News Africa09 Sep 2019

Senegal:Insurance market expands by 7% in 2018

| 09 Sep 2019

Preliminary financial figures for the insurance sector in Senegal show for 2018 that the 29 insurers in the country posted a premium income of FCFA174.36bn ($296m), an increase of 7.3% over 2017.

This growth is attributable to both non-life and life business which expanded by 8.6% and 4.96% respectively, reported Reussir.

The following table summarises the financial performance of the insurance market: 

 

2016

FCFA m

2017

FCFA m

2018

FCFA m

Change

(2017/2016)

Change

(2018/2017)

Non-life premiums

94,807

104,597

113,608

10.3%

8.6%

Life premiums

45,868

57,879

60,751

26.2%

5.0%

Total

140,675

162,476

174,359

15.5%

7.3%

Non-life market share

67.4%

64.4%

65.2%

 

Life market share

32.6%

35.6%

34.8%

 

At 31 December 2018, the stock of investments made by insurance companies amounted to FCFA302bn, an increase in absolute value of FCFA22bn compared to 12 months previously. In 2018, investments remained dominated by bank deposits, securities, equities and deposits and real estate holdings, respectively.

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