The Insurance Industry in Togo Key Trends and Opportunities to 2020

The Insurance Industry in Togo Key Trends and Opportunities to 2020


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Executive Summary

Timetric's 'The Insurance Industry in Togo Key Trends and Opportunities to 2020' report provides a detailed analysis of Togolese insurance industry.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review (2011-2015) and forecast periods (2015-2020).

The report also gives a comprehensive overview of Togolese economy and demographics, and provides detailed information on the competitive landscape in the country. It also includes the impact of natural hazards on the insurance industry.

The report brings together Timetric'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.

Summary

Timetric's 'The Insurance Industry in Togo, Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into Togo insurance industry, including:

An overview of Togolese insurance industry

The Togolese insurance industry's growth prospects by segment and category

A comprehensive overview of Togolese economy and demographics

The detailed competitive landscape in the Togolese insurance industry

Detailed regulatory policies of the Togolese insurance industry

An analysis of natural hazards in the Togolese insurance industry

Scope

This report provides a comprehensive analysis of the insurance industry in Togo:

It provides historical values for Togolese insurance industry for the report's 2011-2015 review period, and projected figures for the 2015-2020 forecast period.

It offers a detailed analysis of the key segments in Togolese insurance industry, with market forecasts to 2020.

It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, combined ratio, total assets, total investment income and retentions.

It profiles the top insurance companies in Togo, and outlines the key regulations affecting them.

It covers the economy and demographics structure of Togo.

It analyzes the impact of natural hazards in Togolese insurance industry.

Reasons To Buy

Make strategic business decisions using in-depth historic and forecast market data related to Togolese insurance industry and each segment and category within it.

Understand the demand-side dynamics, key market trends and growth opportunities in Togolese insurance industry.

Assess the competitive dynamics in Togolese insurance industry.

Identify the growth opportunities and market dynamics in key segments.

Gain insights into key regulations governing Togolese insurance industry and their impact on companies and the industry's future.

Key Highlights

The Togolese insurance industry is small; there were 12 insurers (five life insurers and seven general insurers) operating in the industry in 2014.

Life insurance was the largest segment, which accounted for 44.4% of the industry's gross written premium in 2015.

There is an increasing role of international trade in Togo due to the high current account deficit and debt burden. Cocoa, coffee and cotton generate 40% of export earnings; with the latter being the most important cash crop in Togo.

Flood is a major challenge for Togolese insurers, and is a key risk in terms of economic damage. The country has three large basins which make it vulnerable to flooding.

Growing healthcare expenditure and rising life expectancy were the key growth drivers of the personal accident and health insurance segment.



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1 KEY FACTS AND HIGHLIGHTS

2 EXECUTIVE SUMMARY

3 ECONOMY AND DEMOGRAPHICS

4 INDUSTRY OUTLOOK

4.1 Regional Comparison

4.2 Industry Indicators

4.2.1 Gross written premium

4.2.2 Claims

4.2.3 Investments

5 LIFE INSURANCE OUTLOOK

5.1 Individual Life Insurance

5.1.1 Penetration

5.2 Group Life Insurance

5.2.1 Penetration

6 NON-LIFE INSURANCE OUTLOOK

6.1 Property Insurance

6.1.1 Penetration

6.1.2 Claims

6.1.3 Profitability

6.2 Motor Insurance

6.2.1 Penetration

6.2.2 Claims

6.2.3 Profitability

6.3 Liability Insurance

6.3.1 Penetration

6.3.2 Claims

6.3.3 Profitability

6.4 Marine, Aviation and Transit Insurance

6.4.1 Penetration

6.4.2 Claims

6.4.3 Profitability

7 PERSONAL ACCIDENT AND HEALTH INSURANCE OUTLOOK

8 REINSURANCE OUTLOOK

8.1 Premium Ceded

9 NATURAL HAZARDS

9.1 Flooding

9.2 Exposure

10 COMPETITIVE LANDSCAPE

10.1 Company Profiles

10.1.1 Groupement Togolais d'Assurances Vie-company overview

10.1.2 Nouvelle Societe Interafricaine d'Assurance Group-company overview

10.1.3 Saham Assurance-company overview

10.1.4 Sunu Assurances IARD Togo-company overview

10.1.5 Allianz Togo 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 (CRCA)

11.5.3 Direction Nationales des Assurances (DNA)

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 (ADR)

12 DATABOOK

12.1 Life Insurance

12.1.1 Policies and premium

12.1.2 Claims and expenses

12.1.3 Assets and investments

12.1.4 Individual life insurance

12.1.5 Individual life insurance by product

12.1.6 Group life insurance

12.1.7 Group life insurance by product

12.1.8 Linked vs non-linked policies

12.2 Non-Life 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 product

12.2.6 Motor insurance

12.2.7 Motor insurance by product

12.2.8 Liability insurance

12.2.9 Marine, aviation and transit insurance

12.3 Personal Accident and Health Insurance

12.3.1 Policies and premium

12.3.2 Claims and expenses

12.3.3 Assets and investments

13 DEFINITIONS AND METHODOLOGY

13.1 Definitions

13.2 Methodology

14 ABOUT TIMETRIC

14.1 Contact Timetric

14.2 About Timetric

14.3 Timetric's Services

14.4 Disclaimer

Figure 1: Togolese Real GDP (USD Billion), 2011-2020

Figure 2: Togolese Consumer Price Inflation (%), 2011-2020

Figure 3: Togolese Current Account Balance as Percentage of GDP (%), 2011-2015

Figure 4: Togolese Unemployment Rate, 2011-2020

Figure 5: Togolese Population by Age Group, 1991-2025

Figure 6: Togolese Life Insurance Penetration-Regional Comparison (%), 2015

Figure 7: Togolese Non-Life Insurance Penetration-Regional Comparison (%), 2015

Figure 8: Togolese Personal Accident and Health Insurance Penetration-Regional Comparison (%), 2015

Figure 9: Togolese Insurance Segment Direct Written Premium Shares-Regional Comparison (%), 2015

Figure 10: Togolese Insurance Industry-Gross Written Premium by Segment, 2011-2020

Figure 11: Togolese Insurance Industry-Density (Direct Written Premium Per Capita) by Segment (XOF), 2011-2020

Figure 12: Togolese Insurance Industry-Paid Claims by Segment (XOF Billion), 2011-2020

Figure 13: Togolese Insurance Industry-Total Investment Income by Segment (XOF Billion), 2011-2020

Figure 14: Togolese Insurance Industry-Life Insurance Investment Portfolio (XOF Billion), 2011-2020

Figure 15: Togolese Insurance Industry-Life Insurance Investment Portfolio Dynamics by Category (XOF Billion), 2011-2020

Figure 16: Togolese Insurance Industry-Non-Life Insurance Investment Portfolio (XOF Billion), 2011-2020

Figure 17: Togolese Insurance Industry-Non-Life Insurance Investment Portfolio Dynamics by Category (XOF Billion), 2011-2020

Figure 18: Togolese Insurance Industry-Personal Accident and Health Insurance Investment Portfolio (XOF Billion), 2011-2020

Figure 19: Togolese Insurance Industry-Personal Accident and Health Insurance Investment Portfolio Dynamics by Category (XOF Billion), 2011-2020

Figure 20: Togolese Individual Life Insurance-Gross Written Premium (XOF Billion), 2011-2020

Figure 21: Togolese Individual Life Insurance-Penetration (%), 2011-2015

Figure 22: Togolese Individual Life Insurance-Penetration (%), 2015-2020

Figure 23: Togolese Group Life Insurance-Penetration (%), 2011-2015

Figure 24: Togolese Group Life Insurance-Penetration (%), 2015-2020

Figure 25: Togolese Non-Life Insurance-Gross Written Premium (XOF Billion), 2011-2020

Figure 26: Togolese Property Insurance-Penetration (%), 2011-2015

Figure 27: Togolese Property Insurance-Penetration (%), 2015-2020

Figure 28: Togolese Property Insurance-Paid Claims (XOF Billion), 2011-2020

Figure 29: Togolese Property Insurance-Earned Premium, Incurred Loss and Loss Ratio (XOF Billion and %), 2011-2020

Figure 30: Togolese Motor Insurance-Penetration (%), 2011-2015

Figure 31: Togolese Motor Insurance-Penetration (%), 2015-2020

Figure 32: Togolese Motor Insurance-Paid Claims (XOF Billion), 2011-2020

Figure 33: Togolese Motor Insurance-Earned Premium, Incurred Loss and Loss Ratio (XOF Billion and %), 2011-2020

Figure 34: Togolese Liability Insurance-Penetration (%), 2011-2015

Figure 35: Togolese Liability Insurance-Penetration (%), 2015-2020

Figure 36: Togolese Liability Insurance-Paid Claims (XOF Billion), 2011-2020

Figure 37: Togolese Liability Insurance-Earned Premium, Incurred Loss and Loss Ratio (XOF Billion and %), 2011-2020

Figure 38: Togolese Marine, Aviation and Transit Insurance-Penetration (%), 2011-2015

Figure 39: Togolese Marine, Aviation and Transit Insurance-Penetration (%), 2015-2020

Figure 40: Togolese Marine, Aviation and Transit Insurance-Paid Claims (XOF Billion), 2011-2020

Figure 41: Togolese Marine, Aviation and Transit Insurance-Earned Premium, Incurred Loss and Loss Ratio (XOF Billion and %), 2011-2020

Figure 42: Togolese Personal Accident and Health Insurance-Gross Written Premium (XOF Billion), 2011-2020

Figure 43: Togolese Reinsurance-Premium Ceded by Insurance Segment (XOF Billion), 2011-2020

Figure 44: Togolese Life Insurance-Percentage of Reinsurance Ceded (%), 2011-2020

Figure 45: Togolese Non-Life Insurance-Percentage of Reinsurance Ceded (%), 2011-2020

Figure 46: Togolese Personal Accident and Health Insurance-Percentage of Reinsurance Ceded (%), 2011-2020

Figure 47: Togolese Insurance Industry-Market Shares of Leading Insurers (%), 2014

Figure 48: Togo- Insurance Supervision and Control at Various Levels

Figure 49: Togo- Insurance Regulatory Frameworks for Company Registration and Operation

Table 1: Togolese Insurance Industry-Key Facts, 2015

Table 2: Togolese Insurance Industry-Segment Shares of the Top Insurers, 2014

Table 3: Togolese Insurance Industry-Gross Written Premium by Segment (XOF Billion), 2011-2015

Table 4: Togolese Insurance Industry-Gross Written Premium by Segment (XOF Billion), 2015-2020

Table 5: Togolese Insurance Industry-Density (Direct Written Premium Per Capita) by Segment (XOF), 2011-2015

Table 6: Togolese Insurance Industry-Density (Direct Written Premium Per Capita) by Segment (XOF), 2015-2020

Table 7: Togolese Insurance Industry-Paid Claims by Segment (XOF Billion), 2011-2015

Table 8: Togolese Insurance Industry-Paid Claims by Segment (XOF Billion), 2015-2020

Table 9: Togolese Insurance Industry-Total Investment Income by Segment (XOF Billion), 2011-2015

Table 10: Togolese Insurance Industry-Total Investment Income by Segment (XOF Billion), 2015-2020

Table 11: Togolese Insurance Industry-Life Insurance Investment Portfolio (XOF Billion), 2011-2015

Table 12: Togolese Insurance Industry-Life Insurance Investment Portfolio (XOF Billion), 2015-2020

Table 13: Togolese Insurance Industry-Non-Life Insurance Investment Portfolio (XOF Billion), 2011-2015

Table 14: Togolese Insurance Industry-Non-Life Insurance Investment Portfolio (XOF Billion), 2015-2020

Table 15: Togolese Insurance Industry-Personal Accident and Health Insurance Investment Portfolio (XOF Billion), 2011-2015

Table 16: Togolese Insurance Industry-Personal Accident and Health Insurance Investment Portfolio (XOF Billion), 2015-2020

Table 17: Togolese Life Insurance-Gross Written Premium (XOF Billion and USD Million), 2011-2015

Table 18: Togolese Life Insurance-Gross Written Premium (XOF Billion and USD Million), 2015-2020

Table 19: Togolese Non-Life Insurance-Gross Written Premium (XOF Billion and USD Million), 2011-2015

Table 20: Togolese Non-Life Insurance-Gross Written Premium (XOF Billion and USD Million), 2015-2020

Table 21: Togolese Property Insurance-Paid Claims (XOF Billion and USD Million), 2011-2015

Table 22: Togolese Property Insurance-Paid Claims (XOF Billion and USD Million), 2015-2020

Table 23: Togolese Property Insurance-Loss Ratio (%), 2011-2015

Table 24: Togolese Property Insurance-Loss Ratio (%), 2015-2020

Table 25: Togolese Motor Insurance-Paid Claims (XOF Billion and USD Million), 2011-2015

Table 26: Togolese Motor Insurance-Paid Claims (XOF Billion and USD Million), 2015-2020

Table 27: Togolese Motor Insurance-Loss Ratio (%), 2011-2015

Table 28: Togolese Motor Insurance-Loss Ratio (%), 2015-2020

Table 29: Togolese Liability Insurance-Paid Claims (XOF Million and USD Million), 2011-2015

Table 30: Togolese Liability Insurance-Paid Claims (XOF Million and USD Million), 2015-2020

Table 31: Togolese Liability Insurance-Loss Ratio (%), 2011-2015

Table 32: Togolese Liability Insurance-Loss Ratio (%), 2015-2020

Table 33: Togolese Marine, Aviation and Transit Insurance-Paid Claims (XOF Million and USD Million), 2011-2015

Table 34: Togolese Marine, Aviation and Transit Insurance-Paid Claims (XOF Million and USD Million), 2015-2020

Table 35: Togolese Marine, Aviation and Transit Insurance-Loss Ratio (%), 2011-2015

Table 36: Togolese Marine, Aviation and Transit Insurance-Loss Ratio (%), 2015-2020

Table 37: Togolese Personal Accident and Health Insurance-Gross Written Premium (XOF Billion and USD Million), 2011-2015

Table 38: Togolese Personal Accident and Health Insurance-Gross Written Premium (XOF Billion and USD Million), 2015-2020

Table 39: Togolese Reinsurance-Premium Ceded by Insurance Segment (XOF Billion), 2011-2015

Table 40: Togolese Reinsurance-Premium Ceded by Insurance Segment (XOF Billion), 2015-2020

Table 41: Togolese Average Annual Loss by Hazard (USD Million), 1990-2014

Table 42: Togolese Insurance Industry-Market Shares of Leading Insurers (%), 2014

Table 43: Groupement Togolais d'Assurances Vie-Key Facts

Table 44: Nouvelle Societe Interafricaine d'Assurance Group-Key Facts

Table 45: Saham Assurance-Key Facts

Table 46: Sunu Assurances IARD Togo-Key Facts

Table 47: Allianz Togo Assurances-Key Facts

Table 48: Togo-Insurance Regulatory Framework Key Features

Table 49:Togo- Intermediary Remuneration Rates

Table 50:Togo- Life Insurance Regulatory Framework

Table 51: Togo- Property Insurance Regulatory Framework

Table 52: Togo- Motor Insurance Regulatory Framework

Table 53: Togo- Liability Insurance Regulatory Framework

Table 54: Togo-Insurance Premium Tax Rates

Table 55: Togo-Corporate Tax Rates for the Financial Year 2016

Table 56: Togolese Life Insurance-Policies and Premium, 2011-2015

Table 57: Togolese Life Insurance-Policies and Premium, 2015-2020

Table 58: Togolese Life Insurance-Claims and Expenses, 2011-2015

Table 59: Togolese Life Insurance-Claims and Expenses, 2015-2020

Table 60: Togolese Life Insurance-Assets and Investments, 2011-2015

Table 61: Togolese Life Insurance-Assets and Investments, 2015-2020

Table 62: Togolese Life Insurance-Individual Life Insurance, 2011-2015

Table 63: Togolese Life Insurance-Individual Life Insurance, 2015-2020

Table 64: Togolese Life Insurance-Individual Life Insurance by Product, 2011-2015

Table 65: Togolese Life Insurance-Individual Life Insurance by Product, 2015-2020

Table 66: Togolese Life Insurance-Group Life Insurance, 2011-2015

Table 67: Togolese Life Insurance-Group Life Insurance, 2015-2020

Table 68: Togolese Life Insurance-Group Life Insurance by Product, 2011-2015

Table 69: Togolese Life Insurance-Group Life Insurance by Product, 2015-2020

Table 70: Togolese Life Insurance-Linked vs Non-Linked Policies, 2011-2015

Table 71: Togolese Life Insurance-Linked vs Non-Linked Policies, 2015-2020

Table 72: Togolese Non-Life Insurance-Policies and Premium, 2011-2015

Table 73: Togolese Non-Life Insurance-Policies and Premium, 2015-2020

Table 74: Togolese Non-Life Insurance-Claims and Expenses, 2011-2015

Table 75: Togolese Non-Life Insurance-Claims and Expenses, 2015-2020

Table 76: Togolese Non-Life Insurance-Assets and Investments, 2011-2015

Table 77: Togolese Non-Life Insurance-Assets and Investments, 2015-2020

Table 78: Togolese Non-Life Insurance-Property Insurance, 2011-2015

Table 79: Togolese Non-Life Insurance-Property Insurance, 2015-2020

Table 80: Togolese Non-Life Insurance-Property Insurance by Product, 2011-2015

Table 81: Togolese Non-Life Insurance-Property Insurance by Product, 2015-2020

Table 82: Togolese Non-Life Insurance-Motor Insurance, 2011-2015

Table 83: Togolese Non-Life Insurance-Motor Insurance, 2015-2020

Table 84: Togolese Non-Life Insurance-Motor Insurance by Product, 2011-2015

Table 85: Togolese Non-Life Insurance-Motor Insurance by Product, 2015-2020

Table 86: Togolese Non-Life Insurance-Liability Insurance, 2011-2015

Table 87: Togolese Non-Life Insurance-Liability Insurance, 2015-2020

Table 88: Togolese Non-Life Insurance-Marine, Aviation and Transit Insurance, 2011-2015

Table 89: Togolese Non-Life Insurance-Marine, Aviation and Transit Insurance, 2015-2020

Table 90: Togolese Personal Accident and Health Insurance-Policies and Premium, 2011-2015

Table 91: Togolese Personal Accident and Health Insurance-Policies and Premium, 2015-2020

Table 92: Togolese Personal Accident and Health Insurance-Claims and Expenses, 2011-2015

Table 93: Togolese Personal Accident and Health Insurance-Claims and Expenses, 2015-2020

Table 94: Togolese Personal Accident and Health Insurance-Assets and Investments, 2011-2015

Table 95: Togolese Personal Accident and Health Insurance-Assets and Investments, 2015-2020

Table 96: Insurance Industry Definitions

 

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Groupement Togolais d'Assurances Vie

Nouvelle Societe Interafricaine d'Assurances

Saham Assurance

Sunu Asurances Togo IARD

Allianz Togo Assurances

Togo insurance industry

Life insurance

Non-life insurance

Property insurance

Motor insurance

Liability insurance

Marine insurance

Personal accident and health insurance

Personal accident insurance

Health insurance

Reinsurance

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