The Malian insurance market

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Photo credit: US Gov / CIA World Factbook

Insurance market features

  • Regulatory authority: Ministry of Finance - Department of National Treasury and Public Accounting
  • Premiums (2003): 20.8 millions USD
  • Insurance density (2003) : 1.78 USD
  • Penetration rate (2003) : 0.5%

Market structure

Actors
Number
Non life insurance companies
5
Life insurance companies
1
Brokers
25
General agents
37

Identity

  • Area: 1 240 190 Km2
  • Population (2003): 11.7 million inhabitants
  • GDP (2003): 4.3 billion USD
  • GDP per capita (2003): 368 USD
  • GDP growth rate (2003): 6%
  • Inflation rate (2003): 1.8%
  • Main economic sectors: Agriculture (cotton, corn, cereal), cattle breeding, food industries, building and mining (gold and phosphate)

Major towns

(in number of inhabitants)
  • Bamako (capital): 850 000
  • Segou: 110 000
  • Sikasso: 92 000
  • Mopti: 88 000
 

Turnover evolution: 2000-2003

in thousands USD
Premiums2000200120022003
Non life
13 91312 92317 41318 342
Life
1 3931 3982 2132 484
Total
15 306 14 321 19 626 20 826

Turnover's evolution split by class of business: 2000-2003

in thousands USD
 2000200120022003
Non life
Motor
6 6916 8308 1418 499
Fire and property damage
3 1912 3973 4603 581
Acc. Health
5545681 6141 815
TLP
383447616557
Marine
1 8741 6361 9262 619
Miscellaneous
1 0258581 6561 118
Acceptances
1951870153
Total non life
13 913 12 923 17 413 18 342
Life
Total life
1 393 1 398 2 213 2 484
Grand total
15 30614 32119 62620 826

Premiums and claims split by company: 2002-2003

in thousands USD
 PremiumsIncurred claimsLoss ratio
 200220032002200320022003
Non life companies
AGF Mali Assurances
2 5823 5886631 06625.7%29.7%
CNAR
3 6753 3301 9061 51651.9%45.5%
COLINA SA
3 7613 9199921 51526.4%38.7%
Assurances LAFIA
4 8995 4751 6402 58133.5%47.1%
SABU NYUMAN
2 4962 0328941 05135.8%51.7%
Total non life
17 413 18 342 6 095 7 729 35.0% 42.1%
Life companies
Société nouvelle d'assurance vie
2 2132 48454371324.5%28.7%
Total life
2 213 2 484 543 713 24.5% 28.7%
Grand total
19 62620 8266 6388 44233.8%40.5%

2003 Market share

By class of business
By company
 
Exchange rate
USD/XAF as at 31/12
2000
2001
2002
2003
708.039
743.922
625.497
576.766
0
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Tue, 14/05/2013 - 10:34
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