Solid leader of insurance IARDT in Cameroon for decades, Chanas Assurances SA is no longer in charge. In the last note published on October 25 by the Insurance Department of the Cameroon Ministry of Finance, the brick-and-mortar company founded by pioneer Jacqueline Casalegno is paying the price of the decisions of the National Hydrocarbons Company (SNH), both its shareholder and customer references. What is happening within Chanas? What about BGFI International’s actions? Is there a planned demolition?
According to the note from the Ministry of Finance, Axa Assurances is the leader in insurance IARDT with a volume of premiums of 20, 4 billion FCFA, a market share of 15.6%. Behind, comes the African Society of Insurance and Reinsurance, (paradoxically under administration since March 2018), with a turnover of 18.9 billion CFA francs. Activa Assurances completed the podium with 17.7 billion CFA francs, followed by Allianz Cameroon (13.4 billion FCFA). According to our information, Chanas, leader until 2014, has lost the bulk of its clientele, starting with SNH, one of its major shareholders, which has removed a large part of its portfolio to place including Axa.
In addition, the quarrels between shareholders having caused chronic managerial instability, many large customers took their precautions. The shareholder BGFI International, arrived in the tour de table without, according to our information, go through the big door, namely the SNH, was forced to retreat in secret with, susurre one, losses and noise. The fate of the company lies somewhere in the hands of SNH Director General Adolphe Moudiki and the Casalegno clan.
