EVOLUTION OF INSURANCE OPERATORS IN THE DEMOCRATIC REPUBLIC OF CONGO: IMPACT ON THE INSURANCE MARKET

Authors: Guy Angbongi Gongwa*, Bofoe Lokangu, Musambay Ramazani & Giningakpio Mudipale

ABSTRACT

The liberalization of the insurance sector in the Democratic Republic of Congo, established by Law No. 15/005 of March 17, 2015, profoundly transformed the national insurance landscape by ending the monopoly of the National Insurance Company (SONAS). This study analyzes the evolution of insurance operators and their impact on the Congolese market through insurance premiums and the penetration rate. Using documentary and analytical methodology, we demonstrate that liberalization led to an exponential multiplication of actors, from a single operator in 2018 to 60 approved operators in 2024. Premiums increased from USD 66.75 million in 2018 to USD 377.89 million in 2024, representing growth of 466.15%. However, the penetration rate remains low (0.53% of GDP in 2024), well below the African average (3.5%). These results call for balanced regulation to preserve the competitiveness of the historical operator while promoting insurance inclusion.

Keywords: Insurance, liberalization, operators, market, DRC, SONAS, premiums, penetration rate

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