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The insurance industry in Burkina Faso: 2012-2016

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Magazine Issue: 
Extreme risks insurability [3]
Magazine date: 
Oct 2017

Burkina Faso insurance market features 2016

  • Regulatory authority: Ministry of economy and finance
    insurance department
  • Life and non life premiums (2016): 106 million USD
  • Insurance density (2016): 5.68 USD
  • Insurance penetration rate (2016): 0.87%

Burkina Faso insurance market structure 2016

  • Non life insurance companies: 8
  • Life insurance companies: 7
  • Reinsurance company: 1

Profile

Area: 274 400 Km2
  • Population (1) (2016): 18.65 million inhabitants
  • GDP (2016): 12.12 billion USD
  • GDP per capita (2016): 650 USD
  • Inflation rate (2016) (2): 0.6%
  • Main economic sectors: mining (copper, iron, zinc), agriculture (corn, rice, cotton…)

Major cities (3)

(per number of inhabitants in 2012)

  • Ouagadougou (capital): 1 915 102
  • Bobo-Dioulasso: 813 610
(1) World Bank
(2) International Monetary Fund (IMF)
(3)The national institute of statistics and demography (INSD)
 

The insurance industry in Burkina Faso: evolution of life and non life turnover (2012-2016)

in thousands
 20122013201420152016
 FCFAUSDFCFAUSDFCFAUSDFCFAUSDFCFAUSD
Non life28 762 37758 07131 759 06466 63133 024 53961 19438 623 97464 34843 753 82170 356
Life14 065 87428 39915 308 53232 11717 996 53033 34819 288 96032 13522 239 87635 762
Total 42 828 251 86 470 47 067 596 98 748 51 021 069 94 542 57 912 934 96 483 65 993 697 106 118

The insurance industry in Burkina Faso: Evolution of turnover per non life company (2014-2016)

in thousands
 2014201520162016 shares
 FCFA(1)USDFCFA(1) USDFCFA(1) USD
SONAR IARD
9 866 33618 28210 709 55917 84212 051 71419 37927.5%
SAHAM
5 740 02710 6366 209 10910 3457 275 84611 70016.6%
UAB IARD
2 347 3324 3494 096 7506 8255 214 5398 38511.9%
ALLIANZ BF
4 402 7448 1585 013 9618 3535 036 9588 09911.5%
GA IARD
4 182 2057 7504 624 7997 7054 705 1887 56610.8%
SUNU
2 821 7605 2293 569 2215 9464 459 1757 17010.2%
CORIS
2 795 9675 1813 384 9445 6403 959 9366 3689.1%
JACKSON
868 1681 6091 015 6311 6921 050 4651 6892.4%
Total
33 024 539 61 194 38 623 974 64 348 43 753 821 70 356 100%
(1)CFA franc

Market shares per non life insurance company in 2016

burkina faso insurance industry

The insurance industry in Burkina Faso: turnover per class of business and per non life insurance company in 2016

in thousands FCFA
 Bodily injury and healthMotorFire and property damageRC
générale		MarineOther direct risksAcceptances Total
SONAR IARD
2 490 0713 726 9931 246 587336 4001 021 0003 065 823164 840 12 051 714
SAHAM
1 831 0802 718 5201 200 270277 852743 450504 250424 7 275 846
UAB IARD
2 310 2622 307 240284 66864 560207 27040 539- 5 214 539
ALLIANZ BF
1 024 2002 056 478721 646315 521734 153184 960- 5 036 958
GA IARD
1 202 2212 864 926188 429-195 333254 279- 4 705 188
SUNU
1 654 8581 609 932680 950241 634221 0012 72048 080 4 459 175
CORIS
492 3502 872 689163 71656 953278 99559 25535 978 3 959 936
JACKSON
63 349829 53165 53310 96052 31328 779- 1 050 465
Total
11 068 391 18 986 309 4 551 799 1 303 880 3 453 515 4 140 605 249 322 43 753 821
in thousands USD
 Bodily injury and healthMotorFire and property damageGeneral TPLMarineOther direct risksAcceptances Total
SONAR IARD
4 0045 9932 0055411 6424 930265 19 380
SAHAM
2 9444 3711 9304471 1958111 11 699
UAB IARD
3 7153 71045810433365- 8 385
ALLIANZ BF
1 6473 3071 1605071 181297- 8 099
GA IARD
1 9334 607303-314409- 7 566
SUNU
2 6612 5891 095389355477 7 170
CORIS
7924 619263924499558 6 368
JACKSON
1021 334105188446- 1 689
Total
17 798 30 530 7 319 2 098 5 553 6 657 401 70 356

The insurance industry in Burkina Faso: turnover per class of business and per life insurance company in 2016

in thousands
 Individual life policiesGroup life insuranceAcceptances Total 2016 shares
 FCFA (1) USDFCFA (1) USDFCFA (1) USD FCFA (1) USD
SONAR Vie
3 746 2356 0243 560 4865 725-- 7 306 721 11 749 32.9%
UAB Vie
5 285 9698 5001 283 6772 064-- 6 569 646 10 564 29.5%
ALLIANZ Vie
3 389 7895 451---- 3 389 789 5 451 15.2%
SUNU Vie
94 4611521 306 0402 100172 580278 1 573 081 2 530 7.1%
GA Vie
185 0022981 174 1191 888-- 1 359 121 2 186 6.1%
CIF Vie
263 7244241 038 1071 669-- 1 301 831 2 093 5.9%
CORIS Vie
11 97419727 7131 170-- 739 687 1 189 3.3%
Total
12 977 154 20 868 9 090 142 14 616 172 580 278 22 239 876 35 762 100%

Market shares per life insurance company in 2016

burkina faso insurance market

The insurance industry in Burkina Faso: turnover per class of business in 2016

in thousands
 2016 turnover2016 shares
 In FCFA(1)In USD
Bodily injury and health
11 068 39117 79816.8%
Motor
18 986 30930 53028.8%
Fire and property damage
4 551 7997 3196.9%
General third party liability
1 303 8802 0972.0%
Marine
3 453 5155 5535.2%
Other direct risks
4 140 6056 6586.3%
Acceptances
249 3224010.4%
Total non life
43 753 821 70 356 66.4%
Individual life policies
12 977 15420 86719.6%
Group life insurance
9 090 14214 61713.8%
Acceptances
172 5802780.2%
Total life
22 239 876 35 762 33.6%
Grand total
65 993 697106 118100%
(1) CFA franc

Market shares per class of business in 2016

burkina faso insurance industry

Exchange rate
FCFA/USD as at 31/12
2012
2013
2014
2015
2016
0.002019
0.002098
0.001853
0.001666
0.00161
Fri, 20/10/2017 - 09:26

Source URL: https://www.atlas-mag.net/en/article/the-insurance-industry-in-burkina-faso-2012-2016

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[3] https://www.atlas-mag.net/en/issue/extreme-risks-insurability