CIMA’s life insurance market

Although low in absolute terms, CIMA's life premiums have been steadily increasing from 1995 to the present. From 46.9 billion FCFA (95 million USD) in 1995, they are rising to 484 billion FCFA (905 million USD) in 2020, that is, an increase of 932% over the 1995-2020 period and an average annual growth of 36%.

In the end, life insurance, which accounted for only 20% of the insurance market in 1995, reachs a share of 35% of total life and non-life written premiums in 2020. Burkina Faso, a pioneer in life microinsurance, has seen its premiums grow by 273%, followed by Senegal with a growth rate of 219%.

Finally, it is worth noting that Côte d'Ivoire alone is taking in nearly 40% of the life market's premium income, that is, 343 million USD in 2020, followed by Senegal and Cameroon with respective market shares of 15% and 13.8%. The 11 other countries of the zone account for 33% of life premiums.

Among the five largest insurers, in terms of written premiums for all classes of business in 2020, there are three life companies including SUNU Assurance Vie Côte d'Ivoire in first position with 55 billion FCFA (102 million USD) of premiums, NSIA Vie Côte d'Ivoire, the third CIMA insurer for all classes of business with 35.5 billion FCFA (66 million USD), followed by Allianz Vie Côte d'Ivoire in fourth position (27 billion FCFA, 50 million USD).

This remarkable breakthrough of life companies has been facilitated by the legislative evolutions initiated by CIMA which have allowed the arrival on the market of products better adapted to the needs of the populations and modern distribution networks, in particular bancassurance.

CIMA: evolution of life premiums per country

In millions USD

⁽¹⁾ Evolution in FCFA