Burkina Faso insurance market
Identity
| Population: 20 903 000 inhabitants |  |
| GDP : 17,369 billion USD | |
| GDP per inhabitant: 831 USD | |
| GDP growth rate: 2% | |
| Inflation rate: 1.9% |
Data as of 31/12/2020, Source: Word Bank
Burkina Faso insurance market: main indicators
| 2020 | |
| Turnover | 202.463 millions USD |
| Penetration rate | 1.16 % |
| Insurance density | 9.7 USD |
Read also | Insurance companies in Burkina Faso
Burkina Faso: insurance market structure
Non life | 8 |
Life | 7 |
Reinsurance companies | 1 |
Microinsurance companies | 1 |
| Total | 17 |
Brokers | 46 |
General agents | 124 |
Total | 170 |
Data as of 28/05/2020, Source: APSAB
Ministry of Economy, Finance and Development - Insurance Department | www.finances.gov.bf |
Association Professionnelle des Sociétés d’Assurances du Burkina (APSAB) | www.apsab.org |
Burkina Faso insurance market: premium evolution
Figures in thousands USD| Activities | 2016 | 2017 | 2018 | 2019 | 2020 |
Non life | 70 444 | 85 571 | 84 912 | 93 508 | 115 514 |
Life | 35 806 | 51 616 | 56 550 | 68 721 | 86 949 |
| Total | 106 250 | 137 187 | 141 462 | 162 229 | 202 463 |
Source: Federation of African National Insurance Companies (FANAF)
Exchange rate as at 31/12/2015 : 1 FCFA = 0,00167 USD ; at 31/12/2016 : 1 FCFA = 0,00161 USD ; at 31/12/2017 : 1FCFA = 0,00183 USD ; at 31/12/2018 : 1 FCFA = 0,00174 USD ; at 31/12/2019 : 1 FCFA = 0,00171 USD ; at 31/12/2020: 1 FCFA = 0,00187 USD
Read also | Burkina Faso insurance market
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