The Senegalese insurance industry: 2011-2015
Insurance industry features in Senegal
- Regulatory authority: Ministry of economy, finance and plan, Insurance direction
- Life and non life premiums(2015): 200 million USD
- Insurance density(2014): 12.98 USD
- Insurance penetration rate(2014): 1.21%
Senegal insurance market structure in 2015
- Life insurance companies: 8
- Non life insurance companies: 16
- Agricultural insurance company: 1
- Credit insurance company: 1
- Motor insurance fund : 1
- Brokerage and consulting firms: 45
Identity
Area: 196 722 Km2- Population (2014): 14.67 million inhabitants
- GDP (2014): 15.66 billion USD
- GDP per capita (2014): 1 067 USD
- GDP growth rate (2014): 5.8%
- Inflation rate (2014): 0.1%
- Main economic sectors: Services , peanut transformation , phosphate and fishing
Main cities
(per number of inhabitants in 2014)
- Dakar (capital): 1 181 218
- Pikine: 1 206 716
- Touba: 600 000
Senegal insurance industry: evolution of turnover per non life insurance company
in thousands USD2011 | 2012 | 2013 | 2014 | 2015 | 2014/2015 evolution | 2015 shares | |
---|---|---|---|---|---|---|---|
AXA | 24 408 | 24 649 | 24 536 | 20 239 | 20 841 | 2.98% | 14.5% |
ALLIANZ | 19 576 | 19 951 | 17 412 | 17 571 | 16 993 | -3.29% | 11.9% |
NSIA | 14 528 | 12 380 | 15 547 | 17 174 | 16 869 | -1.63% | 11.8% |
PA | 12 937 | 12 088 | 12 603 | 10 232 | 13 373 | 30.68% | 9.3% |
Saham | 7 571 | 10 214 | 11 779 | 11 665 | 12 275 | 0.12% | 8.6% |
CNART | 8 601 | 9 555 | 10 580 | 10 198 | 10 414 | 0.31% | 7.3% |
ASKIA | 6 133 | 6 686 | 7 772 | 7 765 | 8 927 | 16.20% | 6.2% |
SONAM Sa | 9 738 | 10 335 | 9 531 | 7 911 | 8 059 | 3.56% | 5.6% |
AMSA | 11 787 | 12 400 | 12 142 | 11 368 | 7 864 | -25.04% | 5.5% |
ASS | 6 278 | 5 623 | 7 023 | 6 637 | 6 394 | -3.66% | 4.5% |
SUNU | 4 527 | 6 429 | 6 668 | 6 700 | 6 224 | 15.03% | 4.3% |
SONAM Mutuelle | 7 583 | 7 138 | 7 714 | 6 692 | 4 930 | -18.07% | 3.4% |
SALAMA | 6 006 | 5 874 | 4 368 | 3 957 | 4 042 | 20.56% | 2.8% |
SONAC | 2 434 | 1 759 | 1 894 | 1 946 | 2 256 | 29.96% | 1.6% |
Wafa | - | 1 672 | - | 1.2% | |||
CNAAS | - | 434 | 1 019 | 901 | 1 243 | 21.65% | 0.9% |
SAAR | - | 704 | - | 0.5% | |||
MAAS | 213 | 325 | 204 | 110 | 118 | 17.11% | 0.1% |
Total | 142 230 | 145 840 | 150 792 | 141 066 | 143 198 | 2% | 100% |
Senegal life insurance sector: evolution of turnover per non life insurance company
in thousands USD2011 | 2012 | 2013 | 2014 | 2015 | 2014/2015 evolution | 2015 shares | |
---|---|---|---|---|---|---|---|
NSIA VIE | 4 762 | 6 103 | 8 397 | 7 548 | 14 174 | 87.51% | 25.2% |
SONAM-VIE | 12 088 | 12 157 | 13 600 | 12 998 | 13 628 | 4.85% | 24.2% |
ALLIANZ-VIE | 8 534 | 8 981 | 9 591 | 9 652 | 11 231 | 16.44% | 19.9% |
SUNU-VIE | 7 403 | 8 069 | 9 490 | 9 018 | 8 302 | -13.61% | 14.7% |
AMSA-VIE | 10 036 | 5 403 | 6 434 | 6 873 | 5 136 | -19.03% | 9.1% |
SAAR VIE | 3 022 | 2 784 | 2 494 | 2 237 | 2 083 | -7.96% | 3.7% |
SEN VIE | - | - | 1 358 | 1 120 | 1 166 | 20.36% | 2.1% |
WAFA VIE | - | - | - | - | 637 | - | 1.1% |
Total | 45 845 | 43 497 | 51 364 | 49 446 | 56 357 | 14.11% | 100% |
Market shares per life insurance company in 2015
Senegal insurance industry: evolution of turnover per non life class of business
in thousands USD2011 | 2012 | 2013 | 2014 | 2015 | 2015 shares | |
---|---|---|---|---|---|---|
Motor | 47 728 | 50 058 | 54 018 | 50 150 | 48 452 | 34.7% |
Fire and property damage | 24 489 | 24 738 | 23 743 | 25 597 | 25 103 | 18% |
Marine (1) | 21 186 | 24 122 | 19 474 | 15 599 | 17 306 | 12.4% |
Personal accident and health | 31 132 | 29 125 | 34 490 | 34 681 | 33 472 | 23.9% |
Third party liability | 5 512 | 5 708 | - | - | - | - |
Technical risks | - | - | 5 255 | 3 965 | 4 450 | 3.2% |
Miscellaneous accident | 12 273 | 12 089 | 13 812 | 11 074 | 14 415 | 7.8% |
Total | 142 320 | 145 840 | 150 792 | 141 066 | 143 198 | 100% |
Breakdown of turnover per non life class of business in 2015
(1)including aviation, maritime transport and othersInsurance industry in Senegal: evolution of turnover per life class of business
in thousands USD2011 | 2012 | 2013 | 2014 | 2015 | 2015 shares | |
---|---|---|---|---|---|---|
Ordinary life insurance | ||||||
Life insurance contract | 198 | 134 | - | - | - | - |
Death insurance contract | 1 859 | 3 251 | 1 808 | 1 989 | 2 425 | 4.3% |
Endowment insurance | 4 053 | 5 049 | 5 523 | 4 382 | 4 500 | 8% |
Retirement savings | 7 368 | 7 383 | 8 452 | 8 822 | 8 208 | 14.6% |
Capitalization | 100 | 57 | 99 | - | - | |
Complementary insurance | 29 | 24 | - | - | - | |
Total ordinary life insurance | 13 607 | 15 898 | 15 482 | 15 193 | 15 133 | 26.9% |
Group life insurance | ||||||
Life insurance contract | 96 | 69 | - | - | - | |
Death insurance contract | 12 375 | 12 615 | 16 637 | 15 755 | 17 448 | 30.9% |
Endowment insurance | 700 | 640 | 107 | 373 | 277 | 0.5% |
Retirement savings | 19 054 | 14 166 | 18 738 | 18 125 | 23 499 | 41.7% |
Capitalization | - | - | - | - | - | |
Complementary insurance | 13 | 9 | - | - | - | |
Total group life insurance | 32 238 | 27 499 | 35 482 | 34 253 | 41 224 | 73.1% |
Total life | 45 845 | 43 497 | 51 364 | 49 446 | 56 357 | 100% |
Breakdown of turnover per life class of business in 2015
Exchange rate FCFA/USD au 31/12 | 2011 | 2012 | 2013 | 2014 | 2015 |
0.002011 | 0.002019 | 0.002098 | 0.001853 | 0.001666 |
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