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INSURANCE : Chanas / Royal Onyx wins Market Worth 10.2 Billion FCFA at Sonara

Jean Paul Njonou, the general manager of the National Refining Company (Sonara), has just published a decision declaring the Chanas / Royal Onyx group as winner of a global contract of 10.2 billion FCFA as part of the insurance program.

According to a decision signed by the Director General of the public refinery, the insured sectors concern wealth, civil liability and car fleet.

In detail, the group has secured a first segment of the market worth amount of 5.34 billion FCFA to insure SONARA from July 1, 2023 to June 30, 2026. The second segment for an amount of 786.9 million FCFA covers a period of 36 months, for civil liability insurance. The third for an amount of 258.7 million concerns the insurance of car fleet over a period of 36 months. While the fourth market segment, amounting to 3.8 billion FCFA, covers transport risk insurance.

By winning this market, Chanas Assurance, a subsidiary of the National Hydrocarbons Company (SNH), experience an increase in its wingspan. In effect, after going through a difficult period, the Chanas Group extended its activities to the life branch to 2022.

Read the entire newspaper (PDF) by clicking on the link below :

It is worth noting that Chanas, which was then the market leader, began facing a slump in 2013, following an open conflict between the CEO, Jacqueline Cassalegno and the National Hydrocarbons Company (SNH), main shareholder. This is thus an opportunity for the insurance company to reembark on the conquest of new market shares in Cameroon.

Also, Chanas confirms its stability in this SONARA market because it is not the first time that this group has taken over the stake. Over the triennial period (2020 – 2021 – 2022 ), SONARA heritage insurance and product transport risks was handed to the Chanas Assurances SA / AXA Assurances Cameroon group, for an amount of 10.66 billion FCFA. The same grouping had been awarded the lot N°2 relating to civil liability insurance, for an amount of 812.15 million FCFA.

According to provisional data published by the Association of Insurance Companies of Cameroon (Asac), Chanas Assurances is ranked 3rd insurance company in Cameroon at the end of 2022 with a turnover of 18.02 billion FCFA, behind Axa and Activa.

Sorelle Ninguem

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