French health insurance specialist Alan has acquired Tanel, a digital health company based in Dakar, operating in Senegal and Cote d'Ivoire. Tanel marks Alan's entry into West Africa.
The turnover of the Senegalese insurance market rose to a record FCFA311bn ($541m) in 2025, compared to FCFA249bn in 2022, according to the President of the Senegalese Federation of Insurance Companies (FSSA), Mr Amar Kebe.
The Senegalese Federation of Insurance Companies (FSSA) has said that it needs to strengthen its participation in covering projects in the extractive sector, as oil, gas and mining have become one of its main growth opportunities.
Senegal's state-owned national oil company Petrosen is planning to establish a subsidiary specialising in hydrocarbon risk coverage, with the aim of capturing up to FCFA13bn ($26m) in premiums annually.
The Senegalese insurance market is doing well, becoming the second largest market in the CIMA zone with premiums of nearly FCFA300bn ($538m). Senegal ranks behind Cote d'Ivoire.
AXA has announced the establishment of a new regional entity named AXA Afrique Atlantique, where the company looks to group the markets of Cameroon, Gabon, Ivory Coast, Morocco and Senegal under a single organisational structure.
With more than 53% of the population now covered, as compared to 10% only a decade ago, Senegal is confirming its progress toward universal health coverage.
The president of the Senegalese Federation of Insurance Companies (FSSA) has called for more appropriate regulations, tax exemption for life insurance products, the expansion of bancassurance and microinsurance and intensified financial inclusion efforts. The objective is to foster the development of the insurance market, particularly life insurance.
The insurance market in Senegal saw significant growth with a turnover reaching FCFA290bn ($504m) in 2024, revealed Mr Papa Amadou Diagne, executive secretary of the Financial Services Quality Observatory (OQSF).
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).