The Democratic Republic of Congo (DRC) remains one of the last countries in the world where just one state-owned company has a monopoly on all insurance activities. This is set to change in the coming months as new legislation opens the Congolese insurance market up to international players.
- After decades of state-owned SONAS having retained a monopoly over the DRC’s insurance sector, in March 2015, the government passed a new insurance law (Law No 15/005), liberalising the sector and opening up the insurance market to private companies.
- The scale of the DRC’s relatively untouched market has attracted interest from more than a dozen so-far-unidentified firms – keen to capitalise on the country’s potentially lucrative 70 million-plus customer base. Operating licences are expected to be awarded from October 2017 onwards.
- However, despite these attractions, the DRC still remains an extremely challenging country to do business in, and, as with any major regulatory overhaul, teething issues are not just possible, but are expected.