The insurance sector is booming despite penalizing taxation for insurers

The Malian market counts 11 insurance companies. Eight of them are specialized in non life insurance while three are dedicated to the life business.

In 2014, all of these companies achieved a turnover of 32.9 billion FCFA (61 million USD), 25.1 billion FCFA(46.5 million USD) of which are generated by non-life insurance and 7,8 billion FCFA (14.5 million USD) by life insurance.

These figures represented an increase of 11.4% compared to the previous year. Non life insurance experienced a slight increase of 3.1%, while life insurance jumped by 50.7%.

These increases show that the sector is healthy even if insurers feel penalized by a taxation heavier than that in neighboring countries.
For example, motor insurance is taxed at 20% in Mali against rates ranging from 14.5% in Côte d'Ivoire to 6% in Togo.

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