Magazine date:
Dec 2018 The Burundian insurance market aims to double its turnover within five years. At the end of 2017, the market's gross premiums amounted to 40.6 billion BIF (22.6 million USD). The objective is to collect 80 billion BIF (44.6 million USD) in 2022.
According to the insurance regulation and control authority (ARCA) the objective is attainable. The new insurance code introduced five mandatory covers. For the authorities, this decision will have a major impact on the industry's turnover increase in Burundi, which has no insurance culture. The sector, which has 13 insurance companies, accounts for only 0.75% of the country's GDP. This penetration rate is considered as one of the lowest in the world.
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