The Central African Republic (CAR) insurance industry is
underdeveloped. The industry is regulated by the Conférence Interafricaine des
Marchés d'Assurances (CIMA), which is responsible for regulation across the
entire CFA franc zone. According to the Fédération des Sociétés d'Assurances de
Droit National Africaines, there were only two insurance companies operating in
the country in 2016.
This limited the competition among insurers, and resulted in a lack of product innovation during the review period. Insurance distribution is still underdeveloped in the Central African Republic. The insurance distribution network in the country mainly comprises bancassurance, brokers and e-commerce. Insurers have developed distribution networks based on target segments and product lines.
In January 2018, the European Union and the African Development Bank jointly allocated XAF19.6 billion (US$35.2 million) for the construction of a fiber optic path in the Central African Republic to improve internet connectivity in the country.
On May 16, 2017, the World Bank approved aid of XAF16.3 billion (US$28.0 million) to help people affected by the sectarian violence.
According to the World Bank, Central African Republic was the 186th largest export-based economy in the world in 2016.