for the report’s 2008–2012 review period and forecast figures for the 2012–2017 forecast period
- It offers a detailed analysis of the key segments and categories in the Cameroonian insurance industry, along with industry forecasts until 2017
- It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions
- It profiles the top insurance companies in Cameroon and outlines the key regulations affecting them
Reasons to Buy
- Make strategic business decisions using in depth historic and forecast industry data related to the Cameroonian insurance industry and each segment within it
- Understand the demand-side dynamics, key market trends and growth opportunities within the Cameroonian insurance industry
- Assess the competitive dynamics in the Cameroonian insurance industry
- Identify the growth opportunities and market dynamics within key segments
- Gain insights into key regulations governing the Cameroonian insurance industry and its impact on companies and the industry's future
Key Highlights
- The Cameroonian insurance industry is highly under developed and offers lucrative potential for growth, given the relative growth in the country’s labor force and increasing GDP per capita.
- More than 90% of Cameroonians do not have access to traditional insurance products.
- The Cameroon Insurance Companies Association (ASAC) intends to increase the size of the market through various measures, ranging from the simplification of procedures to diversification of the product portfolio, as well as the launch of awareness campaigns which educate the public about the benefits of having insurance.
- As part of this objective, the ASAC has also undertaken various initiatives including reactivating the national arbitration commission, starting up a pool of co insurance for insuring risks related to public transportation, signing an inter-company agreement on unpaid premiums and introducing a new health policy.
Companies Mentioned
Chanas Assurances SA AXA Cameroon SAAR Allianz Africa
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