At an event marking 10 years of the Insurance Code in the Democratic Republic of the Congo, the Congo Insurance Regulation and Control Authority (ARCA) reported that it has approved licences for three non-life insurers and one life insurer, and authorised four insurance brokerage firms, alongside publishing updated indicators on market development. Since the opening of the market to competition in 2019, gross written premiums rose by 428%, from USD 66.75 million in 2018 to USD 352.15 million in 2024. ARCA reported that the market currently comprises 50 insurance operators, including 10 insurers (seven non-life and three life), 27 brokerage firms, two individual brokers, three general agents, four health insurance administrators, two banks and two regional reinsurers; it also approved the activities of CREDASSUR to strengthen insurance skills and capacity. ARCA reported that insurance premium penetration increased from 0.16% in 2017 to 0.46% in 2024 (up 188%), and set out a challenge of reaching a penetration rate above 1%.

Original source View in tracker