Ivorian insurance market

Identity

Population: 27 053 629 inhabitants
GDP: 69.76 billion USD
GDP per inhabitant: 2 578.6 USD
GDP growth rate: 7%
Inflation rate: 4.1%

Data as of 31/12/2021, Source: World Bank

Ivorian insurance market: main indicators

	2021
Turnover	805.664 million USD
Penetration rate	1.15%
Insurance density	29.78 USD

Côte d'Ivoire: insurance market structure

Market stakeholders	Total
Non-life insurance companies	20
Life insurance companies	10
Reinsurance companies	8
Brokerage companies	221
Health Fund Managers	12

Data as of 31/12/2021

Supervisory authority
Ministry of Economy, Finance and Development Insurance Department	www.finances.gouv.ci
Professional body
Association des Sociétés d’Assurances de Côte d’Ivoire (ASACI)	www.asaci.net

Ivorian insurance market: premium evolution

Figures in thousands USD

	2017	2018	2019	2020	2021	2021 shares
Motor	109 500	121 039	124 555	146 261	141 930	17.62%
Bodily injury and health	96 579	116 637	122 136	137 100	135 822	16.86%
Fire and other property damage	61 908	56 529	62 747	73 049	89 346	11.09%
Marine	31 376	34 996	39 509	40 739	42 287	5.25%
General third party liability	10 688	12 324	13 570	15 634	16 304	2.02%
Miscellaneous risks	14 894	15 843	17 798	20 946	20 984	2.60%
Non life acceptances	251	1 701	1 848	3 413	2 864	0.36%
Total non-life	325 196	359 069	382 163	437 142	449 537	55.80%
Individual insurance	140 395	145 149	164 476	202 024	212 021	26.32%
Group insurance	127 968	123 438	123 286	137 875	143 193	17.77%
Life acceptances	1 226	1 291	753	1 247	913	0.11%
Total life	269 589	269 878	288 515	341 146	356 127	44.20%
Grand total	594 785	628 947	670 678	778 288	805 664	100%

Sources: Swiss Re Institute & Atlas Magazine

Exchange rate as at 31/12/2017 : 1 FCFA = 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 ; 31/12/2021 : 1 FCFA = 0,00173 USD.

Ivorian insurance market: loss ratio 2021 per class of business

Figures in thousands

	Incurred losses		Earned premiums		Loss ratio
	FCFA	USD	FCFA	USD	Loss ratio
Motor	33 985 835	58 796	81 860 880	141 619	41.52%
Bodily injury and health	55 544 711	96 092	78 888 807	136 478	70.41%
Fire and other property damage	15 115 282	26 149	49 707 811	85 995	30.41%
Marine	2 776 707	4 804	24 004 322	41 527	11.57%
General third party liability	4 225 614	7 310	8 972 079	15 522	47.10%
Miscellaneous risks	3 009 412	5 206	12 034 935	20 820	25.01%
Non life acceptances	1 133 935	1 962	1 545 697	2 674	73.36%
Total non-life	115 791 496	200 319	257 014 531	444 635	45.05%

Ivorian insurance market: management expenses ratio 2021 per class of business

Figures in thousands

	Acquisition and administrative expenses		Gross written premiums		Gross management expenses ratio
	FCFA	USD	FCFA	USD	Gross management expenses ratio
Motor	35 381 071	61 209	82 040 306	141 930	43.13%
Bodily injury and health	25 414 254	43 967	78 509 851	135 822	32.37%
Fire and other property damage	13 857 246	23 973	51 645 288	89 346	26.83%
Marine	7 632 268	13 204	24 443 696	42 287	31.22%
General third party liability	3 960 325	6 851	9 424 110	16 304	42.02%
Miscellaneous risks	3 730 038	6 453	12 129 282	20 984	30.75%
Non life acceptances	522 132	903	1 655 659	2 864	31.54%
Total non-life	90 497 334	156 560	259 848 192	449 537	34.83%

Ivorian insurance market: combined ratio 2021 per class of business

	Loss ratio	Management expenses ratio	Combined ratio
Motor	41.52%	43.13%	84.65%
Bodily injury and health	70.41%	32.37%	102.78%
Fire and other property damage	30.41%	26.83%	57.24%
Marine	11.57%	31.22%	42.79%
General third party liability	47.10%	42.02%	89.12%
Miscellaneous risks	25.01%	30.75%	55.76%
Non life acceptances	73.36%	31.54%	104.90%
Total non-life	45.05%	34.83%	79.88%

Read also | Ivorian insurance market (2015-2019)

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Tue, 20/12/2022 - 11:05