The Senegalese insurance market

Crédit photo: US Gov / CIA World Factbook

Insurance market features

  • Regulatory authority: Ministry of economy, finance and plan
    Insurance department
  • Premiums (2006): 130 million USD
  • Insurance density (2006): 11 USD
  • Penetration rate (2006): 1.6%

Market structure in 2006

  • Life companies: 5
  • Non life companies: 13

Identity

  • Area: 193 000 Km2
  • Population (2006): 11 900 000 inhabitants
  • GDP (2006): 8.331 billion USD
  • GDP per capita (2006): 700 USD
  • GDP growth rate (2006): 2%
  • Inflation rate (2006): 2.1%
  • Main economic sectors: Services, peanut transformation, phosphates and fishing

Main cities

(in number of inhabitants)
  • Dakar (capital): 2 000 000
  • Touba: 350 000
  • Thies: 250 000
  • Ziguinchor: 200 000
 

Turnover evolution: 2001-2006

in millions USD
Gross written premiums2001200220032004200520062005/06
growth rate
Non life
47.065.984.7102.992.8106.1+ 16%
Life
8.810.513.418.319.323.9
Total
55.876.498.1121.2112.1130


Premiums split by class of business: 2001-2006

in USD
Classes200120022003200420052006
Non life
Accident & health
8 405 00010 745 00012 462 00016 012 00014 987 00018 513 000
Motor
19 570 00026 025 00034 495 00039 178 00034 800 00041 383 000
Fire
7 096 00010 543 00014 074 00016 865 00015 523 00014 140 000
Marine
8 446 00012 656 00016 241 00020 085 00019 080 00018 096 000
Others
3 510 0005 917 0007 405 00010 741 0008 464 00014 004 000
Non life total
47 027 000 65 886 000 84 677 000 102 881 000 92 854 000 106 136 000
Life
Life
8 788 000 10 547 000 13 453 000 18 346 000 19 283 000 23 899 000
Grand total
55 815 00076 433 00098 130 000121 227 000112 137 000130 035 000

Turnover split by company in 2006

Non life turnover

in USD
RankCompanyBodily injuries & HealthMotorFireMarine1Others2Total
1
AXA-Sénégal
1 726 0004 623 0001 437 00011 684 000960 00020 430 000
2
PA
3 646 0005 009 0001 647 0001 259 0001 316 00012 877 000
3
AGF Sénégal
2 164 0003 306 0002 852 0001 799 0002 684 00012 805 000
4
AMSA
1 659 0003 693 0002 647 000706 0002 416 00011 121 000
5
NSIA-Sénégal
2 358 0002 793 0001 231 000722 0001 347 0008 451 000
6
SONAM SA
212 0001 958 0003 161 0001 399 0001 714 0008 444 000
7
CNART
533 0005 706 000347 000184 000397 0007 167 000
8
ALLIANCE
1 580 0004 271 000491 000175 000350 0006 867 000
9
SOSAR
1 673 0003 808 000136 000121 0001 109 0006 847 000
10
ASS
166 0005 932 000107 00046 000265 0006 516 000
11
SONAM Mutuelle
2 794 000----2 794 000
12
SONAC
----1 446 0001 446 000
13
MAAS
3 000286 00083 000 583372 583
Total
18 514 000 41 385 000 14 139 000 18 095 000 14 004 583 106 137 583
1 Aviation, marine cargo, inland 2 Including engineering

Life turnover

in USD
RankCompanyTurnoverMarket share
1
SONAM-VIE5 700 00024 %
2
AGF Sen VIE5 500 00023 %
3
AMSA-VIE5 100 00021 %
4
UASen-VIE4 300 00018 %
5
ILICO3 300 00014 %
Total
23 900 000100 %
Exchange rate
XOF/USD as at 31/12
2001
2002
2003
2004
2005
2006
0.001351
0.001598
0.001914
0.00208
0.001806
0.002034
0
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