The Insurance Industry in Burkina Faso, Key Trends and Opportunities to 2022
June 2018
134
About the Report
About the Report
The Insurance Industry in Burkina Faso, Key Trends and Opportunities to 2022
Summary
This report provides detailed analysis of the market trends, drivers and challenges in the Burkinabe insurance industry.
It provides key performance indicators such as written premium and claims during the review period (2013-2017) and forecast period (2017-2022).
The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Burkinabe economy and demographics, and provides detailed information on the competitive landscape in the country.
The report brings together GlobalData's research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.
GlobalData's 'The Insurance Industry in Burkina Faso, Key Trends and Opportunities to 2022' report provides in-depth market analysis, information and insights into the Burkinabe insurance industry, including -
- The Burkinabe insurance industry's growth prospects by segment and category
- A comprehensive overview of the Burkinabe economy and demographics
- Details of the competitive landscape in the Burkinabe insurance industry
- The various distribution channels in the Burkinabe insurance industry
- Details of regulatory policy applicable to the Burkinabe insurance industry
- Analysis of natural hazards in the Burkinabe insurance industry.
Key Highlights
- Mobile network operators (MNOs) and microfinance institutions (MFIs) are playing an instrumental role in the development of microinsurance in Burkina Faso.
- On September 5, 2015, the government of Burkina Faso introduced a universal health insurance system (AMU) to offer health cover to the domestic population.
- Based on the approval of the regulatory authority, the Conference Interafricaine des Marches d'Assurances (CIMA) Code allows up to 50% of any reinsurance risk to be placed abroad, and more than 50% of risk with unlicensed overseas reinsurers.
Scope
- This report provides a comprehensive analysis of the insurance industry in Burkina Faso.
- It provides historical values for the Burkinabe insurance industry for the report's 2013-2017 review period, and projected figures for the 2017-2022 forecast period.
- It offers a detailed analysis of the key segments in the Burkinabe insurance industry, with market forecasts to 2022.
- It covers an exhaustive list of parameters, including written premium and claims.
- It analyzes the various distribution channels in Burkina Faso.
- It profiles the top insurance companies in Burkina Faso and outlines the key regulations affecting them.
Reasons to buy
- Make strategic business decisions using in-depth historic and forecast market data related to the Burkinabe insurance industry and each segment and category within it.
- Understand the demand-side dynamics, key market trends and growth opportunities in the Burkinabe insurance industry.
- Assess the competitive dynamics in the Burkinabe insurance industry.
- Identify the growth opportunities and market dynamics in key segments.
- Gain insights into key regulations governing the Burkinabe insurance industry and their impact on companies and the industry's future.
Products
Products
Burkinabe insurance industry, Life insurance, General insurance, Property insurance, Motor insurance, Liability insurance, Marine insurance, Personal accident and health insurance, Travel insurance, Health insurance, Reinsurance
Companies
Societe Nationale D'Assurances Et De Reassurances
Union Des Assurances Du Burkina Vie
Allianz Burkina Assurances
Saham Assurance
Generale Des Assurances
Sunu Assurances
Coris Assurances
CIF Assurances Vie Burkina
Jackson Assurances
Table of Contents
Table of Contents
Table of Contents
1 Key Facts and Highlights
2 Executive Summary
3 Economy and Demographics
4 Industry Outlook
4.1 Industry Indicators
4.1.1 Direct written premium
4.1.2 Insurance density
4.1.3 Paid claims
5 Life Insurance Outlook
5.1 Segment Indicators
5.1.1 Direct written premium
5.1.2 Paid claims
5.1.3 Penetration
5.1.4 Assets and investments
6 General Insurance Outlook
6.1 Segment Indicators
6.1.1 Gross written premium
6.1.2 Direct written premium
6.1.3 Paid claims
6.1.4 Penetration
6.1.5 Loss ratio
6.1.6 Assets and investments
6.2 Property Insurance
6.2.1 Direct written premium
6.2.2 Penetration
6.2.3 Profitability
6.3 Motor Insurance
6.3.1 Direct written premium
6.3.2 Penetration
6.3.3 Profitability
6.4 Liability Insurance
6.4.1 Direct written premium
6.4.2 Penetration
6.4.3 Profitability
6.5 Marine, Aviation and Transit Insurance
6.5.1 Direct written premium
6.5.2 Penetration
6.5.3 Profitability
6.6 Personal Accident and Health Insurance
6.6.1 Direct written premium
6.6.2 Penetration
6.6.3 Profitability
6.7 Miscellaneous
6.7.1 Direct written premium
6.7.2 Penetration
6.7.3 Profitability
7 Reinsurance Outlook
7.1 Premium Ceded
8 Distribution Channel Outlook
9 Natural and Man-Made Hazards
9.1 Flooding
9.2 Droughts
9.3 Man Made Hazards
9.4 Epidemics
9.5 Exposure
10 Competitive Landscape
10.1 Company Profiles
10.1.1 Societe Nationale d'Assurances et de Reassurances - company overview
10.1.2 Union Des Assurances Du Burkina - company overview
10.1.3 Allianz Burkina Assurance - company overview
10.1.4 Saham Assurance - company overview
10.1.5 Generale des Assurances - company overview
11 Governance, Risk and Compliance
11.1 Legislation Overview and Historical Evolution
11.2 Latest Changes in Regulation
11.3 Legislation and Market Practice by Type of Insurance
11.3.1 Life insurance
11.3.2 Property insurance
11.3.3 Motor insurance
11.3.4 Liability insurance
11.3.5 Marine, aviation and transit insurance
11.3.6 Personal accident and health insurance
11.4 Compulsory Insurance
11.4.1 Motor third-party liability insurance
11.4.2 Professional indemnity insurance for insurance intermediaries
11.4.3 Worker's compensation
11.5 Supervision and Control
11.5.1 International Association of Insurance Supervisors
11.5.2 Commission Regional des Assurances
11.5.3 Directions Nationales des Assurances
11.6 Non-Admitted Insurance Regulations
11.6.1 Overview
11.6.2 Intermediaries
11.6.3 Market practices
11.6.4 Fines and Penalties
11.7 Company Registration and Operations
11.7.1 Type of insurance organization
11.7.2 Establishing a local company
11.7.3 Foreign ownership
11.7.4 Types of license
11.7.5 Capital requirements
11.7.6 Solvency margin
11.7.7 Reserve requirements
11.7.8 Investment regulations
11.7.9 Statutory return requirements
11.7.10 Fee structure
11.8 Taxation
11.8.1 Insurance premium or policy taxation
11.8.2 Withholding taxes on premium paid overseas
11.8.3 Corporate tax
11.8.4 VAT
11.8.5 Captives
11.9 Legal System
11.9.1 Introduction
11.9.2 Access to court
11.9.3 Alternative dispute resolution
12 Databook
12.1 Life Insurance
12.1.1 Policies and premium
12.1.2 Claims and expenses
12.1.3 Assets and investments
12.2 General Insurance
12.2.1 Policies and premium
12.2.2 Claims and expenses
12.2.3 Assets and investments
12.2.4 Property insurance
12.2.5 Property insurance by category
12.2.6 Motor insurance
12.2.7 Motor insurance by category
12.2.8 Liability insurance
12.2.9 Marine, aviation and transit insurance
12.2.10 Marine, aviation and transit insurance by category
12.2.11 Personal accident and health insurance
12.2.12 Miscellaneous
13 Definitions and Methodology
13.1 Definitions
13.2 Methodology
14 About GlobalData
14.1 Contact GlobalData
14.2 About GlobalData
14.3 GlobalData's Services
14.4 Disclaimer
List of Figure
List of Figures
Figure 1: Burkinabe Real GDP (XOF Trillion), 2013-2022
Figure 2: Burkinabe Exchange Rate (XOF per USD ), 2013-2022
Figure 3: Burkinabe Consumer Price Inflation (%), 2013-2022
Figure 4: Burkinabe Current Account Balance as Percentage of GDP (%), 2013-2017
Figure 5: Burkinabe Unemployment Rate, 2013-2022
Figure 6: Burkinabe Population by Age Group, 2013-2022
Figure 7: Burkinabe Insurance Industry - Direct Written Premium (XOF Billion), 2013-2022
Figure 8: Burkinabe Insurance Industry - Density (XOF), 2013-2022
Figure 9: Burkinabe Insurance Industry - Paid Claims (XOF Billion), 2013-2022
Figure 10: Burkinabe Life Insurance - Direct Written Premium (XOF Billion), 2013-2022
Figure 11: Burkinabe Life Insurance - Paid Claims (XOF Billion), 2013-2022
Figure 12: Burkinabe Life Insurance - Penetration (%), 2013-2017
Figure 13: Burkinabe Life Insurance - Penetration (%), 2017-2022
Figure 14: Burkinabe Life Insurance - Total Investment Income (XOF Billion), 2013-2022
Figure 15: Burkinabe Life Insurance - Investment Portfolio (XOF Billion), 2013-2022
Figure 16: Burkinabe Life Insurance - Investment Portfolio Dynamics (XOF Billion), 2013-2022
Figure 17: Burkinabe General Insurance - Gross Written Premium (XOF Billion), 2013-2022
Figure 18: Burkinabe General Insurance - Direct Written Premium (XOF Billion), 2013-2022
Figure 19: Burkinabe General Insurance - Paid Claims (XOF Billion), 2013-2022
Figure 20: Burkinabe General Insurance - Penetration (%), 2013-2017
Figure 21: Burkinabe General Insurance - Penetration (%), 2017-2022
Figure 22: Burkinabe General Insurance - Loss Ratio (%), 2013-2017
Figure 23: Burkinabe General Insurance - Loss Ratio (%), 2017-2022
Figure 24: Burkinabe General Insurance - Total Investment Income (XOF Billion), 2013-2022
Figure 25: Burkinabe General Insurance - Investment Portfolio (XOF Billion), 2013-2022
Figure 26: Burkinabe General Insurance - Investment Portfolio Dynamics (XOF Billion), 2013-2022
Figure 27: Burkinabe Property Insurance - Direct Written Premium (XOF Billion), 2013-2022
Figure 28: Burkinabe Property Insurance - Penetration (%), 2013-2017
Figure 29: Burkinabe Property Insurance - Penetration (%), 2017-2022
Figure 30: Burkinabe Property Insurance - Earned Premium, Incurred Loss and Loss Ratio (XOF Billion and %), 2013-2022
Figure 31: Burkinabe Motor Insurance - Direct Written Premium (XOF Billion), 2013-2022
Figure 32: Burkinabe Motor Insurance - Penetration (%), 2013-2017
Figure 33: Burkinabe Motor Insurance - Penetration (%), 2017-2022
Figure 34: Burkinabe Motor Insurance - Earned Premium, Incurred Loss and Loss Ratio (XOF Billion and %), 2013-2022
Figure 35: Burkinabe Liability Insurance - Direct Written Premium (XOF Billion), 2013-2022
Figure 36: Burkinabe Liability Insurance - Penetration (%), 2013-2017
Figure 37: Burkinabe Liability Insurance - Penetration (%), 2017-2022
Figure 38: Burkinabe Liability Insurance - Earned Premium, Incurred Loss and Loss Ratio (XOF Billion and %), 2013-2022
Figure 39: Burkinabe Marine, Aviation and Transit Insurance - Direct Written Premium (XOF Billion), 2013-2022
Figure 40: Burkinabe Marine, Aviation and Transit Insurance - Penetration (%), 2013-2017
Figure 41: Burkinabe Marine, Aviation and Transit Insurance - Penetration (%), 2017-2022
Figure 42: Burkinabe Marine, Aviation and Transit Insurance - Earned Premium, Incurred Loss and Loss Ratio (XOF Billion and %), 2013-2022
Figure 43: Burkinabe Personal Accident and Health Insurance - Direct Written Premium (XOF Billion), 2013-2022
Figure 44: Burkinabe Personal Accident and Health Insurance - Penetration (%), 2013-2017
Figure 45: Burkinabe Personal Accident and Health Insurance - Penetration (%), 2017-2022
Figure 46: Burkinabe Personal Accident and Health Insurance - Earned Premium, Incurred Loss and Loss Ratio (XOF Billion and %), 2013-2022
Figure 47: Burkinabe Miscellaneous - Direct Written Premium (XOF Billion), 2013-2022
Figure 48: Burkinabe Miscellaneous - Penetration (%), 2013-2017
Figure 49: Burkinabe Miscellaneous - Penetration (%), 2017-2022
Figure 50: Burkinabe Miscellaneous - Earned Premium, Incurred Loss and Loss Ratio (XOF Billion and %), 2013-2022
Figure 51: Burkinabe Reinsurance - Premium Ceded by Insurance Segment (XOF Billion), 2013-2022
Figure 52: Burkinabe General Insurance - Percentage of Reinsurance Ceded (%), 2013-2022
Figure 53: Burkinabe Insurance Industry - Market Share of Leading Insurers (%), 2016
Figure 54: Burkinabe Insurance Industry - Market Share of Life Insurers (%), 2016
Figure 55: Burkinabe Insurance Industry - Market Share of General Insurers (%), 2016
Figure 56: Burkina Faso - Insurance Supervision and Control at Various Levels
Figure 57: Burkina Faso - Insurance Regulatory Frameworks for Company Registration and Operation
List of Table
List of Tables
Table 1: Burkinabe Insurance Industry - Key Facts, 2017
Table 2: Burkinabe Insurance Industry - Industry Shares of the Top Insurers, 2017
Table 3: Burkinabe Government Credit Ratings
Table 4: Burkinabe Insurance Industry - Direct Written Premium (XOF Billion and USD Million), 2013-2017
Table 5: Burkinabe Insurance Industry - Direct Written Premium (XOF Billion and USD Million), 2017-2022
Table 6: Burkinabe Insurance Industry - Density (XOF), 2013-2017
Table 7: Burkinabe Insurance Industry - Density (XOF), 2017-2022
Table 8: Burkinabe Insurance Industry - Paid Claims (XOF Billion and USD Million), 2013-2017
Table 9: Burkinabe Insurance Industry - Paid Claims (XOF Billion and USD Million), 2017-2022
Table 10: Burkinabe Life Insurance - Direct Written Premium (XOF Billion and USD Million), 2013-2017
Table 11: Burkinabe Life Insurance - Direct Written Premium (XOF Billion and USD Million), 2017-2022
Table 12: Burkinabe Life Insurance - Paid Claims (XOF Billion and USD Million), 2013-2017
Table 13: Burkinabe Life Insurance - Paid Claims (XOF Billion and USD Million), 2017-2022
Table 14: Burkinabe Life Insurance - Total Investment Income (XOF Billion and USD Million), 2013-2017
Table 15: Burkinabe Life Insurance - Total Investment Income (XOF Billion and USD Million), 2017-2022
Table 16: Burkinabe Life Insurance - Investment Portfolio (XOF Billion), 2013-2017
Table 17: Burkinabe Life Insurance - Investment Portfolio (XOF Billion), 2017-2022
Table 18: Burkinabe General Insurance - Gross Written Premium (XOF Billion and USD Million), 2013-2017
Table 19: Burkinabe General Insurance - Gross Written Premium (XOF Billion and USD Million), 2017-2022
Table 20: Burkinabe General Insurance - Direct Written Premium (XOF Billion and USD Million), 2013-2017
Table 21: Burkinabe General Insurance - Direct Written Premium (XOF Billion and USD Million), 2017-2022
Table 22: Burkinabe General Insurance - Paid Claims (XOF Billion and USD Million), 2013-2017
Table 23: Burkinabe General Insurance - Paid Claims (XOF Billion and USD Million), 2017-2022
Table 24: Burkinabe General Insurance - Total Investment Income (XOF Billion and USD Million), 2013-2017
Table 25: Burkinabe General Insurance - Total Investment Income (XOF Billion and USD Million), 2017-2022
Table 26: Burkinabe General Insurance - Investment Portfolio (XOF Billion), 2013-2017
Table 27: Burkinabe General Insurance - Investment Portfolio (XOF Billion), 2017-2022
Table 28: Burkinabe Property Insurance - Direct Written Premium (XOF Billion and USD Billion), 2013-2017
Table 29: Burkinabe Property Insurance - Direct Written Premium (XOF Billion and USD Billion), 2017-2022
Table 30: Burkinabe Property Insurance - Loss Ratio (%), 2013-2017
Table 31: Burkinabe Property Insurance - Loss Ratio (%), 2017-2022
Table 32: Burkinabe Motor Insurance - Direct Written Premium (XOF Billion and USD Million), 2013-2017
Table 33: Burkinabe Motor Insurance - Gross Written Premium (XOF Billion and USD Million), 2017-2022
Table 34: Burkinabe Motor Insurance - Loss Ratio (%), 2013-2017
Table 35: Burkinabe Motor Insurance - Loss Ratio (%), 2017-2022
Table 36: Burkinabe Liability Insurance - Direct Written Premium (XOF Billion and USD Million), 2013-2017
Table 37: Burkinabe Liability Insurance - Direct Written Premium (XOF Billion and USD Million), 2017-2022
Table 38: Burkinabe Liability Insurance - Loss Ratio (%), 2013-2017
Table 39: Burkinabe Liability Insurance - Loss Ratio (%), 2017-2022
Table 40: Burkinabe Marine, Aviation and Transit Insurance - Direct Written Premium (XOF Billion and USD Million), 2013-2017
Table 41: Burkinabe Marine, Aviation and Transit Insurance - Direct Written Premium (XOF Billion and USD Million), 2017-2022
Table 42: Burkinabe Marine, Aviation and Transit Insurance - Loss Ratio (%), 2013-2017
Table 43: Burkinabe Marine, Aviation and Transit Insurance - Loss Ratio (%), 2017-2022
Table 44: Burkinabe Personal Accident and Health Insurance - Direct Written Premium (XOF Billion and USD Billion), 2013-2017
Table 45: Burkinabe Personal Accident and Health Insurance - Direct Written Premium (XOF Billion and USD Million), 2017-2022
Table 46: Burkinabe Personal Accident and Health Insurance - Loss Ratio (%), 2013-2017
Table 47: Burkinabe Personal Accident and Health Insurance - Loss Ratio (%), 2017-2022
Table 48: Burkinabe Miscellaneous - Direct Written Premium (XOF Billion and USD Million), 2013-2017
Table 49: Burkinabe Miscellaneous - Direct Written Premium (XOF Billion and USD Million), 2017-2022
Table 50: Burkinabe Miscellaneous - Loss Ratio (%), 2013-2017
Table 51: Burkinabe Miscellaneous - Loss Ratio (%), 2017-2022
Table 52: Burkinabe Reinsurance - Premium Ceded by Insurance Segment (XOF Billion), 2013-2017
Table 53: Burkinabe Reinsurance - Premium Ceded by Insurance Segment (XOF Billion), 2017-2022
Table 54: Burkinabe Insurance Industry - Market Share of Leading Insurers (%), 2016
Table 55: Burkinabe Insurance Industry - Market Share of Life Insurers (%), 2016
Table 56: Burkinabe Insurance Industry - Market Share of General Insurers (%), 2016
Table 57: Societe Nationale d'Assurances et de Reassurances - Key Facts
Table 58: Union des Assurances du Burkina - Key Facts
Table 59: Allianz Burkina Assurance - Key Facts
Table 60: Saham Assurance - Key Facts
Table 61: Generale des Assurances - Key Facts
Table 62: Burkina Faso - Insurance Regulatory Framework Key Features
Table 63: Burkina Faso - Intermediary Remuneration Rates
Table 64: Burkina Faso - Life Insurance Regulatory Framework
Table 65: Burkina Faso - Property Insurance Regulatory Framework
Table 66: Burkina Faso - Motor Insurance Regulatory Framework
Table 67: Burkina Faso - Liability Insurance Regulatory Framework
Table 68: Burkina Faso - Insurance Premium Tax Rates
Table 69: Burkina Faso - Corporate Tax Rates for the Financial Year 2017
Table 70: Burkinabe Life Insurance - Policies and Premium, 2013-2017
Table 71: Burkinabe Life Insurance - Policies and Premium, 2017-2022
Table 72: Burkinabe Life Insurance - Claims and Expenses, 2013-2017
Table 73: Burkinabe Life Insurance - Claims and Expenses, 2017-2022
Table 74: Burkinabe Life Insurance - Assets and Investments, 2013-2017
Table 75: Burkinabe Life Insurance - Assets and Investments, 2017-2022
Table 76: Burkinabe General Insurance - Policies and Premium, 2013-2017
Table 77: Burkinabe General Insurance - Policies and Premium, 2017-2022
Table 78: Burkinabe General Insurance - Claims and Expenses, 2013-2017
Table 79: Burkinabe General Insurance - Claims and Expenses, 2017-2022
Table 80: Burkinabe General Insurance - Assets and Investments, 2013-2017
Table 81: Burkinabe General Insurance - Assets and Investments, 2017-2022
Table 82: Burkinabe General Insurance - Property Insurance, 2013-2017
Table 83: Burkinabe General Insurance - Property Insurance, 2017-2022
Table 84: Burkinabe General Insurance - Property Insurance by Category, 2013-2017
Table 85: Burkinabe General Insurance - Property Insurance by Category, 2017-2022
Table 86: Burkinabe General Insurance - Motor Insurance, 2013-2017
Table 87: Burkinabe General Insurance - Motor Insurance, 2017-2022
Table 88: Burkinabe General Insurance - Motor Insurance by Category, 2013-2017
Table 89: Burkinabe General Insurance - Motor Insurance by Category, 2017-2022
Table 90: Burkinabe General Insurance - Liability Insurance, 2013-2017
Table 91: Burkinabe General Insurance - Liability Insurance, 2017-2022
Table 92: Burkinabe General Insurance - Marine, Aviation and Transit Insurance, 2013-2017
Table 93: Burkinabe General Insurance - Marine, Aviation and Transit Insurance, 2017-2022
Table 94: Burkinabe General Insurance - Marine Aviation and Transit Insurance by Category, 2013-2017
Table 95: Burkinabe General Insurance - Marine Aviation and Transit Insurance by Category, 2017-2022
Table 96: Burkinabe General Insurance - Personal Accident and Health Insurance, 2013-2017
Table 97: Burkinabe General Insurance - Personal Accident and Health Insurance, 2017-2022
Table 98: Burkinabe General Insurance - Miscellaneous, 2013-2017
Table 99: Burkinabe General Insurance - Miscellaneous, 2017-2022
Table 100: Insurance Industry Definitions
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