Boston, MA -- (SBWIRE) -- 04/18/2014 -- Burkina Faso has a small insurance industry that was liberalized in 1978. Prior to liberalization, there was only one state-owned insurance company: Society National Insurance and Reinsurance (SONAR). Following the liberalization, Union des Assurances du Burkina Vie (UAB) and AGF Burkina Assurances began operations.
Foreign-based insurance companies entered the industry in the 1990s. The country's economy is heavily reliant on exports and its main export partners are Switzerland, China, Belgium, Nigeria and Singapore. The global financial crisis in 2008 caused a decline in exports from the country, which adversely affected the industry due to its negative economic impact. However, the country's insurance industry exhibited gradual growth in line with the economy, the gross written premium increased by 11.9% in 2012 and 9.6% in 2013. The industry is projected to benefit from an estimated GDP growth rate of 7.9% in 2014 (according to IMF)."
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- In terms of gross written premium, Burkina Faso has one of the smallest insurance industries in West Africa
- There were only 11 insurance companies and one reinsurance firm operating in the country, of which seven operated in the non-life insurance segment and four in the life insurance segment
- The higher interest rate of life insurance savings in comparison to general banking and additional facilities such as life cover encouraged the population to invest in individual life insurance products
- During the review period, the non-life segment's written premium increased at a CAGR of 8.0%
- The industry comprises both domestic and foreign insurance companies
- During the review period, the industry was led by domestic companies"
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 2008-2012 review period and forecast figures for the 2012-2017 forecast period.
- It offers a detailed analysis of the key segments and categories in the Burkinabe insurance industry, along with forecasts until 2017.
- It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions.
- It profiles the top insurance companies in Burkina Faso, and outlines the key regulations affecting them."
Reasons to Get this Report
- Make strategic business decisions using in-depth historic and forecast industry data related to the Burkinabe insurance industry and each segment within it.
- Understand the demand-side dynamics, key trends and growth opportunities within the Burkinabe insurance industry.
- Assess the competitive dynamics in the Burkinabe insurance industry.
Companies Mentioned in this Report: Union of Burkina Insurance, Society National Insurance and Reinsurance (SONAR), General Insurance, Allianz Insurance Burkina, Colina SA, Raynal Assurances SA,
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