Magazine date:
Nov 2005 
Benin insurance industry features
- Regulatory Authority: Ministry of Finances and Economy
- Premiums (2004): 38.5 million USD
- Insurance density (2004): 5.6 USD
- Penetration rate (2004): 0.9%
Benin insurance industry: structure in 2004
Actors | Number |
|---|---|
Non-Life Companies | 5 |
Life Companies | 3 |
Brokers | 8 |
General Agents | 39 |
Identity
- Area: 112 600 Km2
- Population (2004): 6 900 000 inhabitants
- GDP (2004): 4.1 billion USD
- GDP per capita (2004): 5 143 USD
- GDP Growth rate (2003): 2.7%
- Inflation rate (2004): 1.4%
- Main economic sectors: Agriculture (cotton, corn, cassava, yams, beans, peanuts, palm oil, livestock), food processing, textile industry
Major towns
(in number of inhabitants)
- Cotonou: 750 000
- Porto-Novo (capital): 200 000
- Djougou: 134 000
- Parakou: 104 000
Benin insurance industry: turnover evolution (2000-2004)
in thousands USD| 2000 | 2001 | 2002 | 2003 | 2004 | |
|---|---|---|---|---|---|
Life | 3 148 | 3 441 | 3 907 | 4 521 | 5 635 |
Non life | 13 003 | 17 491 | 22 891 | 26 684 | 32 867 |
Total | 16 151 | 20 932 | 26 798 | 31 205 | 38 502 |
Benin insurance industry: premiums split by class of business (2001-2004)
in thousands USD| 2001 | 2002 | 2003 | 2004 | ||
|---|---|---|---|---|---|
| Non Life | |||||
Health & General accidents | 1 813 | 2 811 | 3 505 | 5 559 | |
Motor | 12 050 | 15 283 | 16 973 | 19 577 | |
Fire & Property damages | 1 250 | 2 136 | 2 966 | 4 129 | |
TPL | 511 | 461 | 1 006 | 1 088 | |
Marine | 1 182 | 1 317 | 1 490 | 1 858 | |
Miscellaneous | 648 | 677 | 704 | 456 | |
Acceptances | 37 | 206 | 40 | 160 | |
Total Non life | 17 491 | 22 891 | 26 684 | 32 867 | |
| Life | |||||
Life | 3 441 | 3 907 | 4 521 | 5 635 | |
Grand total | 20 932 | 26 798 | 31 205 | 38 502 | |
Non-life company's premiums split by class of business: 2002-2003
in thousands USD| AGF Bénin Assurances | L'Africaine des Assurances | Fédérale des Assurances | La Générale des Assurances | Nouvelle Société des Assurances | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2002 | 2003 | 2002 | 2003 | 2002 | 2003 | 2002 | 2003 | 2002 | 2003 | |
Health & General Acc. | 11.46 | 40.19 | 783.45 | 1 120.66 | 193.25 | 252.23 | 13.45 | 33.90 | 1 809.47 | 2 057.76 |
Motor | 581.49 | 429.74 | 5 621.39 | 6 008.58 | 3 551.18 | 3 434.65 | 3 663.36 | 4 697.33 | 1 865.09 | 2 402.40 |
Fire & Property Damages | 557.69 | 934.61 | 816.25 | 918.25 | 38.95 | 69.93 | 22.65 | 44.40 | 873.49 | 1 147.26 |
TPL | 112.54 | 201.30 | 16.84 | 188.01 | 99.15 | 239.04 | 112.94 | 254.05 | 119.68 | 123.79 |
Marine | 180.56 | 231.37 | 652.55 | 727.71 | 90.93 | 115.79 | 58.34 | 63.96 | 334.91 | 351.87 |
Miscellaneous | 91.51 | 185.02 | 324.24 | 291.75 | 75.34 | 56.36 | 12.91 | 21.93 | 0.00 | 0.00 |
Acceptances | 0.00 | 0.00 | 19.86 | 41.72 | 0.00 | 3.78 | 0.00 | 0.00 | 186.20 | -5.72 |
Non life total | 1 535.25 | 2 022.23 | 8 234.58 | 9 296.68 | 4 048.80 | 4 171.79 | 3 883.65 | 5 115.57 | 5 188.84 | 6 077.36 |
Benin insurance industry: Life company's premiums split by company 2002-2003
in thousands USD| Life premiums | 2002 | 2003 |
|---|---|---|
Assurance et Réassurance du Golfe de Guinée | 581.49 | 429.74 |
L'Africaine des Assurances | 5 621.39 | 6 008.58 |
Fédérale des Assurances | 3 551.18 | 3 434.65 |
Exchange rate USD/XOF as at 31/12 | 2000 | 2001 | 2002 | 2003 | 2004 |
708.039 | 743.922 | 625.497 | 576.766 | 481.330 |