Moroccan insurance company Wafa goes for leading area in Cameroon’s market

( Service in Cameroon) – Wafa Vie Cameroon (WAVC), the regional branch of Moroccan Wafa Guarantee running under the Attijariwafa Bank Group, intends to protect an area amongst the leading 3 life insurance coverage companies in Cameroon by 2026. Driss Didi El Houari, WAVC’s General Supervisor, revealed this aspiration on November 30, 2023, throughout the launch of Solutions Corpo, a recently presented variety customized for services. El Houari highlighted the business’s strengthened decision, keeping in mind, ‘ Over the last few years, our profits have actually placed us as the fifth gamer in the Cameroon insurance coverage market. Today, our aspiration is a lot more robust as we make every effort to go into the business sector and boost our market standing.’

The business’s management prepares to take advantage of the Solutions Corpo variety to increase WAVC’s earnings and market share to accomplish this goal. According to Driss Didi El Houari, Wafa Vie Cameroon created a turnover of CFA6.2 billion in 2022, managing 7.15% of the marketplace through specific insurance coverage. This section represents 43% of the life insurance coverage market in Cameroon, and ‘WAVC’s market share in this section now increases to 16.3%.

‘ With the launch of Solutions Corpo, WAVC will resolve the staying 57% of the marketplace, created from cumulative insurance coverage, which it presently does not cover. This will enable us to declare our natural share,’ stated Driss Didi El Houari. He describes that the work, started with the launch of Solutions Corpo, ‘ will continue over the next 2 to 3 years to develop our brand name in this market, as we have actually currently performed in the specific insurance coverage market, particularly in bancassurance.’

The Solutions Corpo variety, critical for broadening market share in Cameroon, provides 3 services for magnate: end-of-career settlement, allowing business to spread out charges connected to staff members’ end-of-career according to existing laws; group death protection, securing staff members and their households in times of monetary problems or unpredicted occasions; and cumulative retirement, adding to the development of a considerable capital payable upon the recipient’s retirement.

According to information from the Cameroon Insurance Coverage Companies Association (ASAC), Allianz led the life insurance coverage market in Cameroon in 2022, followed by Prudential Beneficial Life Insurance Coverage (Prubli) in the second position, Activa in the 3rd position, Sunu in the fourth position, and WAVC in the fifth position, now going for the 3rd area.

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