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– The dynamism of the insurance market

The insurance sector's revenue in the Democratic Republic of Congo (DRC) grew from USD 70 million in 2018 to over USD 268 million in 2022. This growth is due to the entry of new operators into the market.
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The Insurance Regulatory and Supervisory Authority (ARCA) approved the liberalization of the insurance sector in 2019. Starting this year, six operators (three for non-life insurance, one for life insurance, and two for brokerage) were able to operate in the market, alongside the National Insurance Company (Sonas), the incumbent public operator that had long held a monopoly. Since March 2020, another operator has positioned itself after obtaining its approval from ARCA: the pan-African Sunu. In 2022, the sector has 39 insurance operators: 10 insurance companies, 2 reinsurance companies, and 27 insurance intermediaries. However, the potential of the insurance market in the DRC is not sufficiently exploited. Also, the government, through ARCA, is pushing insurance to contribute to the economy and has made a good number of insurance products compulsory, which is stimulating the growth of the Congolese market.
The current legal framework makes it possible to stop insurance premium evasion so that these premiums contribute to financing the Congolese economy. The development of the insurance sector also contributes to the mobilization of state revenue. Thus, the value-added tax (VAT) collected in 2021 was more than $21 million, compared to approximately $15 million in 2019.
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Among the most popular insurance products in the DRC are fire insurance, motor liability insurance, credit insurance, transported goods insurance and health insurance.
The innovative framework established by the law of March 17, 2015 makes it possible, on the one hand, to ensure that the 6 compulsory insurance policies are respected and subscribed to in the DRC and, on the other hand, to carry out intensive work to raise awareness and popularize insurance.
A market that is growing strongly three years after its liberalization, having gone from 100 million dollars in 2019 to more than 220 million in 2021. According to figures announced by the regulatory authority of this sector, insurance company premiums could reach 800 million dollars per year if the insurance sector operated under optimal conditions.
Digitization is one of ARCA's key strategies, as the insurance sector is brimming with information, data that cannot be controlled manually. To address this challenge, a system for managing certain automatically issued insurance certificates has already been launched, with social media and other mobile applications being the next step.
ARCA aims not only to make this sector economically dynamic, but also inclusive, meaning it offers insurance products that are tailored to the needs of the population and accessible to as many people as possible. It projects growth of $3 to $4 billion by 2027.
It is prohibited to take out direct insurance abroad for a risk concerning a person, property or liability, located on national territory or with a company not authorized to carry out insurance operations in the Democratic Republic of Congo in accordance with the provisions of Article 400 of the law.

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