Magazine date:
Jul 2003 
Insurance market features
- Regulatory body: Ministère de l'Économie, des Finances et du Plan - Direction des Assurances
- Senegal is a CIMA member (Conférence Interafricaine des Marchés d'Assurances) . CIMA members have a common legislation.
- Mandatory Insurance: Motor liability and marine insurance
- Mandatory cessions: 6.5% on direct premiums and 15% on reinsurance treaties
- Premiums (2002): 73 774 000 USD
- Insurance density (2002): 7.38 USD
- Insurance penetration ratio: 1.37%
Market structure in 2002
Number of insurance companies
| Activity | Number |
|---|---|
Non-Life | 11 |
Life | 5 |
Credit | 1 |
Reinsurance | 1 |
Total | 18 |
Number of employees
| By category | Number |
|---|---|
Managers | 162 |
Senior employees | 247 |
Employees | 179 |
Total | 588 |
Distribution networks
| Networks | Number |
|---|---|
General agents | 2 |
Insurance brokers | 37 |
Reinsurance brokers | 1 |
Total | 40 |
Identity
- Area: 193 000 Km²
- Population (2002): 10 millions
- GDP (2001): 5 387 310 592 USD
- GDP per capita (2001): 539 USD
- GNP growth rate in 2001: +5.6%
- Expected GNP growth rate in 2002: +4.8%
- Inflation in 2002: +1.5%
- Main industries : peanut processing, phosphates, and fisheries
Major towns
(in inhabitants)
- Dakar: 2 000 000
- Touba: 350 000
- Thiès: 250 000
- Ziguinchor: 200 000
Written premiums
in thousands USDClass of business | 2001 | 2002 |
|---|---|---|
Life | 9 868 | 9 974 |
Non-life | 52 800 | 63 800 |
Total | 62 668 | 73 774 |
Life premiums | Non-life premiums | |
|---|---|---|
| in thousands USD | in thousands USD |
Branches | 2001 | 2002 |
|---|---|---|
Life insurance | 3 044 | Details not available |
Group | 3 274 | |
Complementary | 217 | |
Other risks | 107 | |
Capitalization funding | 3 156 | |
Acceptances | 70 | |
Total | 9 868 | 9 974 |
Branches | 2001 | 2002 |
|---|---|---|
Accidents & sickness | 9 437 | 10 357 |
Motor liability | 15 169 | 15 933 |
Other motor risks | 6 804 | 10 122 |
Fire | 7 966 | 9 281 |
Marine | 9 482 | 12 178 |
General liability | 1 721 | 5 929 |
Other direct risks | 1 467 | |
Acceptances | 752 | 0 |
Total | 52 800 | 63 800 |
Classification of insurance companies by annual turnover
Non-life | Life | |
|---|---|---|
| in thousands USD | in thousands USD |
| Rank | Company | 2002 | 2001 |
|---|---|---|---|
1 | AXA | 15 656 | 11 393 |
2 | SONAM | 9 198 | 8 558 |
3 | AGS | 8 099 | 6 762 |
4 | La Prévoyance | 7 77 | 6 876 |
5 | SNAS | 6 912 | 5 768 |
6 | A S S | 6 003 | 4 823 |
7 | ALLIANCE | 3 515 | 3 348 |
8 | SOSAR | 3 132 | 2 836 |
9 | CNART | 3 050 | 2 061 |
10 | SONAC | 313 | 202 |
11 | MAAS | 150 | 173 |
Total | 63 800 | 52 80 |
| Rank | Company | 2002 | 2001 |
|---|---|---|---|
1 | ILICO | 2 119 | 2 564 |
2 | AGS VIE | 1 607 | 1 640 |
3 | SONAM VIE | 2 390 | 2 247 |
4 | CSAR VIE | 1 639 | 1 585 |
5 | SNAS VIE | 2 219 | 1 832 |
Total | 9 974 | 9 868 |
Market results
in thousands USD| Operations | 2001 |
|---|---|
Non-life | 4 570 |
Life | 1 420 |
Résult | 5 990 |
We thank the FSSA for his invaluable help in preparing this sheet.