The Ivorian insurance market in 2018: ranking of companies and turnover per class of business

Magazine Issue:

Magazine date:

Dec 2019

The Ivorian insurance market features

The Ivorian insurance market structure in 2018

Market players	Total
Life insurance companies	11
Non life insurance companies	21
Composite companies	8
Reinsurance companies	4
Total	36

Identity

Area ⁽¹⁾ : 322 462 Km2
Population ⁽¹⁾ (2018) : 25 069 229 inhabitants
GDP ⁽¹⁾ (2018) : 43.007 billion USD
GDP per capita (2018): 1 715.53 USD
GDP growth rate (2018): 7.4%
Inflation rate ⁽¹⁾ (2018): 0.4%
Main economic sectors: agriculture: cacao beans, cashew nuts, coffee and palm oil

Major cities ⁽²⁾

(per number of inhabitants in 2014)

⁽¹⁾ Source World Bank
⁽²⁾ Source : population.data

Figures in thousands USD

	2014	2015	2016	2017*	2018*
Life	204 436	199 059	213 331	269 590	269 878
Non-life	252 917	266 675	276 745	325 196	359 069
Total	457 353	465 734	490 076	594 786	628 947

* including acceptances

Figures in thousands

	2018 Gross Written Premium		2017 Gross Written Premium		2017-2018 evolution ⁽¹⁾	2018 market shares
	En FCFA	En USD	En FCFA	En USD	2017-2018 evolution ⁽¹⁾	2018 market shares
SAHAM	52 017 416	90 510	52 485 540	96 049	-0.89%	25.21%
ALLIANZ	22 465 151	39 089	18 840 445	34 478	19.24%	10.89%
SUNU	21 539 616	37 479	18 086 300	33 098	19.09%	10.44%
AXA	19 203 560	33 414	17 092 196	31 278	12.35%	9.31%
NSIA	17 370 315	30 224	16 090 883	29 447	7.95%	8.42%
ATLANTIQUE	13 014 906	22 646	11 451 224	20 956	13.66%	6.31%
STANE	7 718 518	13 430	3 185 175	5 828	142.33%	3.74%
SIDAM	7 409 609	12 893	5 016 521	9 180	47.70%	3.59%
MATCA	6 630 524	11 537	5 815 867	10 643	14.01%	3.21%
SERENITY	5 342 127	9 295	3 776 868	6 912	41.44%	2.59%
AMSA	5 279 818	9 187	4 254 541	7 786	24.10%	2.56%
SONAM	4 805 450	8 361	4 248 798	7 775	13.10%	2.33%
ATLAS	4 493 020	7 818	4 619 784	8 454	-2.74%	2.18%
2ACI	4 433 935	7 715	3 643 074	6 667	21.71%	2.15%
GNA	3 731 477	6 493	3 926 257	7 186	-4.96%	1.81%
SAAR	3 442 030	5 989	2 702 658	4 945	27.36%	1.67%
WAFA	3 406 525	5 927	2 227 272	4 076	52.95%	1.65%
COMAR	1 630 302	2 837	125 799	230	1195.96%	0.79%
LA LOYALE	1 190 034	2 071	NA	NA	-	0.58%
ATLANTA	1 128 733	1 964	113 266	208	896.53%	0.55%
SMA BTP	108 467	189	NA	NA	-	0.05%
Total	206 361 533	359 069	177 702 468	325 196	16.13%	100%

* Growth rate in local currency
⁽¹⁾ NA: Not available

Figures in thousands

	2018 Gross Written Premium		2017 Gross Written Premium		2017-2018 evolution ⁽¹⁾	2018 market shares
	En FCFA	En USD	En FCFA	En USD	2017-2018 evolution ⁽¹⁾	2018 market shares
SUNU VIE	48 904 209	85 093	48 742 936	89 200	0.33%	31.53%
NSIA VIE	27 321 431	47 539	28 853 111	52 801	-5.31%	17.62%
SAHAM VIE	24 338 564	42 349	23 510 881	43 025	3.52%	15.69%
ALLIANZ VIE	23 420 102	40 751	20 857 325	38 169	12.29%	15.10%
BELIFE	8 301 592	14 445	7 275 430	13 314	14.10%	5.35%
LA LOYALE VIE	8 192 435	14 255	9 016 269	16 500	-9.14%	5.28%
ATLANTIQUE VIE	5 877 289	10 226	4 970 173	9 095	18.25%	3.79%
WAFA VIE	4 738 504	8 245	NA	NA	-	3.06%
SOMA VIE	1 895 818	3 299	2 204 229	4 034	-13.99%	1.22%
LEADWAY VIE	1 106 134	1 925	NA	NA	-	0.71%
SAAR VIE	1 006 208	1 751	594 635	1 088	69.21%	0.65%
AXA VIE	NA	NA	42 481	78
AAA VIE ⁽²⁾	NA	NA	1 249 381	2 286
Total	155 102 285	269 878	147 316 851	269 590	-	100%

⁽¹⁾ Growth rate in local currency
⁽²⁾ Company acquired by SONAM
NA: Not available

Figures in thousands USD

	2014	2015	2016	2017	2018	Parts 2018
Motor	82 447	90 339	98 726	109 500	121 039	19.24%
Bodily injury and health	71 615	75 238	76 350	96 579	116 637	18.54%
Fire and other property damage	45 746	50 821	50 536	61 908	56 529	8.99%
Marine	29 838	30 457	27 948	31 376	34 996	5.56%
Miscellaneous accident	14 773	11 185	13 141	14 894	15 843	2.52%
Third party liability	8 500	8 634	10 045	10 687	12 324	1.96%
Acceptances	-	-	-	251	1 701	0.27%
Total non-life	252 917	266 675	276 745	325 196	359 069	57.08%
Life	204 436	199 059	213 331	269 590	269 878	42.92%
Grand total	457 353	465 734	490 076	594 786	628 947	100%

Breakdown of 2018 turnover per class of business

Figures in thousands

	Incurred losses		Earned premiums		Loss ratio
	In FCFA	In USD	In FCFA	In USD	Loss ratio
Bodily injury and health	45 516 191	79 198	65 907 527	114 679	69.06%
Motor	28 278 020	49 204	68 262 562	118 777	41.43%
Fire and other property damage	18 899 352	32 885	32 484 230	56 523	58.18%
Third party liability	305 385	531	6 943 996	12 083	4.40%
Marine	3 118 689	5 427	20 089 754	34 956	15.52%
Miscellaneous accident	3 103 656	5 400	9 237 462	16 073	33.60%
Acceptances	320 285	557	881 187	1 533	36.35%
Total non-life	99 541 577	173 202	203 806 718	354 624	48.84%

	Acquisition and administration costs		Written premiums		Management expenses ratio
	In FCFA	In USD	In FCFA	In USD	Management expenses ratio
Bodily injury and health	21 484 708	37 383	67 033 029	116 637	32.05%
Motor	31 827 513	55 380	69 562 491	121 039	45.75%
Fire and other property damage	10 788 135	18 771	32 488 098	56 529	33.21%
Third party liability	3 018 148	5 252	7 082 716	12 324	42.61%
Marine	5 520 081	9 605	20 112 749	34 996	27.45%
Miscellaneous accident	3 651 336	6 353	9 104 961	15 843	40.10%
Acceptances	184 128	320	977 489	1 701	18.84%
Total non-Life	76 474 049	133 065	206 361 533	359 069	37.06%

	Loss ratio	Management expenses ratio	Combined ratio
Bodily injury and health	69.06%	32.05%	101.11%
Motor	41.43%	45.75%	87.18%
Fire and other property damage	58.18%	33.21%	91.39%
Third party liability	4.40%	42.61%	47.01%
Marine	15.52%	27.45%	42.97%
Miscellaneous accident	33.60%	40.10%	73.70%
Acceptances	36.35%	18.84%	55.19%
Total non-life	48.84%	37.06%	85.90%

Source: Côte d’Ivoire’s association of insurance comapnies « ASA-CI »

Exchange rate FCFA/USD as at 31/12	2014	2015	2016	2017	2018
Exchange rate FCFA/USD as at 31/12	0.00174	0.00183	0.00161	0.00167	0.00185