Yaoundé-headquartered Afrigroup Holding has clinched the approval of the Inter-African Conference on Insurance Markets (CIMA) to establish two insurance companies, one each in the life business and the non-life sector.
Insurance represents a new business for Afrigroup Holding, which is currently engaged in banking, healthcare, food, general trade and real estate.
At present, the Cameroonian insurance market is dominated by a few players, which together command more than half of the market. According to the Association of Insurance Companies of Cameroon (ASAC), there are 17 companies in the non-life segment and 10 in the life segment.