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The Nigerien insurance market

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Magazine Issue: 
Disaster scenario [3]
Magazine date: 
Dec 2006
Photo credit: US Gov / CIA World Factbook

Insurance market features

  • Regulatory authority: Ministry of Finance
  • Premiums (2004): 18.21 million USD
  • Insurance density (2004): 1.45 USD
  • Penetration rate (2004): 0.60%

Market structure in 2004

Actors
Number
Non life companies
4
Life companies
1
Brokers
11
General agents
17

Identity

  • Area: 1 267 000 Km2
  • Population (2005): 12 525 094 inhabitants
  • GDP (2005): 3.031 billion USD
  • GDP per capita (2005): 241 USD
  • GDP growth rate (2005): 7.1%
  • Inflation rate (2005): 7.8%
  • Main economic sectors: agriculture, stock breeding, coal, uranium mining, gold

Major cities

(in number of inhabitants)
  • Niamey (capital): 731 000
  • Zinder: 120 900
  • Marandi: 113 000
 

Main economic indicators: 2000-2004

in USD
 2001200220032004
GDP
1 927 000 0002 420 000 0003 041 000 0003 031 000 000
GDP per capita
172224253241
Insurance density
0.891.131.331.45
Penetration rate (%)
0.510.510.530.60

Turnover evolution: 2000-2004

in millions USD
Gross premiums200020012002200320042003/2004
growth rate
Non life
9.429.1411.1514.9016.52+13.75%
Life
0.600.630.991.101.68
Total
10 9.7 12.1 16 18.2

Premiums split by class of business*: 2003-2004

in millions USD
 2003%2004%
Non life
Motor
8.152.2%9.554.3%
Fire
1.59.7%1.810.3%
Accident & health
1.912.2%2.313.1%
Miscellaneous
0.10.6%0.42.3%
Marine
2.717.4%1.810.3%
GTPL
0.31.9%0.21.1%
Non life total
14.6 94% 16 91.4%
Life
Life
0.9 6% 1.5 8.6%
Grand Total
15.5100%17.5100%
* Figures exclusive of reinsurance acceptances

Loss ratio non-life & life: 2000-2004

 20002001200220032004
Non life loss ratio
51%43%39%43%46%
Life loss ratio
60%33%65%69%60%
Non-life & life loss ratio
51%42%41%45%47%



Exchange rate
USD/XOF as at 31/12
2000
2001
2002
2003
2004
696
740
625
522
481

Source: FANAF — The insurance market in Africa: Data 2000 - 2004
Wed, 15/05/2013 - 12:21

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