The Cameroonian insurance market generated total premiums of approximately FCFA300bn ($528m) in 2025, according to official but provisional data. This represents an increase of 3.9% over total premiums of FCFA288.7bn in 2024.
The growth was driven by rapidly growing branches, particularly motor and medical, according to local media reports. It is seen as an indication of the increasing importance that Cameroonians and businesses are placing on risk management.
Traditionally dominated by property and casualty (P&C) insurance, the Cameroonian insurance market has seen significant growth in motor insurance in recent years. The growing number of vehicles on the road, fuelled by urbanisation, population growth and rising purchasing power, increases demand for mandatory and optional vehicle insurance.
At the same time, demand for medical coverage is increasing due to a growing awareness of health risks, the emergence of new middle classes and persistent healthcare gaps in public health systems.
Insurance penetration in Cameroon remains relatively low compared to other African markets, offering significant potential for future growth. The progress towards total premiums of FCFA300bn was achieved despite longstanding challenges: low banking penetration rates, reluctance among some segments of the population to purchase insurance and the need to improve financial literacy. To address the low penetration rate, regulators and insurance companies have acted to strengthen confidence in insurance, particularly through awareness campaigns, simplified procedures and the introduction of products tailored to local circumstances.
Notably, the pace of growth in Cameroon's insurance market was slower in 2025 than in 2024, when the sector expanded by 5.1% year on year. The slowdown is primarily attributed to heightened macroeconomic factors and liquidity constraints, as well as political uncertainty surrounding the October 2025 elections.