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Insurers in Burkina Faso closed the 2023 financial year with a turnover of 157.7 billion FCFA (257.6 million USD), up 10.1% on the 143.2 billion FCFA (237.8 million USD) recorded in 2022.
Non-life premiums increased by 10.8% to 88.1 billion FCFA (143.9 million USD). The combined ratio improved by 13 points to 73%.
Sanlam IARD remains the leading non-life insurer, followed by SONAR IARD and Coris IARD. These three companies generated written premiums of 18.7 billion FCFA (30.5 million USD), 15.1 billion FCFA (24.7 million USD) and 11.8 billion FCFA (19.3 million USD) respectively in 2023.
Life insurance underwriting rose by 9.4% to 69.6 billion FCFA (113.7 million USD).
With a turnover of 18.2 billion FCFA (29.7 million USD), SONAR Vie remains the life insurance market leader. Sunu Vie and UAB Vie are in second and third place, ending 2023 with premium income of 17 billion FCFA (27.8 million USD) and 14.4 billion FCFA (23.5 million USD) respectively.
