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The Senegalese insurance industry: 2011-2015

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Magazine Issue: 
The GAIF, between lights and shadows [3]
Magazine date: 
May 2016

Insurance industry features in Senegal

  • Regulatory authority: Ministry of economy, finance and plan, Insurance direction
  • Life and non life premiums(2015): 200 million USD
  • Insurance density(2014): 12.98 USD
  • Insurance penetration rate(2014): 1.21%

Senegal insurance market structure in 2015

  • Life insurance companies: 8
  • Non life insurance companies: 16
  • Agricultural insurance company: 1
  • Credit insurance company: 1
  • Motor insurance fund : 1
  • Brokerage and consulting firms: 45

Identity

Area: 196 722 Km2
  • Population (2014): 14.67 million inhabitants
  • GDP (2014): 15.66 billion USD
  • GDP per capita (2014): 1 067 USD
  • GDP growth rate (2014): 5.8%
  • Inflation rate (2014): 0.1%
  • Main economic sectors: Services , peanut transformation , phosphate and fishing

Main cities

(per number of inhabitants in 2014)

  • Dakar (capital): 1 181 218
  • Pikine: 1 206 716
  • Touba: 600 000
 
Source: National agency of demography and statistics (ANSD), Senegal

Senegal insurance industry: evolution of turnover per non life insurance company

in thousands USD
 201120122013201420152014/2015 evolution2015 shares
AXA
24 40824 64924 53620 23920 8412.98%14.5%
ALLIANZ
19 57619 95117 41217 57116 993-3.29%11.9%
NSIA
14 52812 38015 54717 17416 869-1.63%11.8%
PA
12 93712 08812 60310 23213 37330.68%9.3%
Saham
7 57110 21411 77911 66512 2750.12%8.6%
CNART
8 6019 55510 58010 19810 4140.31%7.3%
ASKIA
6 1336 6867 7727 7658 92716.20%6.2%
SONAM Sa
9 73810 3359 5317 9118 0593.56%5.6%
AMSA
11 78712 40012 14211 3687 864-25.04%5.5%
ASS
6 2785 6237 0236 6376 394-3.66%4.5%
SUNU
4 5276 4296 6686 7006 22415.03%4.3%
SONAM Mutuelle
7 5837 1387 7146 6924 930-18.07%3.4%
SALAMA
6 0065 8744 3683 9574 04220.56%2.8%
SONAC
2 4341 7591 8941 9462 25629.96%1.6%
Wafa
   -1 672-1.2%
CNAAS
-4341 0199011 24321.65%0.9%
SAAR
   -704-0.5%
MAAS
21332520411011817.11%0.1%
Total
 142 230145 840150 792141 066143 1982%100%
senegalese industry insurance (1)8 companies

Senegal life insurance sector: evolution of turnover per non life insurance company

in thousands USD
 201120122013201420152014/2015 evolution2015 shares
NSIA VIE
4 7626 1038 3977 54814 17487.51%25.2%
SONAM-VIE
12 08812 15713 60012 99813 6284.85%24.2%
ALLIANZ-VIE
8 5348 9819 5919 65211 23116.44%19.9%
SUNU-VIE
7 4038 0699 4909 0188 302-13.61%14.7%
AMSA-VIE
10 0365 4036 4346 8735 136-19.03%9.1%
SAAR VIE
3 0222 7842 4942 2372 083-7.96%3.7%
SEN VIE
- - 1 3581 1201 16620.36%2.1%
WAFA VIE
- - -  -637-1.1%
Total
45 84543 49751 36449 44656 35714.11%100%

Market shares per life insurance company in 2015

senegal industry insurance

Senegal insurance industry: evolution of turnover per non life class of business

in thousands USD
 201120122013201420152015 shares
Motor
 47 728    50 05854 01850 150 48 45234.7%
Fire and property damage
   24 489   24 73823 74325 597  25 10318%
Marine (1)
   21 186     24 12219 47415 59917 30612.4%
Personal accident
and health
    31 13229 12534 49034 681 33 47223.9%
Third party liability
5 512      5 708      -   -     -  -
Technical risks
-  -  5 2553 9654 4503.2%
Miscellaneous accident
12 273    12 08913 81211 07414 4157.8%
Total
142 320145 840 150 792141 066143 198100%

Breakdown of turnover per non life class of business in 2015

turnover Senegalese industry non life insurance (1)including aviation, maritime transport and others

Insurance industry in Senegal: evolution of turnover per life class of business

in thousands USD
 201120122013201420152015 shares
Ordinary life insurance
Life insurance contract
198134 -           -  --  
Death insurance contract
1 8593 2511 8081 9892 4254.3%
Endowment insurance
4 0535 0495 5234 3824 5008%
Retirement savings
7 3687 3838 4528 8228 20814.6%
Capitalization
1005799        -  - 
Complementary insurance
2924-         -  - 
Total ordinary life insurance
13 607 15 898 15 482 15 193 15 133 26.9%
Group life insurance
Life insurance contract
9669  -          -  - 
Death insurance contract
12 37512 61516 63715 75517 44830.9%
Endowment insurance
7006401073732770.5%
Retirement savings
19 05414 16618 73818 12523 49941.7%
Capitalization
   -         -  -           -  - 
Complementary insurance
139       -              -  - 
Total group life insurance
32 238 27 499 35 482 34 253 41 224 73.1%
Total life
45 84543 49751 36449 44656 357100%

Breakdown of turnover per life class of business in 2015

turnover senegalese industry life insurance

Exchange rate
FCFA/USD au 31/12
2011
2012
2013
2014
2015
0.002011
0.002019
0.002098
0.001853
0.001666
Source: The Senegalese federation of insurance companies(FSSA)
Tue, 17/05/2016 - 14:41

Source URL: https://www.atlas-mag.net/en/article/the-senegalese-insurance-industry-2011-2015

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