The Ivorian insurance market

Photo credit: US Gov / CIA World Factbook

Insurance market features

  • Regulatory authority: Ministry of Economy and Finance - Insurance Management
  • Premiums (2003): 199 771 000 USD
  • Insurance density (2003): 11.8 USD
  • Penetration rate (2003): 1.46%

2003 market structure

Actors
Number
Non life companies
18
Life companies
9
General agents
16
Brokers
27

Identity

  • Area: 322 460 Km2
  • Population (2004):
    16 900 000 inhabitants
  • GDP (2004): 13.7 billion USD
  • GDP per capita (2003): 811 USD
  • GDP growth rate (2003): -3.8%
  • Inflation rate (2003): 1.8%
  • Main economic sectors: Agriculture (coffee, cocoa, bananas, pineapple, palm oil), gum and natural rubber production, food industry, wood production, textile industry, buses and trucks assembling, construction and repair of ships

Major cities

(in number of inhabitant)
  • Abidjan: 3 000 000
  • Bouaké: 600 000
  • Daloa: 135 000
  • Korogho: 115 000
  • Yamoussoukro (capital):
    110 000
 

Turnover evolution 2000-2003

in thousands USD
 2000200120022003
Life
47 05447 26756 05162 330
Non life
109 22998 263120 679137 441
Total
156 283 145 530 176 730 199 771

in millions XOF

Premiums and incurred losses split by company

in thousands USD
 PremiumsIncurred lossesLoss ratio
 200320022003200220032002
Non life companies
COLINA S.A.
22 98214 8027 7394 36333.7%29.5%
Nouvelle Société Interafricaine d'Assurances (NSIA)
17 90517 49110 07810 52656.3%60.2%
AXA Assurances
17 75218 1979 1039 87651.3%54.3%
La Nationale d'Assurances
12 72314 5566 0948 75247.9%60.1%
Les Mans Assurances Internationales IARD
12 55013 1567 7224 72661.5%35.9%
AGF Côte d'Ivoire Assurances
10 7409 6293 2343 01330.1%31.3%
Société Ivoirienne d'Assurances Mutuelles
9 2868 7295 1674 96355.6%56.9%
Solidarité Africaine d'Assurances (SAFA)
5 6605 0378042 83614.2%56.3%
Compagnie Euro-Africaine d'Assurances (CEA)
5 1222 6302 4881 26448.6%48.1%
Société Mutuelle d'Assurances Vie (SOMA vie)
4 539NDNDNDNDND
Mutuelle d'Assurances des Taxis Compteurs d'Abidjan (MATCA)
4 222NDNDNDNDND
Mutuelle Centrale d'assurances (MCA)
4 1075 1881 9251 21846.9%23.5%
Mutuelle Agricole de Côte d'Ivoire
3 8205 3021 4441 10037.8%20.7%
Alliance Africaine d'Assurances
3 3102 9391 6671 35350.4%46.0%
SOMAT Assurances
2 4612 52546122118.7%8.8%
Garantie Mutuelle des Transporteurs
2624980170.0%3.4%
La Loyale Assurances*
      
Fédérale d'Assurances de Côte d'Ivoire*
      
Non life total
137 441 120 679 57 926 54 211 42.2% 44.9%
Life companies
Colina Africa Vie
18 057
16 834
11 115
7 794
  
AXA Assurances Vie
13 322
12 235
14 635
ND
  
AGF Côte d'Ivoire Assurances Vie
10 976
8 822
7 831
4 260
  
Assurances Générales de Côte d'Ivoire (AGCI Vie)
5 896
5 161
2 169
1 540
  
Le Mans Assurances Internationales Vie (LMAI-Vie)
5 118
4 434
1 992
1 174
  
Société Tropicale d'Assurance Mutuelle Vie
3 906
3 447
2 907
2 633
  
Beneficial Life Co.
3 479
3 201
2 579
3 404
  
La Loyale Vie
1 113
998
491
989
  
Alliance Africaine d'Assurances Vie
463
919
339
333
  
Life total
62 330
56 051
42 066
22 127
  
Grand total
199 771
176 730
101 984
76 355
  
* Companies recently created

Premiums' evolution by class of business 2000-2003

in thousands USD
 2000%2001%2002%2003%
Non life
Accidents / Health
30 17119.3%29 13320.0%32 33718.3%36 90218.5%
Motor
44 90328.7%39 53927.2%44 31925.1%51 60625.8%
Fire & property damages
21 55013.8%18 58612.8%25 22414.3%25 58312.8%
Third party liability
3 9672.5%4 0472.8%5 6733.2%4 8782.4%
Aviation
4320.3%3430.2%8570.5%1 1150.6%
Marine
6 4824.2%6 5274.5%6 6173.7%10 0535.0%
Other marine
5110.3%3240.2%6190.4%6590.3%
Miscellaneous
1 2130.8%1 1080.7%1 6340.9%6 3063.2%
Acceptances
00.0%-1 344-0.9%3 3991.9%3390.2%
Non life total
109 229 69.9% 98 263 67.5% 120 679 68.3% 137 441 68.8%
Life
Life
47 054 30.1% 47 267 32.5% 56 051 31.7% 62 330 31.2%
Grand total
156 283100.0%145 530100.0%176 730100.0%199 771100.0%

Premiums split by class of business in 2003

Exchange rate
USD/XOF as at 31/12
2000
2001
2002
2003
708.039
743.922
625.497
576.766
0
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