The Compagnie Nationale d’Assurance Agricole du Sénégal (CNAAS), is specialized in the underwriting of agricultural risks.
Its turnover amounts to 515 million FCFA (883 225 USD) over the first three quarters of the ongoing year.
The insurer is targeting a premium volume of 600 million FCFA (1 million USD) by the end of 2015 and 1 billion FCFA (1.7 million USD) by 2016.
Roughly 90% of the written premiums cover rice and tomato crops along the valley of the Senegal River. A recent survey, conducted by CNAAS, has found that the potential of agricultural insurance, mainly along the river, is of 10 billion FCFA (17 million USD).
In an effort to boost its growth, the company will soon stage an intensive campaign of communication and awareness-raising among farmers and banks.
CNAAS is trying hard to convince financial institutions to provide loans to peasants having underwritten plans designed to cover their investments.