The Insurance Industry in Togo, Key Trends and Opportunities to 2021

The Insurance Industry in Togo, Key Trends and Opportunities to 2021


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Executive Summary

Timetric's 'The Insurance Industry in Togo, Key Trends and Opportunities to 2021' report provides detailed analysis of the market trends, drivers and challenges in the 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 period (2012-2016) and forecast period (2016-2021).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Togolese economy and demographics, and provides detailed information on the competitive landscape in the country.

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 2021' report provides in-depth market analysis, information and insights into the Togolese insurance industry, including:

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

The various distribution channels in the Togolese insurance industry

Detailed regulatory policies of the Togolese insurance industry

Analysis of natural hazards in Togolese insurance industry

Scope

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

It provides historical values for the Togolese insurance industry for the report's 2012-2016 review period, and projected figures for the 2016-2021 forecast period.

It offers a detailed analysis of the key segments in the Togolese insurance industry, along with market forecasts until 2021.

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

It analyzes the various distribution channels in Togo.

It profiles the top insurance companies in Togo 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 Togolese insurance industry and each segment and category within it.

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

Assess the competitive dynamics in the Togolese insurance industry.

Identify the growth opportunities and market dynamics in key segments.

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

Key Highlights

On December 31, 2014, the Commission Regional des Assurances implemented a regulation to prevent insurers from misleading customers about a guaranteed minimum return rate in life insurance contracts. According to the circular, indicating guaranteed rates in the form of gross rates and sampling rates is misleading.

Floods are a major challenge for Togolese insurers, as three large basins make Togo vulnerable to flooding

On July 26, 2014, the Commission Regionale de Controle des Assurances (CRCA) issued regulations prohibiting insurers from transacting with unauthorized intermediaries.



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1 KEY FACTS AND HIGHLIGHTS

2 EXECUTIVE SUMMARY

3 ECONOMY AND DEMOGRAPHICS

3.1 Industry Indicators

3.1.1 Gross written premium

3.1.2 Claims

3.1.3 Investments

4 LIFE INSURANCE OUTLOOK

4.1 Individual Life Insurance

4.1.1 Penetration

4.2 Group Life Insurance

4.2.1 Penetration

5 NON-LIFE INSURANCE OUTLOOK

5.1 Property Insurance

5.1.1 Penetration

5.1.2 Claims

5.1.3 Profitability

5.2 Motor Insurance

5.2.1 Penetration

5.2.2 Claims

5.2.3 Profitability

5.3 Liability Insurance

5.3.1 Penetration

5.3.2 Claims

5.3.3 Profitability

5.4 Marine, Aviation and Transit Insurance

5.4.1 Penetration

5.4.2 Claims

5.4.3 Profitability

6 PERSONAL ACCIDENT AND HEALTH INSURANCE OUTLOOK

6.1 Gross written premium

7 REINSURANCE OUTLOOK

7.1 Premium Ceded

8 NATURAL AND MAN-MADE HAZARDS

8.1 Flooding

8.2 Exposure

9 COMPETITIVE LANDSCAPE

9.1 Company Profiles

9.1.1 Groupement Togolais d'Assurances Vie-company overview

9.1.2 Nouvelle Societe Interafricaine d'Assurance Group-company overview

9.1.3 Saham Assurance-company overview

9.1.4 Sunu Assurances IARD Togo-company overview

9.1.5 Allianz Togo Assurances-company overview

10 GOVERNANCE, RISK AND COMPLIANCE

10.1 Legislation Overview and Historical Evolution

10.2 Latest Changes in Regulation

10.3 Legislation and Market Practice by Type of Insurance

10.3.1 Life insurance

10.3.2 Property insurance

10.3.3 Motor insurance

10.3.4 Liability insurance

10.3.5 Marine, aviation and transit insurance

10.3.6 Personal accident and health insurance

10.4 Compulsory Insurance

10.4.1 Motor third-party liability insurance

10.4.2 Professional indemnity insurance for insurance intermediaries

10.4.3 Worker's Compensation

10.5 Supervision and Control

10.5.1 International Association of Insurance Supervisors

10.5.2 Commission Regional des Assurances

10.5.3 Direction Nationale des Assurances

10.6 Non-Admitted Insurance Regulations

10.6.1 Overview

10.6.2 Intermediaries

10.6.3 Market practices

10.6.4 Fines and Penalties

10.7 Company Registration and Operations

10.7.1 Type of insurance organization

10.7.2 Establishing a local company

10.7.3 Foreign ownership

10.7.4 Types of license

10.7.5 Capital requirements

10.7.6 Solvency margin

10.7.7 Reserve requirements

10.7.8 Investment regulations

10.7.9 Statutory return requirements

10.7.10 Fee structure

10.8 Taxation

10.8.1 Insurance premium or policy taxation

10.8.2 Withholding taxes on premium paid overseas

10.8.3 Corporate tax

10.8.4 VAT

10.8.5 Captives

10.9 Legal System

10.9.1 Introduction

10.9.2 Access to court

10.9.3 Alternative dispute resolution

11 DATABOOK

11.1 Life Insurance

11.1.1 Policies and premium

11.1.2 Claims and expenses

11.1.3 Assets and investments

11.1.4 Individual life insurance

11.1.5 Individual life insurance by category

11.1.6 Group life insurance

11.1.7 Group life insurance by category

11.2 Non-Life Insurance

11.2.1 Policies and premium

11.2.2 Claims and expenses

11.2.3 Assets and investments

11.2.4 Property insurance

11.2.5 Property insurance by category

11.2.6 Motor insurance

11.2.7 Motor insurance by category

11.2.8 Liability insurance

11.2.9 Marine, aviation and transit insurance

11.3 Personal Accident and Health Insurance

11.3.1 Policies and premium

11.3.2 Claims and expenses

11.3.3 Assets and investments

12 DEFINITIONS AND METHODOLOGY

12.1 Definitions

12.2 Methodology

13 ABOUT TIMETRIC

13.1 Contact Timetric

13.2 About Timetric

13.3 Timetric's Services

13.4 Disclaimer

Figure 1: Togolese Real GDP (US$ Billion), 2012-2021

Figure 2: Togolese Consumer Price Inflation (%), 2012-2021

Figure 3: Togolese Current Account Balance as Percentage of GDP (%), 2012-2016

Figure 4: Togolese Unemployment Rate, 2012-2021

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

Figure 6: Togolese Insurance Industry-Gross Written Premium by Segment, 2012-2021

Figure 7: Togolese Insurance Industry-Density (Direct Written Premium Per Capita) by Segment (XOF), 2012-2021

Figure 8: Togolese Insurance Industry-Paid Claims by Segment (XOF Billion), 2012-2021

Figure 9: Togolese Insurance Industry-Total Investment Income by Segment (XOF Billion), 2012-2021

Figure 10: Togolese Insurance Industry-Life Insurance Investment Portfolio (XOF Billion), 2012-2021

Figure 11: Togolese Insurance Industry-Life Insurance Investment Portfolio Dynamics by Category (XOF Billion), 2012-2021

Figure 12: Togolese Insurance Industry-Non-Life Insurance Investment Portfolio (XOF Billion), 2012-2021

Figure 13: Togolese Insurance Industry-Non-Life Insurance Investment Portfolio Dynamics by Category (XOF Billion), 2012-2021

Figure 14: Togolese Insurance Industry-Personal Accident and Health Insurance Investment Portfolio (XOF Billion), 2012-2021

Figure 15: Togolese Insurance Industry-Personal Accident and Health Insurance Investment Portfolio Dynamics by Category (XOF Billion), 2012-2021

Figure 16: Togolese Individual Life Insurance-Penetration (%), 2012-2016

Figure 17: Togolese Individual Life Insurance-Penetration (%), 2016-2021

Figure 18: Togolese Group Life Insurance-Penetration (%), 2012-2016

Figure 19: Togolese Group Life Insurance-Penetration (%), 2016-2021

Figure 20: Togolese Property Insurance-Penetration (%), 2012-2016

Figure 21: Togolese Property Insurance-Penetration (%), 2016-2021

Figure 22: Togolese Property Insurance-Paid Claims (XOF Billion), 2012-2021

Figure 23: Togolese Property Insurance-Earned Premium, Incurred Loss and Loss Ratio (XOF Billion and %), 2012-2021

Figure 24: Togolese Motor Insurance-Penetration (%), 2012-2016

Figure 25: Togolese Motor Insurance-Penetration (%), 2016-2021

Figure 26: Togolese Motor Insurance-Paid Claims (XOF Billion), 2012-2021

Figure 27: Togolese Motor Insurance-Earned Premium, Incurred Loss and Loss Ratio (XOF Billion and %), 2012-2021

Figure 28: Togolese Liability Insurance-Penetration (%), 2012-2016

Figure 29: Togolese Liability Insurance-Penetration (%), 2016-2021

Figure 30: Togolese Liability Insurance-Paid Claims (XOF Billion), 2012-2021

Figure 31: Togolese Liability Insurance-Earned Premium, Incurred Loss and Loss Ratio (XOF Billion and %), 2012-2021

Figure 32: Togolese Marine, Aviation and Transit Insurance-Penetration (%), 2012-2016

Figure 33: Togolese Marine, Aviation and Transit Insurance-Penetration (%), 2016-2021

Figure 34: Togolese Marine, Aviation and Transit Insurance-Paid Claims (XOF Million), 2012-2021

Figure 35: Togolese Marine, Aviation and Transit Insurance-Earned Premium, Incurred Loss and Loss Ratio (XOF Billion and %), 2012-2021

Figure 36: Togolese Life Reinsurance-Premium Ceded (XOF Billion), 2012-2021

Figure 37: Togolese Life Insurance-Percentage of Reinsurance Ceded (%), 2012-2021

Figure 38: Togo-Insurance Supervision and Control at Various Levels

Figure 39: Togo-Insurance Regulatory Frameworks for Company Registration and Operation

Table 1: Togolese Insurance Industry-Key Facts, 2016

Table 2: Togolese Insurance Industry-Gross Written Premium by Segment (XOF Billion), 2012-2016

Table 3: Togolese Insurance Industry-Gross Written Premium by Segment (XOF Billion), 2016-2021

Table 4: Togolese Insurance Industry-Density (Direct Written Premium Per Capita) by Segment (XOF), 2012-2016

Table 5: Togolese Insurance Industry-Density (Direct Written Premium Per Capita) by Segment (XOF), 2016-2021

Table 6: Togolese Insurance Industry-Paid Claims by Segment (XOF Billion), 2012-2016

Table 7: Togolese Insurance Industry-Paid Claims by Segment (XOF Billion), 2016-2021

Table 8: Togolese Insurance Industry-Total Investment Income by Segment (XOF Billion), 2012-2016

Table 9: Togolese Insurance Industry-Total Investment Income by Segment (XOF Billion), 2016-2021

Table 10: Togolese Insurance Industry-Life Insurance Investment Portfolio (XOF Billion), 2012-2016

Table 11: Togolese Insurance Industry-Life Insurance Investment Portfolio (XOF Billion), 2016-2021

Table 12: Togolese Insurance Industry-Non-Life Insurance Investment Portfolio (XOF Billion), 2012-2016

Table 13: Togolese Insurance Industry-Non-Life Insurance Investment Portfolio (XOF Billion), 2016-2021

Table 14: Togolese Insurance Industry-Personal Accident and Health Insurance Investment Portfolio (XOF Billion), 2012-2016

Table 15: Togolese Insurance Industry-Personal Accident and Health Insurance Investment Portfolio (XOF Billion), 2016-2021

Table 16: Togolese Property Insurance-Paid Claims (XOF Billion and US$ Million), 2012-2016

Table 17: Togolese Property Insurance-Paid Claims (XOF Billion and US$ Million), 2016-2021

Table 18: Togolese Property Insurance-Loss Ratio (%), 2012-2016

Table 19: Togolese Property Insurance-Loss Ratio (%), 2016-2021

Table 20: Togolese Motor Insurance-Paid Claims (XOF Billion and US$ Billion), 2012-2016

Table 21: Togolese Motor Insurance-Paid Claims (XOF Billion and US$ Billion), 2016-2021

Table 22: Togolese Motor Insurance-Loss Ratio (%), 2012-2016

Table 23: Togolese Motor Insurance-Loss Ratio (%), 2016-2021

Table 24: Togolese Liability Insurance-Paid Claims (XOF Billion and US$ Million), 2012-2016

Table 25: Togolese Liability Insurance-Paid Claims (XOF Billion and US$ Million), 2016-2021

Table 26: Togolese Liability Insurance-Loss Ratio (%), 2012-2016

Table 27: Togolese Liability Insurance-Loss Ratio (%), 2016-2021

Table 28: Togolese Marine, Aviation and Transit Insurance-Paid Claims (XOF Million and US$ Million), 2012-2016

Table 29: Togolese Marine, Aviation and Transit Insurance-Paid Claims (XOF Million and US$ Million), 2016-2021

Table 30: Togolese Marine, Aviation and Transit Insurance-Loss Ratio (%), 2012-2016

Table 31: Togolese Marine, Aviation and Transit Insurance-Loss Ratio (%), 2016-2021

Table 32: Togolese Personal Accident and Health Insurance-Gross Written Premium (XOF Billion), 2012-2016

Table 33: Togolese Personal Accident and Health Insurance-Gross Written Premium (XOF Billion), 2016-2021

Table 34: Togolese Reinsurance-Premium Ceded by Insurance Segment (XOF Billion), 2012-2016

Table 35: Togolese Reinsurance-Premium Ceded by Insurance Segment (XOF Billion), 2016-2021

Table 36: Togolese Insurance Industry-Top Insurers

Table 37: Groupement Togolais d'Assurances Vie-Key Facts

Table 38: Nouvelle Societe Interafricaine d'Assurance Group-Key Facts

Table 39: Saham Assurance-Key Facts

Table 40: Sunu Assurances IARD Togo-Key Facts

Table 41: Allianz Togo Assurances-Key Facts

Table 42: Togo-Insurance Intermediary Remuneration

Table 43: Togo-Life Insurance Regulatory Framework

Table 44: Togo-Property Insurance Regulatory Framework

Table 45: Togo-Motor Insurance Regulatory Framework

Table 46: Togo-Liability Insurance Regulatory Framework

Table 47: Togo-Insurance Premium Tax Rates

Table 48: Togo-Corporate Tax Rates for the Financial Year 2017

Table 49: Togolese Life Insurance-Policies and Premium, 2012-2016

Table 50: Togolese Life Insurance-Policies and Premium, 2016-2021

Table 51: Togolese Life Insurance-Claims and Expenses, 2012-2016

Table 52: Togolese Life Insurance-Claims and Expenses, 2016-2021

Table 53: Togolese Life Insurance-Assets and Investments, 2012-2016

Table 54: Togolese Life Insurance-Assets and Investments, 2016-2021

Table 55: Togolese Life Insurance-Individual Life Insurance, 2012-2016

Table 56: Togolese Life Insurance-Individual Life Insurance, 2016-2021

Table 57: Togolese Life Insurance-Individual Life Insurance by Category, 2012-2016

Table 58: Togolese Life Insurance-Individual Life Insurance by Category, 2016-2021

Table 59: Togolese Life Insurance-Group Life Insurance, 2012-2016

Table 60: Togolese Life Insurance-Group Life Insurance, 2016-2021

Table 61: Togolese Life Insurance-Group Life Insurance by Category, 2012-2016

Table 62: Togolese Life Insurance-Group Life Insurance by Category, 2016-2021

Table 63: Togolese Non-Life Insurance-Policies and Premium, 2012-2016

Table 64: Togolese Non-Life Insurance-Policies and Premium, 2016-2021

Table 65: Togolese Non-Life Insurance-Claims and Expenses, 2012-2016

Table 66: Togolese Non-Life Insurance-Claims and Expenses, 2016-2021

Table 67: Togolese Non-Life Insurance-Assets and Investments, 2012-2016

Table 68: Togolese Non-Life Insurance-Assets and Investments, 2016-2021

Table 69: Togolese Non-Life Insurance-Property Insurance, 2012-2016

Table 70: Togolese Non-Life Insurance-Property Insurance, 2016-2021

Table 71: Togolese Non-Life Insurance-Property Insurance by Category, 2012-2016

Table 72: Togolese Non-Life Insurance-Property Insurance by Category, 2016-2021

Table 73: Togolese Non-Life Insurance-Motor Insurance, 2012-2016

Table 74: Togolese Non-Life Insurance-Motor Insurance, 2016-2021

Table 75: Togolese Non-Life Insurance-Motor Insurance by Category, 2012-2016

Table 76: Togolese Non-Life Insurance-Motor Insurance by Category, 2016-2021

Table 77: Togolese Non-Life Insurance-Liability Insurance, 2012-2016

Table 78: Togolese Non-Life Insurance-Liability Insurance, 2016-2021

Table 79: Togolese Non-Life Insurance-Marine, Aviation and Transit Insurance, 2012-2016

Table 80: Togolese Non-Life Insurance-Marine, Aviation and Transit Insurance, 2016-2021

Table 81: Togolese Personal Accident and Health Insurance-Policies and Premium, 2012-2016

Table 82: Togolese Personal Accident and Health Insurance-Policies and Premium, 2016-2021

Table 83: Togolese Personal Accident and Health Insurance-Claims and Expenses, 2012-2016

Table 84: Togolese Personal Accident and Health Insurance-Claims and Expenses, 2016-2021

Table 85: Togolese Personal Accident and Health Insurance-Assets and Investments, 2012-2016

Table 86: Togolese Personal Accident and Health Insurance-Assets and Investments, 2016-2021

Table 87: Insurance Industry Definitions

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Groupement Togolais d'Assurances Vie, Nouvelle Societe Interafricaine d'Assurances, Saham Assurance, Sunu Assurances IARD Togo, Nouvelle Societe Interafricaine d'Assurances Vie Togo,

Togolese 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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