The Senegalese insurance market
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 premiums | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2005/06 growth rate |
|---|---|---|---|---|---|---|---|
Non life | 47.0 | 65.9 | 84.7 | 102.9 | 92.8 | 106.1 | + 16% |
Life | 8.8 | 10.5 | 13.4 | 18.3 | 19.3 | 23.9 | |
Total | 55.8 | 76.4 | 98.1 | 121.2 | 112.1 | 130 |
Premiums split by class of business: 2001-2006
in USD| Classes | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 |
|---|---|---|---|---|---|---|
| Non life | ||||||
Accident & health | 8 405 000 | 10 745 000 | 12 462 000 | 16 012 000 | 14 987 000 | 18 513 000 |
Motor | 19 570 000 | 26 025 000 | 34 495 000 | 39 178 000 | 34 800 000 | 41 383 000 |
Fire | 7 096 000 | 10 543 000 | 14 074 000 | 16 865 000 | 15 523 000 | 14 140 000 |
Marine | 8 446 000 | 12 656 000 | 16 241 000 | 20 085 000 | 19 080 000 | 18 096 000 |
Others | 3 510 000 | 5 917 000 | 7 405 000 | 10 741 000 | 8 464 000 | 14 004 000 |
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 | 55 815 000 | 76 433 000 | 98 130 000 | 121 227 000 | 112 137 000 | 130 035 000 |
Turnover split by company in 2006
Non life turnover
in USD| Rank | Company | Bodily injuries & Health | Motor | Fire | Marine1 | Others2 | Total |
|---|---|---|---|---|---|---|---|
1 | AXA-Sénégal | 1 726 000 | 4 623 000 | 1 437 000 | 11 684 000 | 960 000 | 20 430 000 |
2 | PA | 3 646 000 | 5 009 000 | 1 647 000 | 1 259 000 | 1 316 000 | 12 877 000 |
3 | AGF Sénégal | 2 164 000 | 3 306 000 | 2 852 000 | 1 799 000 | 2 684 000 | 12 805 000 |
4 | AMSA | 1 659 000 | 3 693 000 | 2 647 000 | 706 000 | 2 416 000 | 11 121 000 |
5 | NSIA-Sénégal | 2 358 000 | 2 793 000 | 1 231 000 | 722 000 | 1 347 000 | 8 451 000 |
6 | SONAM SA | 212 000 | 1 958 000 | 3 161 000 | 1 399 000 | 1 714 000 | 8 444 000 |
7 | CNART | 533 000 | 5 706 000 | 347 000 | 184 000 | 397 000 | 7 167 000 |
8 | ALLIANCE | 1 580 000 | 4 271 000 | 491 000 | 175 000 | 350 000 | 6 867 000 |
9 | SOSAR | 1 673 000 | 3 808 000 | 136 000 | 121 000 | 1 109 000 | 6 847 000 |
10 | ASS | 166 000 | 5 932 000 | 107 000 | 46 000 | 265 000 | 6 516 000 |
11 | SONAM Mutuelle | 2 794 000 | - | - | - | - | 2 794 000 |
12 | SONAC | - | - | - | - | 1 446 000 | 1 446 000 |
13 | MAAS | 3 000 | 286 000 | 83 000 | 583 | 372 583 | |
Total | 18 514 000 | 41 385 000 | 14 139 000 | 18 095 000 | 14 004 583 | 106 137 583 | |
Life turnover
in USD| Rank | Company | Turnover | Market share |
|---|---|---|---|
1 | SONAM-VIE | 5 700 000 | 24 % |
2 | AGF Sen VIE | 5 500 000 | 23 % |
3 | AMSA-VIE | 5 100 000 | 21 % |
4 | UASen-VIE | 4 300 000 | 18 % |
5 | ILICO | 3 300 000 | 14 % |
Total | 23 900 000 | 100 % | |
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 |
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