The Insurance Industry in the Central African Republic, Key Trends and Opportunities to 2018

Date: 2015-09

The Central African Republic insurance industry grew at a compound annual growth rate (CAGR) of 10.8% during the review period (2009โ€“2013). The increase was partly a consequence of stable economic development, the nationโ€™s expanding mining industry, and various infrastructure projects centering around the laying of fiber-optic cables, the modernizing transport routes and improving energy capacity. Growth in the life insurance segment, which recorded a review-period CAGR of 18.6%, also supported the growth of the Central African Republic insurance industry during the review period. However, the industry is relatively small on a global scale. Insurance penetration in Africa was low, at 1.6% in 2012. For the Central African Republic, however, the figure stood at 0.37% in 2012 and 0.44% in 2013, compared to the global average of 7.0% in 2012. Around 90% of the African population remains uninsured, which provides immense growth potential and foreign investment opportunities. This, combined with stable economic development of the Central African Republic region, is projected to support the development of the industry over the forecast period (2013โ€“2018).

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