The revival of the insurance sector in the Democratic Republic of Congo was highlighted as a key economic development strategy on Wednesday in Kinshasa, during the inaugural insurance summit organised by the Congolese Institute of Insurance and Risk Management (CIRMI).
“I welcome this initiative which offers a framework for reflection, that of revitalizing the insurance sector in the DRC as an economic development strategy for our sector,” said Vincent Mwepu, president of the association of insurance and reinsurance companies, reported ACP, a national news agency of the DRC.
He also congratulated the organisers, particularly the CIRMI firm, for their continued commitment to supporting the market.
Mr Mwepu pointed out that 2025 marks the 10th anniversary of the promulgation of Law No. 15-005 of 17 March 2015 on the Insurance Code, a landmark reform that ended the sector’s monopoly and liberalised the market.
He said the development of a private capital market hinges on regulated competition overseen by an independent authority, notably through the establishment of the Insurance Regulatory and Control Authority (ARCA) under the Ministry of Finance. This framework, he stressed, has given the sector a solid financial and supervisory foundation, strengthening its credibility and stability.
Mr Mwepu noted that a decade on, the market now comprises ten licensed insurers: seven in non-life and three in life — alongside major pan-African reinsurers such as Africare and Zephyr.
Premium volumes have grown significantly, rising from $67m in 2019 to $377m in 2024: a fivefold increase.
In non-life, premiums climbed from $304m in 2023 to $342m in 2024, marking 13% growth. Life premiums also advanced, reaching $35m in 2024 compared with $20m a year earlier.
He said this momentum underscores the benefits of liberalisation, broader product offerings and a strengthened regulatory environment. Rising claims payments and the management of expanding tax revenues also signal the sector’s gradual maturation.
Nevertheless, he cautioned that insurance penetration remains below 1%, trailing regional benchmarks.
Significant priorities
Mr Mwepu took the opportunity to present the priorities of his vision for insurance.
These include consolidating insurance sovereignty; accelerating insurance inclusion; achieving innovation through digitalisation, AI and automation within a rigorous regulatory framework; strengthening governance, transparency, and trust; and positioning insurance as a financier of development.
He also noted that life insurance can become a major lever for financing infrastructure and mobilising national savings.