The Ivorian insurance market achieved a turnover of nearly FCFA600bn ($993m) in 2023, an increase of 15.1% over 2022, according to provisional figures released by the insurance market.
The revenue of non-life insurance companies in Côte d'Ivoire increased by 21% to FCFA223bn ($364m) in the first half of 2023, while those of life insurers grew by 12% to FCFA117bn.
The president of the Association of Insurance Companies of Côte d'Ivoire (ASACI), Mr Mamadou Koné, has suggested that a working group be formed to discuss the need to revise motor third-party liability insurance tariffs.
The insurance market in Côte d'Ivoire reported a turnover of XOF525bn ($889m) in 2022, 13% higher than the XOF463m chalked up in 2021.
Wafa Assurance has posted MAD11.6bn ($1.13bn) in consolidated turnover in 2022, an improvement of 18.9% over 2021. It outperformed the Moroccan insurance market whose turnover improved by 9.3% to MAD54.9bn in 2022.
Motor insurance is undergoing a transformation in Côte d'Ivoire with the introduction in January 2023 of digital auto insurance policies.
The Inter-African Conference on Insurance Markets (CIMA), the insurance sector regulator supervising 14 markets in Central and West Africa, intends to strengthen its technical and operational capacities as it celebrates its 30th anniversary next month.
All car insurance certificates will be in electronic form with effect from 1 January 2023, Mr Mamadou Kone, president of the Association of Insurance Companies of Cote d'Ivoire (ASACI) has said.
Five out of nine countries in Africa posted real growth of at least 7% in terms of premium income in 2021, according to data compiled by Swiss Re Institute.
The Association of Insurance Companies of Côte d'Ivoire (ASA-CI) and the Association of Private Clinics of Côte d'Ivoire (ACP-Cl) have signed an agreement to collaborate in the insurance and health sector.