Ivorian insurance market in 2021
Identity
| Population: 27 053 629 inhabitants |  |
| GDP: 69.76 billion USD | |
| GDP per inhabitant: 2 578.6 USD | |
| GDP growth rate: 7% | |
| Inflation rate: 4.1% |
Data as of 31/12/2021, Source: World Bank
Ivorian insurance market: main indicators
| 2021 | |
| Turnover | 805.664 million USD |
| Penetration rate | 1.15% |
| Insurance density | 29.78 USD |
Read also | Insurance companies in Côte d’Ivoire
Ivorian insurance market: premium evolution
Figures in thousands USD| 2017 | 2018 | 2019 | 2020 | 2021 | 2021 shares | |
|---|---|---|---|---|---|---|
| Motor | 109 500 | 121 039 | 124 555 | 146 261 | 141 930 | 17.62% |
| Bodily injury and health | 96 579 | 116 637 | 122 136 | 137 100 | 135 822 | 16.86% |
| Fire and other property damage | 61 908 | 56 529 | 62 747 | 73 049 | 89 346 | 11.09% |
| Marine | 31 376 | 34 996 | 39 509 | 40 739 | 42 287 | 5.25% |
| General third party liability | 10 688 | 12 324 | 13 570 | 15 634 | 16 304 | 2.02% |
| Miscellaneous risks | 14 894 | 15 843 | 17 798 | 20 946 | 20 984 | 2.60% |
| Non life acceptances | 251 | 1 701 | 1 848 | 3 413 | 2 864 | 0.36% |
| Total non-life | 325 196 | 359 069 | 382 163 | 437 142 | 449 537 | 55.80% |
| Individual insurance | 140 395 | 145 149 | 164 476 | 202 024 | 212 021 | 26.32% |
| Group insurance | 127 968 | 123 438 | 123 286 | 137 875 | 143 193 | 17.77% |
| Life acceptances | 1 226 | 1 291 | 753 | 1 247 | 913 | 0.11% |
| Total life | 269 589 | 269 878 | 288 515 | 341 146 | 356 127 | 44.20% |
| Grand total | 594 785 | 628 947 | 670 678 | 778 288 | 805 664 | 100% |
Sources: Swiss Re Institute & Atlas Magazine
Exchange rate as at 31/12/2017 : 1 FCFA = 0.00183 USD ; at 31/12/2018 : 1 FCFA = 0.00174 USD ; at 31/12/2019 : 1 FCFA = 0.00171 USD ; at 31/12/2020 : 1 FCFA = 0.00187 USD ; 31/12/2021 : 1 FCFA = 0,00173 USD.
Ivorian insurance market: loss ratio 2021 per class of business
Figures in thousands| Incurred losses | Earned premiums | Loss ratio | |||
|---|---|---|---|---|---|
| FCFA | USD | FCFA | USD | ||
| Motor | 33 985 835 | 58 796 | 81 860 880 | 141 619 | 41.52% |
| Bodily injury and health | 55 544 711 | 96 092 | 78 888 807 | 136 478 | 70.41% |
| Fire and other property damage | 15 115 282 | 26 149 | 49 707 811 | 85 995 | 30.41% |
| Marine | 2 776 707 | 4 804 | 24 004 322 | 41 527 | 11.57% |
| General third party liability | 4 225 614 | 7 310 | 8 972 079 | 15 522 | 47.10% |
| Miscellaneous risks | 3 009 412 | 5 206 | 12 034 935 | 20 820 | 25.01% |
| Non life acceptances | 1 133 935 | 1 962 | 1 545 697 | 2 674 | 73.36% |
| Total non-life | 115 791 496 | 200 319 | 257 014 531 | 444 635 | 45.05% |
Ivorian insurance market: management expenses ratio 2021 per class of business
Figures in thousands| Acquisition and administrative expenses | Gross written premiums | Gross management expenses ratio | |||
|---|---|---|---|---|---|
| FCFA | USD | FCFA | USD | ||
| Motor | 35 381 071 | 61 209 | 82 040 306 | 141 930 | 43.13% |
| Bodily injury and health | 25 414 254 | 43 967 | 78 509 851 | 135 822 | 32.37% |
| Fire and other property damage | 13 857 246 | 23 973 | 51 645 288 | 89 346 | 26.83% |
| Marine | 7 632 268 | 13 204 | 24 443 696 | 42 287 | 31.22% |
| General third party liability | 3 960 325 | 6 851 | 9 424 110 | 16 304 | 42.02% |
| Miscellaneous risks | 3 730 038 | 6 453 | 12 129 282 | 20 984 | 30.75% |
| Non life acceptances | 522 132 | 903 | 1 655 659 | 2 864 | 31.54% |
| Total non-life | 90 497 334 | 156 560 | 259 848 192 | 449 537 | 34.83% |
Ivorian insurance market: combined ratio 2021 per class of business
| Loss ratio | Management expenses ratio | Combined ratio | |
|---|---|---|---|
| Motor | 41.52% | 43.13% | 84.65% |
| Bodily injury and health | 70.41% | 32.37% | 102.78% |
| Fire and other property damage | 30.41% | 26.83% | 57.24% |
| Marine | 11.57% | 31.22% | 42.79% |
| General third party liability | 47.10% | 42.02% | 89.12% |
| Miscellaneous risks | 25.01% | 30.75% | 55.76% |
| Non life acceptances | 73.36% | 31.54% | 104.90% |
| Total non-life | 45.05% | 34.83% | 79.88% |
Read also | Ivorian insurance market (2015-2019)
