Insurance World

Senegal: Insurance market expands by 7% in 2018

Preliminary financial figures for the insurance sector in Senegal show for 2018 that the 29 insurers in the country posted a premium income of FCFA174.36bn ($296m), an increase of 7.3% over 2017.

This growth is attributable to both non-life and life business which expanded by 8.6% and 4.96% respectively, reported Reussir.

The following table summarises the financial performance of the insurance market: 

 2016FCFA m2017FCFA m2018FCFA mChange(2017/2016)Change(2018/2017)
Non-life premiums94,807104,597113,60810.3%8.6%
Life premiums45,86857,87960,75126.2%5.0%
Total140,675162,476174,35915.5%7.3%
Non-life market share67.4%64.4%65.2% 
Life market share32.6%35.6%34.8%

At 31 December 2018, the stock of investments made by insurance companies amounted to FCFA302bn, an increase in absolute value of FCFA22bn compared to 12 months previously. In 2018, investments remained dominated by bank deposits, securities, equities and deposits and real estate holdings, respectively.

Source Middle East insurance Reviewv

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