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.

"For the first time, the Senegalese insurance market has crossed the symbolic threshold of FCFA300bn. This demonstrates the strength of the sector and the significant growth prospects that still exist," he said.

Speaking at a media conference, Mr Kebe attributed the increase to the resilience of the Senegalese market, in what he described as a very difficult economic context, reported the Senegalese Press Agency (APS).

"Achieving such results in a difficult economic context means that market prospects will be even greater when economic conditions improve," Mr Kebe added.

Despite the market growth, the insurance penetration rate in Senegal remains below 2%, a level which Mr Kebe considers "extremely low".

"In our African societies, family and community solidarity often plays the role of a safety net. For a large part of the Senegalese population, food, health and education are more urgent than taking out insurance," he said.

He added that the FSSA is focussing on inclusive insurance and the digitalisation of services to increase penetration rates. One main challenge is to bring insurance closer to low-income populations, particularly those in the informal sector, agriculture and small businesses.

Mr Kebe urged insurers to offer products better suited to the needs of the Senegalese people, especially those in rural areas. The FSSA has also said that mobile money networks, digital platforms and partnerships with microfinance institutions are essential levers for reaching these customer segments.