Published on Atlas Magazine (https://www.atlas-mag.net)

The Burkinabe insurance market

Magazine Issue:

Time for reform [3]

Magazine date:

Mar 2005

Photo credit: US Gov / CIA World Factbook

Insurance market features

Regulatory authority: Ministry of Finances and Economy
Premiums (2003): 27 844 787 USD
Insurance density (2003): 2.34 USD
Penetration rate (2003): 0.7%

Market structure 2004

Actors	Number
Non life insurance companies	5
Life insurance companies	3
Brokers	7
General agents	37

Identity

Area: 274 120 Km²
Population (2003): 11 900 000 inhabitants
GDP (2003): 4.2 billion USD
GDP per capita (2003): 353 USD
GDP growth rate (2003): 6.5%
Inflation rate (2003): 2 %
Main economic sectors: Agriculture (peanut, cotton and cane sugar), gold and cattle breeding

Major towns

(in number of inhabitants)

Ouagadougou (capital): 2 000 000
Bobo Dioulasso: 500 000
Koudougou: 160 000

Turnover evolution: 2000-2004

in USD

	2000	2001	2002	2003	2004
Non life premiums	14 114 980	13 778 943	18 299 404	22 631 816	29 221 570
Life premiums	2 679 405	3 082 035	4 187 018	5 212 971	7 890 735
Total	16 794 385	16 860 978	22 486 422	27 844 787	37 112 305

Written premiums split by class of business: 2000-2004

in USD

	2000	2001	2002	2003	2004
Non life
Motor	8 763 240	8 085 745	10 303 186	12 526 160	16 633 461
Accident-health	787 357	1 132 243	1 440 005	1 807 061	2 936 273
Fire	1 833 673	1 873 125	2 588 370	3 162 450	3 678 179
General TPL	363 138	353 072	620 199	873 515	962 093
Miscellaneous	360 565	383 179	429 360	606 232	876 409
Marine	1 908 670	1 867 571	2 814 661	3 387 388	4 135 155
Acceptances	98 337	84 008	103 623	269 010	0
Non life total	14 114 980	13 778 943	18 299 404	22 631 816	29 221 570
Life
Life	2 679 405	3 082 035	4 187 018	5 212 971	7 890 735
Grand total	16 794 385	16 860 978	22 486 422	27 844 787	37 112 305

Life and non life premiums in 2004		Written premiums split by class of business in 2004

Written premiums' evolution by class of business:
2000-2004

in USD

Written premiums split by company: 2000-2004

in USD

	2000	2001	2002	2003	2004
Non life companies
SONAR	6 428 716	6 240 739	7 774 833	9 499 689	11 074 167
AGF	4 426 723	4 235 300	5 482 041	6 128 554	7 395 728
UAB	1 419 693	1 397 604	1 989 724	2 796 772	4 390 201
Générale des Assurances	1 496 304	1 232 699	1 604 103	1 919 597	3 135 576
COLINA	343 544	672 601	1 448 703	2 287 204	3 225 898
Total non life	14 114 980	13 778 943	18 299 404	22 631 816	29 221 570
Life companies
SONAR	1 020 144	1 104 353	1 620 746	2 100 607	2 901 313
AGF	741 670	942 297	1 279 296	1 592 195	2 496 331
UAB	917 591	1 035 385	1 286 976	1 520 169	2 493 091
Total life	2 679 405	3 082 035	4 187 018	5 212 971	7 890 735
Grand total	16 794 385	16 860 978	22 486 422	27 844 787	37 112 305

2004 breakdown of premiums split by company

Non life premiums		Life premiums

Loss history of non life companies

in USD

	2002	2003	2002	2003
	Incurred claims		Loss ratio
AGF	936 000	1 861 000	17.1%	30.4%
COLINA	335 000	646 000	23.1%	28.3%
Générale des Assurances	580 000	842 000	36.2%	43.8%
SONAR	2 718 000	2 771 000	35.0%	29.2%
UAB	727 000	1 028 000	36.5%	36.8%

Exchange rate USD/XOF as at 31/12	2000	2001	2002	2003	2004
Exchange rate USD/XOF as at 31/12	708.03	743.922	625.497	576.766	481.330

Tue, 14/05/2013 - 10:16

Source URL: https://www.atlas-mag.net/en/article/the-burkinabe-insurance-market

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