Pan-African insurance group, SUNU Group, and the international microfinance group Advans have announced that SUNU Assurances Vie Cameroun has acquired a stake in Advans Cameroun.
Côte d'Ivoire collected FCFA594.8bn ($1.03bn) in insurance premiums in 2023, compared to Cameroon's FCFA270.6bn and Senegal's FCFA268.6bn,according to the latest available figures from the Federation of African National Insurance Companies (FANAF).
Global broking business, Brokerslink, has added brokers from Mauritania and the Ivory Coast to its network. The two new additions bolster its network which has broking partners and affiliates in 41 countries across the African continent.
The eastern DRC (Democratic Republic of the Congo) and Ivory Coast face a greater risk of political instability this year, according to Pangea-Risk, a specialist intelligence advisory firm.
Vehicle owners have to present a technical inspection certificate to purchase motor insurance, according to an order signed by the Minister of Finance and Budget, Mr Adama Coulibaly, last month.
Optimus Assurances, which lays claim to being the first Ivorian insurance brokerage company to specialise serving small and medium-sized enterprises, has formed a strategic partnership with Casablanca-headquartered African Reinsurance Brokers (ARB), a leader in reinsurance and insurance in Morocco.
The automobile insurance market in Côte d'Ivoire is doing well, according to the director of services at the insurer, NSIA Assurance, Mr Mel Bedje.
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.