Insurers’ turnover is on the rise

The Togolese insurance market continues to grow. According to the Ministry of Economy and Finance, insurance companies recorded as at 31.12.2015 a total turnover of 48 billion FCFA (80 million USD), up by nearly 6.6% compared to the 2014 financial year.

However, the sector is facing several challenges including underpricing, lack of insurance awareness and tax incentive measures.

Togo counts 12 direct insurance companies and is home to the headquarters of the CICA RE which is the common reinsurance company of the CIMA Member States.