The insurance market in the Democratic Republic of Congo (DRC) is on track to surpass $1 billion within the next decade. The forecast was made on March 17, 2025, by Alain Kanyinda, Managing Director of the DRC’s insurance watchdog, the ARCA. Kanyinda disclosed the figure on March 17, 2025, in a speech marking the 10th anniversary of the Insurance Code. On the occasion, he noted that with a population of over 100 million, the DRC could potentially grow its market to $5 billion if insurance density increases from less than $1 per capita to $5.

The ARCA plans to leverage several strategies, including stricter regulations, raising public awareness about insurance products, and combating premium evasion. The country has a penetration rate of 0.71% of GDP, underscoring the sector’s untapped potential. 

Digitalization is also identified as a key growth driver. In this regard, Vincent Mwepu, President of the Association des Sociétés d'Assurance et de Réassurance de la RDC (ASAR), emphasized that selling insurance products via mobile phones and other digital tools could extend coverage across rural and underserved areas. However, this approach requires updates to the Insurance Code, with discussions underway to adapt the legal framework.

Since its liberalization in 2015 and full implementation in 2019, the DRC’s insurance sector has experienced remarkable growth. According to the ARCA’s MD,  sales have surged from $70 million in 2019 to over $350 million by 2024, driven by product diversification beyond motor insurance into fire, health, and credit insurance. Today, the market boasts 48 licensed operators, including 10 insurers, 36 brokers, and two pan-African reinsurers.

This article was initially published in French by Ronsard Luabeya (intern)

Edited in English by Ola Schad Akinocho