According to provisional data published by Côte d'Ivoire's Association of Insurance Companies (ASACI), the turnover of the local market reached 600 billion FCFA (1 billion USD) in 2023, up 15.1% over one year.
The market is dominated by non-life insurance which, with 349 billion FCFA (587.2 million USD) in written premiums, accounted for 58.3% of the overall 2023 portfolio.
Motor insurance alone reported a 26.4% turnover growth to 110 billion FCFA (185.1 million USD), supported by the digitization of the motor insurance certificate.
For their part, life underwritings amounted to 250 billion FCFA (USD 420.6 million), that is a market share of 41.7%.
As at 31 December 2023, the benefits paid by Ivorian insurers rose to 294 billion FCFA (494.7 million USD) against 265 billion FCFA (431.3 million USD) at the end of 2022.
Read also | Insurance companies in Côte d’Ivoire [4]