A committee of experts have been working on a draft law to reduce the time limit for claim settlement. Once the text is adopted, Senegalese insurers will have four months, as opposed to the current eight months, to compensate the insured.
This initiative aims to promote the business and increase the penetration rate of insurance in Senegal [4], which is less than 2%.
According to Adama Ndiaye, General Manager of the Société Sénégalaise de Réassurance (Sen Re), insurers settle claims for an amount ranging between 40 and 50 billion FCFA (64.4 and 80.5 million USD) every year. This is considered high compared to other African countries.
In 2021, local insurance and reinsurance companies recorded a total turnover of 226 billion FCFA (390.98 million USD). Non-life premiums grew by 11% while those of the life activity rose by 8.7%.