Announced in 2019, the new national reinsurance company of Cameroon called “Cameroon-Re” will soon start its activities with a capital of 15 billion FCFA (27.1 million dollars). Sources familiar with the matter indicate this Tuesday, November 10 that the project is in terminal phase and that it has reached “the critical stage of the legal constitution”.
The players bringing together local insurers, government authorities, partners, etc. have reached an agreement on shareholder sharing. Thus, local insurance and reinsurance companies will own 51% of the capital, a strategic partner, preferably a reinsurer (34%), the State of Cameroon (10%) and miscellaneous (5%).
Through this project, Cameroon thus joins the list of African countries which have their own national reinsurance structure, namely Morocco, Tunisia, Kenya, among others Senegal and Nigeria. The main objective of this structure is to protect the balance of payments by optimizing local capacities.
As a reminder, Cameroon had in recent years a national reinsurer, the Caisse Nationale de Réassurance (CNR), which was liquidated in 2000.