Economy & Politics

DRC: insurance market potential estimated at USD 800 million by 2023

The DR Congo projects an insurance market of 800 million USD in 2 or 3 years if all the companies established in the country take out insurance, according to the law.

“Currently, the potential varies between 100 million and 150 million USD. If all the companies can take out an insurance policy, in 2 or 3 years we will have a market of 800 million USD. It is up to the government and the President of the Republic to ensure the application of this law ”, affirmed on December 10, 2020 in Kinshasa, the director general of the Authority of Regulation and Control of Insurance (ARCA), Alain Kanyinda , at the opening of the 6th edition of the Makutano business fair.

With new licenses issued last June, the DRC then had 21 insurance operators, including 9 insurance companies, 11 insurance brokerage companies and one insurance broker. Liberalized a few years ago, the market was estimated at between 71 and 80 million USD of premium volume in April 2019. And its potential, at 5 billion USD between 2019 and 2029 according to the regulator.

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