CIMA zone’s insurance market: main activity indicators
| 1995 (1) | 2011 | 2020 | 1995/2020 evolution (2) | 2011/2020 evolution (2) | |
|---|---|---|---|---|---|
| Population (in millions of inhabitants) | 91.398 | 139.33 | 187.76 | 105.40% | 34.70% |
| GDP (in billions USD) | 49.1 | 204.45 | 249.32 | 407.70% | 21.90% |
| Number of member countries | 14 | 14 | 14 | - | - |
| Number of life companies | 27 | 47 | 64 | 137% | 36% |
| Number of non-life companies | 65 | 102 | 113 | 73.80% | 10.80% |
| Total number of companies | 92 | 149 | 177 | 92.40% | 18.80% |
| Staff of insurance companies | ND | 6310 | 7 558 | ND | 19.70% |
(1) Date of CIMA's first accounting period
(2) Evolution in FCFA
NA: Not available
Comprising Sahelian countries with a predominantly desert environment and Central and Equatorial African countries where tropical forests reign supreme, the CIMA zone constitutes a heterogeneous economic grouping which, despite the current difficulties, has a strong development potential. This economic area, rich in raw materials and agricultural products, is made up of a young population open to the modern world and to insurance.
The establishment of the pan-African organization in 1992 has not only resulted in a cleaner market but has also boosted the insurance business. Consequently, almost 30 years after the start of CIMA, the number of insurance companies has increased from 92 in 1995 to 177 in 2020.
Read also | CIMA zone insurance market
