It is during the meeting for the 16th annual conference of the FANAF zone markets held in Lomé (Togo) on November 28, 2011 that the figures of the 13 countries have been disclosed.
As a reminder, FANAF is present in 25 countries including: South Africa, Algeria, Benin, Burkina Faso, Burundi, Cameroon, Central African Republic, Congo Brazzaville, Côte d’Ivoire, Gabon, Ghana, Guinea Conakry, Kenya, Madagascar, Mali, Morocco, Mauritania, Nigeria, Niger, Democratic Republic of Congo, Rwanda, Senegal, Chad, Togo and Tunisia.
Global turnover on the rise
The global turnover of the 13 countries gathered in Lomé (1) amounts to 703 879 million FCFA (1 451 million USD) in 2010, compared to 636 324 million FCFA (1 418 million USD) in 2009, that is, a 10.61% increase. Four countries account for 70.5% of the premiums: Côte d’Ivoire (27.83%), Cameroon (18.28%), Senegal (12.51%) and Gabon (11.91%).
It is Rwanda which has reported the highest annual growth. In this market, life and non-life premiums increased by nearly 35% attaining 20 891 million FCFA (43 million USD) in 2010. This growth is accounted for by the improved business environment in this country.
Togo, Côte d’Ivoire, Gabon and Mali are also reporting a two-digit growth. In 2010, only two countries, Congo Brazzaville and Chad, regressed in comparison with 2009.
Breakdown of life and non life premiums: 2009-2010
| 2009 premiums in 000 'FCFA | 2010 premiums in 000' FCFA | 2009/2010 evolution | 2009 premiums in 000' USD | 2010 premiums in 000' USD | 2010 shares | |
|---|---|---|---|---|---|---|
Non life | 469 848 725 | 510 132 587 | 8.5% | 1 047 293 | 1 051 893 | 72.47% |
Life | 166 475 743 | 193 746 590 | 16.38% | 371 074 | 399 506 | 27.53% |
Total | 636 324 468 | 703 879 177 | 10.61% | 1 418 367 | 1 451 399 | 100% |
Non-life insurance
Almost 73% of the written premiums are accounted for by non-life insurance. This class of business prevails in this region with market shares reaching up to 97% in Central African Republic, 91% in Chad and 90% in Congo Brazzaville.
The non-life premiums of 510 132 million FCFA (1 051 million USD) grew by 8.5% in 2010 with Rwanda reporting the most remarkable growth (+46.16%) while Congo Brazzaville reported a decrease above 15% of its non-life premiums.
Life insurance
Despite a considerable 16.38% growth in 2010, the life insurance market remains under-exploited.
The turnover reported in 2010 amounted to 193 746 million FCFA (399 million USD). The sector remains dominated by Côte d’Ivoire, Cameroon and Senegal with respective market shares of 42.6%, 16% and 10.2%.
In terms of growth rate, Congo Brazzaville (+112%) and Central African Republic (+107%) have posted the highest progressions.
Breakdown of life and non life premiums per country of the FANAF zone
| 2009 premiums in 000' FCFA | 2010 premiums in 000' FCFA | 2009/10 growth | 2009 premiums in 000' USD | 2010 premiums in 000' USD | 2010 shares | |
|---|---|---|---|---|---|---|
Côte d'Ivoire | 174 614 191 | 195 893 730 | 12.18% | 389 215 | 403 933 | 27.83% |
Cameroon | 118 139 517 | 128 644 173 | 8.89% | 263 333 | 265 264 | 18.28% |
Senegal | 80 645 748 | 88 017 109 | 9.14% | 179 759 | 181 491 | 12.51% |
Gabon | 75 219 237 | 83 840 152 | 11.46% | 167 664 | 172 878 | 11.91% |
Burkina Faso | 29 649 907 | 36 835 185 | 24.23% | 66 090 | 75 954 | 5.23% |
Benin | 31 303 479 | 33 475 665 | 6.93% | 69 775 | 69 027 | 4.75% |
Congo | 36 893 329 | 33 159 290 | -10.12% | 82 235 | 68 374 | 4.71% |
Togo | 24 770 642 | 29 213 509 | 17.93% | 55 214 | 60 238 | 4.15% |
Mali | 20 692 589 | 23 435 855 | 13.25% | 46 124 | 48 325 | 3.33% |
Rwanda | 15 487 588 | 20 891 303 | 34.98% | 34 522 | 43 078 | 2.97% |
Niger | 17 178 080 | 18 576 434 | 8.14% | 38 290 | 38 305 | 2.64% |
Chad | 8 733 610 | 8 628 767 | -1.20% | 19 467 | 17 793 | 1.23% |
CAR* | 2 996 551 | 3 268 005 | 9.05% | 6 679 | 6 739 | 0.46% |
Total | 636 324 468 | 703 879 177 | 10.61% | 1 418 396 | 1 451 399 | 100% |
Exchange rate FCFA/USD as at 31/12 | 2009 | 2010 |
0.002229 | 0.002062 |