News Africa02 Dec 2019

Burkina Faso:Insurance industry forecast to post premiums of US$168m in 2020

02 Dec 2019

The insurance market in Burkina Faso is expected to rake in premiums totalling at least CFA92bn ($154.5m) this year and cross the CFA100bn ($168m) mark next year, according to Mr Serge Ramde of the Professional Association of Insurance Companies of Burkina Faso (APSAB).

The sector saw a 13.3% growth to CFA66.49bn for the first 10 months of this year, compared to the corresponding period last year, reported ActuDaily.

APSAB president Denis Ouedraogo, said that the proportion of uninsured automobiles is around 40% and the life insurance coverage rate is barely 1%, which shows that insurance in Burkina Faso is not yet anchored in the minds of people.

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