Burkina Faso's insurance market increasing by 13% in 2019

The annual conference of Burkina Faso's professional association of insurance companies (APSAB) was held on November 28, 2019, in Ouagadougou.

According to the association's president, Denis Ouédraogo, the Burkinabe insurance market reported a turnover of 66.49 billion FCFA (111.7 million USD) by 30 October 2019, rising by 13.29% in comparison with the same period of 2018.

For the president of APSAB, this growth cannot overshadow the weaknesses of the local market, whose motor non insurance rate is close to 40%. Another flaw is the insurance rate which does not exceed 1%.