Côte d'Ivoire: Insurance sector grows by 13% in 2022

Source: Middle East Insurance Review | May 2023

The insurance market in Côte d’Ivoire reported a turnover of XOF525bn ($889m) in 2022, 13% higher than the XOF463m chalked up in 2021.

The penetration rate of the insurance market in Côte d’Ivoire, estimated at 1.7%, remains “still very low,” national director of insurance Issouf Traoré told APANews. “We expect greater participation from insurers in 2023 in all of our debt issues,” said Mr Traoré, urging insurance players to mobilise local savings.

He also urged insurers to “put more rigour into handling claims and to improve the speed in the processing and settlement of claims”. An improvement should make it possible to increase the penetration rate, he said.

The insurance market in Côte d’Ivoire has 34 insurance companies, comprising 12 life insurance and 22 non-life insurance companies. M

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