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Market Research Report

The Insurance Industry in Burkina Faso, Key Trends and Opportunities to 2022

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The Insurance Industry in Burkina Faso, Key Trends and Opportunities to 2022
Published: June 30, 2018 Content info: 134 Pages
Description

"The Insurance Industry in Burkina Faso, Key Trends and Opportunities to 2022", report provides detailed analysis of the market trends, drivers and challenges in the Burkinabe insurance industry.

It provides key performance indicators such as written premium and claims during the review period (2013-2017) and forecast period (2017-2022).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Burkinabe economy and demographics, provides detailed information on the competitive landscape and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

This report provides in-depth market analysis, information and insights into the Burkinabe insurance industry, including -

  • The Burkinabe insurance industry's growth prospects by segment and category
  • A comprehensive overview of the Burkinabe economy and demographics
  • Details of the competitive landscape in the Burkinabe insurance industry
  • The various distribution channels in the Burkinabe insurance industry
  • Details of regulatory policy applicable to the Burkinabe insurance industry
  • Analysis of natural hazards in the Burkinabe insurance industry.

Key Findings:

  • Mobile network operators (MNOs) and microfinance institutions (MFIs) are playing an instrumental role in the development of microinsurance in Burkina Faso.
  • On September 5, 2015, the government of Burkina Faso introduced a universal health insurance system (AMU) to offer health cover to the domestic population.
  • Based on the approval of the regulatory authority, the Conference Interafricaine des Marches d'Assurances (CIMA) Code allows up to 50% of any reinsurance risk to be placed abroad, and more than 50% of risk with unlicensed overseas reinsurers.

Scope:

  • 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 2013-2017 review period, and projected figures for the 2017-2022 forecast period.
  • It offers a detailed analysis of the key segments in the Burkinabe insurance industry, with market forecasts to 2022.
  • It covers an exhaustive list of parameters, including written premium and claims.
  • It analyzes the various distribution channels in Burkina Faso.
  • It profiles the top insurance companies in Burkina Faso 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 Burkinabe insurance industry and each segment and category within it.
  • Understand the demand-side dynamics, key market trends and growth opportunities in the Burkinabe insurance industry.
  • Assess the competitive dynamics in the Burkinabe insurance industry.
  • Identify the growth opportunities and market dynamics in key segments.
  • Gain insights into key regulations governing the Burkinabe insurance industry and their impact on companies and the industry's future.
Table of Contents
Product Code: IS1698MR

Table of Contents

1. Key Facts and Highlights

2. Executive Summary

3. Economy and Demographics

4. Industry Outlook

  • 4.1. Industry Indicators
    • 4.1.1. Direct written premium
    • 4.1.2. Insurance density
    • 4.1.3. Paid claims

5. Life Insurance Outlook

  • 5.1. Segment Indicators
    • 5.1.1. Direct written premium
    • 5.1.2. Paid claims
    • 5.1.3. Penetration
    • 5.1.4. Assets and investments

6. General Insurance Outlook

  • 6.1. Segment Indicators
    • 6.1.1. Gross written premium
    • 6.1.2. Direct written premium
    • 6.1.3. Paid claims
    • 6.1.4. Penetration
    • 6.1.5. Loss ratio
    • 6.1.6. Assets and investments
  • 6.2. Property Insurance
    • 6.2.1. Direct written premium
    • 6.2.2. Penetration
    • 6.2.3. Profitability
  • 6.3. Motor Insurance
    • 6.3.1. Direct written premium
    • 6.3.2. Penetration
    • 6.3.3. Profitability
  • 6.4. Liability Insurance
    • 6.4.1. Direct written premium
    • 6.4.2. Penetration
    • 6.4.3. Profitability
  • 6.5. Marine, Aviation and Transit Insurance
    • 6.5.1. Direct written premium
    • 6.5.2. Penetration
    • 6.5.3. Profitability
  • 6.6. Personal Accident and Health Insurance
    • 6.6.1. Direct written premium
    • 6.6.2. Penetration
    • 6.6.3. Profitability
  • 6.7. Miscellaneous
    • 6.7.1. Direct written premium
    • 6.7.2. Penetration
    • 6.7.3. Profitability

7. Reinsurance Outlook

  • 7.1. Premium Ceded

8. Distribution Channel Outlook

9. Natural and Man-Made Hazards

  • 9.1. Flooding
  • 9.2. Droughts
  • 9.3. Man Made Hazards
  • 9.4. Epidemics
  • 9.5. Exposure

10. Competitive Landscape

  • 10.1. Company Profiles
    • 10.1.1. Societe Nationale d'Assurances et de Reassurances - company overview
    • 10.1.2. Union Des Assurances Du Burkina - company overview
    • 10.1.3. Allianz Burkina Assurance - company overview
    • 10.1.4. Saham Assurance - company overview
    • 10.1.5. Generale des 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
    • 11.5.3. Directions Nationales des Assurances
  • 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

12. Databook

  • 12.1. Life Insurance
    • 12.1.1. Policies and premium
    • 12.1.2. Claims and expenses
    • 12.1.3. Assets and investments
  • 12.2. General 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 category
    • 12.2.6. Motor insurance
    • 12.2.7. Motor insurance by category
    • 12.2.8. Liability insurance
    • 12.2.9. Marine, aviation and transit insurance
    • 12.2.10. Marine, aviation and transit insurance by category
    • 12.2.11. Personal accident and health insurance
    • 12.2.12. Miscellaneous

13. Definitions and Methodology

  • 13.1. Definitions
  • 13.2. Methodology

14. About GlobalData

  • 14.1. Contact GlobalData
  • 14.2. About GlobalData
  • 14.3. GlobalData's Services
  • 14.4. Disclaimer

List of Tables

  • Table 1: Burkinabe Insurance Industry - Key Facts, 2017
  • Table 2: Burkinabe Insurance Industry - Industry Shares of the Top Insurers, 2017
  • Table 3: Burkinabe Government Credit Ratings
  • Table 4: Burkinabe Insurance Industry - Direct Written Premium (XOF Billion and US$ Million), 2013-2017
  • Table 5: Burkinabe Insurance Industry - Direct Written Premium (XOF Billion and US$ Million), 2017-2022
  • Table 6: Burkinabe Insurance Industry - Density (XOF), 2013-2017
  • Table 7: Burkinabe Insurance Industry - Density (XOF), 2017-2022
  • Table 8: Burkinabe Insurance Industry - Paid Claims (XOF Billion and US$ Million), 2013-2017
  • Table 9: Burkinabe Insurance Industry - Paid Claims (XOF Billion and US$ Million), 2017-2022
  • Table 10: Burkinabe Life Insurance - Direct Written Premium (XOF Billion and US$ Million), 2013-2017
  • Table 11: Burkinabe Life Insurance - Direct Written Premium (XOF Billion and US$ Million), 2017-2022
  • Table 12: Burkinabe Life Insurance - Paid Claims (XOF Billion and US$ Million), 2013-2017
  • Table 13: Burkinabe Life Insurance - Paid Claims (XOF Billion and US$ Million), 2017-2022
  • Table 14: Burkinabe Life Insurance - Total Investment Income (XOF Billion and US$ Million), 2013-2017
  • Table 15: Burkinabe Life Insurance - Total Investment Income (XOF Billion and US$ Million), 2017-2022
  • Table 16: Burkinabe Life Insurance - Investment Portfolio (XOF Billion), 2013-2017
  • Table 17: Burkinabe Life Insurance - Investment Portfolio (XOF Billion), 2017-2022
  • Table 18: Burkinabe General Insurance - Gross Written Premium (XOF Billion and US$ Million), 2013-2017
  • Table 19: Burkinabe General Insurance - Gross Written Premium (XOF Billion and US$ Million), 2017-2022
  • Table 20: Burkinabe General Insurance - Direct Written Premium (XOF Billion and US$ Million), 2013-2017
  • Table 21: Burkinabe General Insurance - Direct Written Premium (XOF Billion and US$ Million), 2017-2022
  • Table 22: Burkinabe General Insurance - Paid Claims (XOF Billion and US$ Million), 2013-2017
  • Table 23: Burkinabe General Insurance - Paid Claims (XOF Billion and US$ Million), 2017-2022
  • Table 24: Burkinabe General Insurance - Total Investment Income (XOF Billion and US$ Million), 2013-2017
  • Table 25: Burkinabe General Insurance - Total Investment Income (XOF Billion and US$ Million), 2017-2022
  • Table 26: Burkinabe General Insurance - Investment Portfolio (XOF Billion), 2013-2017
  • Table 27: Burkinabe General Insurance - Investment Portfolio (XOF Billion), 2017-2022
  • Table 28: Burkinabe Property Insurance - Direct Written Premium (XOF Billion and US$ Billion), 2013-2017
  • Table 29: Burkinabe Property Insurance - Direct Written Premium (XOF Billion and US$ Billion), 2017-2022
  • Table 30: Burkinabe Property Insurance - Loss Ratio (%), 2013-2017
  • Table 31: Burkinabe Property Insurance - Loss Ratio (%), 2017-2022
  • Table 32: Burkinabe Motor Insurance - Direct Written Premium (XOF Billion and US$ Million), 2013-2017
  • Table 33: Burkinabe Motor Insurance - Gross Written Premium (XOF Billion and US$ Million), 2017-2022
  • Table 34: Burkinabe Motor Insurance - Loss Ratio (%), 2013-2017
  • Table 35: Burkinabe Motor Insurance - Loss Ratio (%), 2017-2022
  • Table 36: Burkinabe Liability Insurance - Direct Written Premium (XOF Billion and US$ Million), 2013-2017
  • Table 37: Burkinabe Liability Insurance - Direct Written Premium (XOF Billion and US$ Million), 2017-2022
  • Table 38: Burkinabe Liability Insurance - Loss Ratio (%), 2013-2017
  • Table 39: Burkinabe Liability Insurance - Loss Ratio (%), 2017-2022
  • Table 40: Burkinabe Marine, Aviation and Transit Insurance - Direct Written Premium (XOF Billion and US$ Million), 2013-2017
  • Table 41: Burkinabe Marine, Aviation and Transit Insurance - Direct Written Premium (XOF Billion and US$ Million), 2017-2022
  • Table 42: Burkinabe Marine, Aviation and Transit Insurance - Loss Ratio (%), 2013-2017
  • Table 43: Burkinabe Marine, Aviation and Transit Insurance - Loss Ratio (%), 2017-2022
  • Table 44: Burkinabe Personal Accident and Health Insurance - Direct Written Premium (XOF Billion and US$ Billion), 2013-2017
  • Table 45: Burkinabe Personal Accident and Health Insurance - Direct Written Premium (XOF Billion and US$ Million), 2017-2022
  • Table 46: Burkinabe Personal Accident and Health Insurance - Loss Ratio (%), 2013-2017
  • Table 47: Burkinabe Personal Accident and Health Insurance - Loss Ratio (%), 2017-2022
  • Table 48: Burkinabe Miscellaneous - Direct Written Premium (XOF Billion and US$ Million), 2013-2017
  • Table 49: Burkinabe Miscellaneous - Direct Written Premium (XOF Billion and US$ Million), 2017-2022
  • Table 50: Burkinabe Miscellaneous - Loss Ratio (%), 2013-2017
  • Table 51: Burkinabe Miscellaneous - Loss Ratio (%), 2017-2022
  • Table 52: Burkinabe Reinsurance - Premium Ceded by Insurance Segment (XOF Billion), 2013-2017
  • Table 53: Burkinabe Reinsurance - Premium Ceded by Insurance Segment (XOF Billion), 2017-2022
  • Table 54: Burkinabe Insurance Industry - Market Share of Leading Insurers (%), 2016
  • Table 55: Burkinabe Insurance Industry - Market Share of Life Insurers (%), 2016
  • Table 56: Burkinabe Insurance Industry - Market Share of General Insurers (%), 2016

Table 57: Societe Nationale d'Assurances et de Reassurances - Key Facts

Table 58: Union des Assurances du Burkina - Key Facts

Table 59: Allianz Burkina Assurance - Key Facts

Table 60: Saham Assurance - Key Facts

Table 61: Generale des Assurances - Key Facts

  • Table 62: Burkina Faso - Insurance Regulatory Framework Key Features
  • Table 63: Burkina Faso - Intermediary Remuneration Rates
  • Table 64: Burkina Faso - Life Insurance Regulatory Framework
  • Table 65: Burkina Faso - Property Insurance Regulatory Framework
  • Table 66: Burkina Faso - Motor Insurance Regulatory Framework
  • Table 67: Burkina Faso - Liability Insurance Regulatory Framework
  • Table 68: Burkina Faso - Insurance Premium Tax Rates
  • Table 69: Burkina Faso - Corporate Tax Rates for the Financial Year 2017
  • Table 70: Burkinabe Life Insurance - Policies and Premium, 2013-2017
  • Table 71: Burkinabe Life Insurance - Policies and Premium, 2017-2022
  • Table 72: Burkinabe Life Insurance - Claims and Expenses, 2013-2017
  • Table 73: Burkinabe Life Insurance - Claims and Expenses, 2017-2022
  • Table 74: Burkinabe Life Insurance - Assets and Investments, 2013-2017
  • Table 75: Burkinabe Life Insurance - Assets and Investments, 2017-2022
  • Table 76: Burkinabe General Insurance - Policies and Premium, 2013-2017
  • Table 77: Burkinabe General Insurance - Policies and Premium, 2017-2022
  • Table 78: Burkinabe General Insurance - Claims and Expenses, 2013-2017
  • Table 79: Burkinabe General Insurance - Claims and Expenses, 2017-2022
  • Table 80: Burkinabe General Insurance - Assets and Investments, 2013-2017
  • Table 81: Burkinabe General Insurance - Assets and Investments, 2017-2022
  • Table 82: Burkinabe General Insurance - Property Insurance, 2013-2017
  • Table 83: Burkinabe General Insurance - Property Insurance, 2017-2022
  • Table 84: Burkinabe General Insurance - Property Insurance by Category, 2013-2017
  • Table 85: Burkinabe General Insurance - Property Insurance by Category, 2017-2022
  • Table 86: Burkinabe General Insurance - Motor Insurance, 2013-2017
  • Table 87: Burkinabe General Insurance - Motor Insurance, 2017-2022
  • Table 88: Burkinabe General Insurance - Motor Insurance by Category, 2013-2017
  • Table 89: Burkinabe General Insurance - Motor Insurance by Category, 2017-2022
  • Table 90: Burkinabe General Insurance - Liability Insurance, 2013-2017
  • Table 91: Burkinabe General Insurance - Liability Insurance, 2017-2022
  • Table 92: Burkinabe General Insurance - Marine, Aviation and Transit Insurance, 2013-2017
  • Table 93: Burkinabe General Insurance - Marine, Aviation and Transit Insurance, 2017-2022
  • Table 94: Burkinabe General Insurance - Marine Aviation and Transit Insurance by Category, 2013-2017
  • Table 95: Burkinabe General Insurance - Marine Aviation and Transit Insurance by Category, 2017-2022
  • Table 96: Burkinabe General Insurance - Personal Accident and Health Insurance, 2013-2017
  • Table 97: Burkinabe General Insurance - Personal Accident and Health Insurance, 2017-2022
  • Table 98: Burkinabe General Insurance - Miscellaneous, 2013-2017
  • Table 99: Burkinabe General Insurance - Miscellaneous, 2017-2022
  • Table 100: Insurance Industry Definitions

List of Figures

  • Figure 1: Burkinabe Real GDP (XOF Trillion), 2013-2022
  • Figure 2: Burkinabe Exchange Rate (XOF per US$), 2013-2022
  • Figure 3: Burkinabe Consumer Price Inflation (%), 2013-2022
  • Figure 4: Burkinabe Current Account Balance as Percentage of GDP (%), 2013-2017
  • Figure 5: Burkinabe Unemployment Rate, 2013-2022
  • Figure 6: Burkinabe Population by Age Group, 2013-2022
  • Figure 7: Burkinabe Insurance Industry - Direct Written Premium (XOF Billion), 2013-2022
  • Figure 8: Burkinabe Insurance Industry - Density (XOF), 2013-2022
  • Figure 9: Burkinabe Insurance Industry - Paid Claims (XOF Billion), 2013-2022
  • Figure 10: Burkinabe Life Insurance - Direct Written Premium (XOF Billion), 2013-2022
  • Figure 11: Burkinabe Life Insurance - Paid Claims (XOF Billion), 2013-2022
  • Figure 12: Burkinabe Life Insurance - Penetration (%), 2013-2017
  • Figure 13: Burkinabe Life Insurance - Penetration (%), 2017-2022
  • Figure 14: Burkinabe Life Insurance - Total Investment Income (XOF Billion), 2013-2022
  • Figure 15: Burkinabe Life Insurance - Investment Portfolio (XOF Billion), 2013-2022
  • Figure 16: Burkinabe Life Insurance - Investment Portfolio Dynamics (XOF Billion), 2013-2022
  • Figure 17: Burkinabe General Insurance - Gross Written Premium (XOF Billion), 2013-2022
  • Figure 18: Burkinabe General Insurance - Direct Written Premium (XOF Billion), 2013-2022
  • Figure 19: Burkinabe General Insurance - Paid Claims (XOF Billion), 2013-2022
  • Figure 20: Burkinabe General Insurance - Penetration (%), 2013-2017
  • Figure 21: Burkinabe General Insurance - Penetration (%), 2017-2022
  • Figure 22: Burkinabe General Insurance - Loss Ratio (%), 2013-2017
  • Figure 23: Burkinabe General Insurance - Loss Ratio (%), 2017-2022
  • Figure 24: Burkinabe General Insurance - Total Investment Income (XOF Billion), 2013-2022
  • Figure 25: Burkinabe General Insurance - Investment Portfolio (XOF Billion), 2013-2022
  • Figure 26: Burkinabe General Insurance - Investment Portfolio Dynamics (XOF Billion), 2013-2022
  • Figure 27: Burkinabe Property Insurance - Direct Written Premium (XOF Billion), 2013-2022
  • Figure 28: Burkinabe Property Insurance - Penetration (%), 2013-2017
  • Figure 29: Burkinabe Property Insurance - Penetration (%), 2017-2022
  • Figure 30: Burkinabe Property Insurance - Earned Premium, Incurred Loss and Loss Ratio (XOF Billion and %), 2013-2022
  • Figure 31: Burkinabe Motor Insurance - Direct Written Premium (XOF Billion), 2013-2022
  • Figure 32: Burkinabe Motor Insurance - Penetration (%), 2013-2017
  • Figure 33: Burkinabe Motor Insurance - Penetration (%), 2017-2022
  • Figure 34: Burkinabe Motor Insurance - Earned Premium, Incurred Loss and Loss Ratio (XOF Billion and %), 2013-2022
  • Figure 35: Burkinabe Liability Insurance - Direct Written Premium (XOF Billion), 2013-2022
  • Figure 36: Burkinabe Liability Insurance - Penetration (%), 2013-2017
  • Figure 37: Burkinabe Liability Insurance - Penetration (%), 2017-2022
  • Figure 38: Burkinabe Liability Insurance - Earned Premium, Incurred Loss and Loss Ratio (XOF Billion and %), 2013-2022
  • Figure 39: Burkinabe Marine, Aviation and Transit Insurance - Direct Written Premium (XOF Billion), 2013-2022
  • Figure 40: Burkinabe Marine, Aviation and Transit Insurance - Penetration (%), 2013-2017
  • Figure 41: Burkinabe Marine, Aviation and Transit Insurance - Penetration (%), 2017-2022
  • Figure 42: Burkinabe Marine, Aviation and Transit Insurance - Earned Premium, Incurred Loss and Loss Ratio (XOF Billion and %), 2013-2022
  • Figure 43: Burkinabe Personal Accident and Health Insurance - Direct Written Premium (XOF Billion), 2013-2022
  • Figure 44: Burkinabe Personal Accident and Health Insurance - Penetration (%), 2013-2017
  • Figure 45: Burkinabe Personal Accident and Health Insurance - Penetration (%), 2017-2022
  • Figure 46: Burkinabe Personal Accident and Health Insurance - Earned Premium, Incurred Loss and Loss Ratio (XOF Billion and %), 2013-2022
  • Figure 47: Burkinabe Miscellaneous - Direct Written Premium (XOF Billion), 2013-2022
  • Figure 48: Burkinabe Miscellaneous - Penetration (%), 2013-2017
  • Figure 49: Burkinabe Miscellaneous - Penetration (%), 2017-2022
  • Figure 50: Burkinabe Miscellaneous - Earned Premium, Incurred Loss and Loss Ratio (XOF Billion and %), 2013-2022
  • Figure 51: Burkinabe Reinsurance - Premium Ceded by Insurance Segment (XOF Billion), 2013-2022
  • Figure 52: Burkinabe General Insurance - Percentage of Reinsurance Ceded (%), 2013-2022
  • Figure 53: Burkinabe Insurance Industry - Market Share of Leading Insurers (%), 2016
  • Figure 54: Burkinabe Insurance Industry - Market Share of Life Insurers (%), 2016
  • Figure 55: Burkinabe Insurance Industry - Market Share of General Insurers (%), 2016
  • Figure 56: Burkina Faso - Insurance Supervision and Control at Various Levels
  • Figure 57: Burkina Faso - Insurance Regulatory Frameworks for Company Registration and Operation
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