Cameroon-based insurer Royal Onyx Insurance (ROI) has officially launched its operations in Bangui, the capital and largest city of the Central African Republic, the insurer said in a statement posted on its Facebook account.
The launch of the branch marks the insurer’s entry into the Central African property and casualty insurance marketm, which is part of the company’s regional expansion strategy. The new branch specialises in non-life insurance (fire, accidents, miscellaneous risks, and transport).
With ROI’s entry, the Central African Republic now has two property and casualty insurance companies listed by the Federation of African National Law Insurance Companies (FANAF): SUNU Assurances and Royal Onyx Insurance.
Non-life insurance business dominates the Central African market with a market share of around 90%, with the life insurance branch accounting for 10% of total premiums.