The Insurance Industry in Senegal, Key Trends and Opportunities to 2019

The Insurance Industry in Senegal, Key Trends and Opportunities to 2019

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Published on Oct 31, 2015 - 162 pages

The report provides in-depth market analysis, information and insights into the Senegalese insurance industry, including:
  • The Senegalese insurance industry's growth prospects by segment and category
  • A comprehensive overview of Senegalese economy and demographics
  • The detailed competitive landscape in the Senegalese insurance industry
  • The various distribution channels in the Senegalese insurance industry
  • Detailed regulatory policies of the Senegalese insurance industry
  • Analysis of natural hazards in Senegalese insurance industry
Report Highlights
  • The Senegalese insurance gross written premium grew at a review-period CAGR of 3.5%.
  • The Senegalese insurance industry is governed by the Directions des Assurances, under the Ministry of Finance.
  • The Senegalese insurance industry comprised 21 insurers and one reinsurer as of 2013.
  • Life insurance accounted for 25.8% of the industry's gross written premium in 2014 and grew at a review-period CAGR of 6.9%.
  • The non-life segment accounted for 55.5% of the industry's gross written premium in 2014 and grew at a review-period CAGR of 1.3%.
  • In terms of economic losses caused by natural hazards, drought accounted for 87.3%, followed by flood with 12.7% during 1990-2014.
Report Scope

This report provides a comprehensive analysis of the insurance industry in Senegal:
  • It provides historical values for the Senegalese insurance industry for the report's 2010-2014 review period, and projected figures for the 2014-2019 forecast period.
  • It offers a detailed analysis of the key segments in the Senegalese insurance industry, along with market forecasts until 2019.
  • It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, combined ratio, total assets, total investment income and retentions.
  • It analyzes the various distribution channels in Senegal.
  • It profiles the top insurance companies in Senegal and outlines the key regulations affecting them.
Reasons to Get this Report
  • Make strategic business decisions using in-depth historic and forecast market data related to the Senegalese insurance industry and each segment and category within it.
  • Understand the demand-side dynamics, key market trends and growth opportunities in the Senegalese insurance industry.
  • Assess the competitive dynamics in the Senegalese insurance industry.
  • Identify the growth opportunities and market dynamics in key segments.
  • Gain insights into key regulations governing the Senegalese insurance industry and their impact on companies and the industry's future.


Table of Contents

1 Key Facts and Highlights
2 Executive Summary
3 Economy and Demographics
4 Industry Segmentation
4.1 Life Insurance
4.2 Individual Life Insurance
4.3 Group Life Insurance
4.4 Life Insurance by Category
4.4.1 Individual whole life insurance
4.4.2 Individual endowment insurance
4.4.3 Individual other insurance
4.4.4 Group whole life insurance
4.4.5 Group other insurance
4.5 Non-Life Insurance
4.5.1 Property insurance
4.5.2 Motor insurance
4.5.3 Liability insurance
4.5.4 Marine, aviation and transit insurance
4.6 Personal Accident and Health Insurance
4.7 Reinsurance
5 Natural Hazards
5.1 Floods
5.2 Droughts
5.3 Exposure
6 Competitive Landscape
6.1 Overview
6.2 Leading Companies
6.2.1 Sonam Assurances Group - company overview
6.2.2 Allianz Senegal Assurances Vie - company overview
6.2.3 Axa Assurances SA - company overview
6.2.4 Union des Assurances du Senegal Vie - company overview
6.2.5 Nsia Senegal Assurances - company overview
7 Governance, Risk and Compliance
7.1 Legislation Overview and Historical Evolution
7.2 Latest Changes in Regulations
7.3 Legislation and Market Practice by Type of Insurance
7.3.1 Life insurance
7.3.2 Property insurance
7.3.3 Motor insurance
7.3.4 Liability insurance
7.3.5 Marine, aviation and transit insurance
7.3.6 Personal accident and health insurance
7.4 Compulsory Insurance
7.4.1 Motor third-party liability insurance
7.4.2 Professional indemnity insurance for insurance intermediaries
7.4.3 Worker's compensation
7.5 Supervision and Control
7.5.1 International Association of Insurance Supervisors
7.5.2 Commission Regional des Assurances (CRCA)
7.5.3 Directions des Assurances (DA)
7.6 Non-Admitted Insurance Regulations
7.6.1 Overview
7.6.2 Intermediaries
7.6.3 Market practices
7.6.4 Fines and penalties
7.7 Company Registration and Operations
7.7.1 Types of insurance organization
7.7.2 Establishing a local company
7.7.3 Foreign ownership
7.7.4 Types of license
7.7.5 Capital requirements
7.7.6 Solvency margins
7.7.7 Reserve requirements
7.7.8 Investment regulations
7.7.9 Statutory return requirements
7.7.10 Fee structure
7.8 Taxation
7.8.1 Insurance premium or policy taxation
7.8.2 Withholding taxes on premium paid overseas
7.8.3 Corporate tax
7.8.4 VAT
7.8.5 Captives
7.9 Legal System
7.9.1 Introduction
7.9.2 Access to court
8 Definitions and Methodology
8.1 What is this Report About?
8.2 Definitions
8.3 Methodology
9 Appendix
9.1 Methodology
9.2 Contact Timetric
9.3 About Timetric
9.4 Timetric's Services
9.5 Disclaimer

List of Tables

Table 1: Senegalese Insurance Industry - Key Facts
Table 2: Senegalese Life Insurance - Gross Written Premium by Sub-Segment (XOF Billion), 2010-2014
Table 3: Senegalese Life Insurance - Gross Written Premium by Sub-Segment (US$ Million), 2010-2014
Table 4: Senegalese Life Insurance - Gross Written Premium by Sub-Segment (XOF Billion), 2014-2019
Table 5: Senegalese Life Insurance - Gross Written Premium by Sub-Segment (US$ Million), 2014-2019
Table 6: Senegalese Life Insurance Segmentation by Gross Written Premium (Percentage Share), 2010-2019
Table 7: Senegalese Life Insurance - Direct Written Premium by Sub-Segment (XOF Billion), 2010-2014
Table 8: Senegalese Life Insurance - Direct Written Premium by Sub-Segment (US$ Million), 2010-2014
Table 9: Senegalese Life Insurance - Direct Written Premium by Sub-Segment (XOF Billion), 2014-2019
Table 10: Senegalese Life Insurance - Direct Written Premium by Sub-Segment (US$ Million), 2014-2019
Table 11: Senegalese Life Insurance Segmentation by Direct Written Premium (Percentage Share), 2010-2019


Companies Mentioned:

Sonam Assurances Group
Allianz Senegal Assurances Vie
Axa Assurances SA
Union des Assurances du Senegal Vie
Nsia Senegal Assurances