The Insurance Industry in Burkina Faso Key Trends and Opportunities to 2020

Published: Aug, 2016 | Pages: 133 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

Synopsis

Timetric's 'The Insurance Industry in Burkina Faso Key Trends and Opportunities to 2020' report provides a detailed analysis of the Burkinabe 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 (2011-2015) and forecast periods (2015-2020).

The report also gives a comprehensive overview of Burkinabe economy and demographics, and provides detailed information on the competitive landscape in the country. It also includes the impact of natural and man-made hazards on the insurance industry.

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 Burkina Faso, Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the Burkinabe insurance industry, including:

• An overview of Burkinabe insurance industry

• The Burkinabe insurance industry's growth prospects by segment and category

• A comprehensive overview of the Burkinabe economy and demographics

• The detailed competitive landscape in the Burkinabe insurance industry

• Various distribution channels in the Burkinabe insurance industry

• Detailed regulatory policies of the Burkinabe insurance industry

• An analysis of natural hazards in the Burkinabe insurance industry
Scope

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

• It provides historical values for Burkinabe insurance industry for the report's 2011-2015 review period, and projected figures for the 2015-2020 forecast period.

• It offers a detailed analysis of the key segments in the Burkinabe insurance industry, with market forecasts to 2020.

• 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 Burkina Faso.

• It profiles the top insurance companies in Burkina Faso, and outlines the key regulations affecting them.

• It covers the economy and demographics structure of Burkina Faso.

• It analyzes the impact of natural and man-made hazards in Burkinabe insurance industry.
Reasons To Buy

• Make strategic business decisions using in-depth historic and forecast market data related to Burkinabe insurance industry and each segment and category within it.

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

• Assess the competitive dynamics in Burkinabe insurance industry.

• Identify the growth opportunities and market dynamics in key segments.

• Gain insights into key regulations governing Burkinabe insurance industry and their impact on companies and the industry's future.
Key Highlights

• The Burkinabe insurance industry grew in terms of gross written premium value at a review-period CAGR of 10.1%.

• Life insurance penetration stood at 0.03% in 2015.

• Agriculture micro insurance is a popular type of micro insurance product in Burkina Faso.

• In line with growth in construction activities, the demand for related insurance products is expected to grow over the forecast period.

• On September 5, 2015, the government of Burkina Faso adopted universal health insurance system (AMU) to provide quality healthcare to every citizen in the country.

• Insurers in Burkina Faso mainly focus on alternative distribution channels such as mobile networks, micro finance institutions and banks to sell their products.

 Table of Contents
1 KEY FACTS AND HIGHLIGHTS
2 EXECUTIVE SUMMARY
3 ECONOMY AND DEMOGRAPHICS
4 INDUSTRY OUTLOOK
4.1 Regional Comparison
4.2 Industry Indicators
4.2.1 Gross written premium
4.2.2 Claims
4.2.3 Investments
5 LIFE INSURANCE OUTLOOK
5.1 Individual Life Insurance
5.1.1 Gross written premium
5.1.2 Penetration
5.2 Group Life Insurance
5.2.1 Gross written premium
5.2.2 Penetration
6 NON-LIFE INSURANCE OUTLOOK
6.1 Property Insurance
6.1.1 Gross written premium
6.1.2 Penetration
6.1.3 Profitability
6.2 Motor Insurance
6.2.1 Gross written premium
6.2.2 Penetration
6.2.3 Profitability
6.3 Liability Insurance
6.3.1 Gross written premium
6.3.2 Penetration
6.3.3 Profitability
6.4 Marine, Aviation and Transit Insurance
6.4.1 Gross written premium
6.4.2 Penetration
6.4.3 Profitability
7 PERSONAL ACCIDENT AND HEALTH INSURANCE OUTLOOK
7.1 Personal Accident and Health Insurance
7.1.1 Gross written premium
7.1.2 Penetration
7.1.3 Profitability
8 REINSURANCE OUTLOOK
8.1 Premium Ceded
9 Distribution Channel Outlook
10 NATURAL HAZARDS
10.1 Flooding
10.2 Droughts
10.3 Man Made Hazards
10.4 Epidemics
10.5 Exposure
11 COMPETITIVE LANDSCAPE
11.1 Company Profiles
11.1.1 Union des Assurances du Burkina - company overview
11.1.2 Societe Nationale d'Assurances et de Reassurances - company overview
11.1.3 Allianz Burkina Assurances - company overview
11.1.4 Generale des Assurances - company overview
11.1.5 Saham Assurance - company overview
12 GOVERNANCE, RISK AND COMPLIANCE
12.1 Legislation Overview and Historical Evolution
12.2 Latest Changes in Regulation
12.3 Legislation and Market Practice by Type of Insurance
12.3.1 Life Insurance
12.3.2 Property Insurance
12.3.3 Motor Insurance
12.3.4 Liability insurance
12.3.5 Marine, aviation and transit insurance
12.3.6 Personal accident and health insurance
12.4 Compulsory Insurance
12.4.1 Motor third-party liability insurance
12.4.2 Professional indemnity insurance for insurance intermediaries
12.4.3 Worker's compensation
12.5 Supervision and Control
12.5.1 International Association of Insurance Supervisors
12.5.2 Commission Regional des Assurances (CRCA)
12.5.3 Direction Nationales des Assurances (DNA)
12.6 Non-Admitted Insurance Regulations
12.6.1 Overview
12.6.2 Intermediaries
12.6.3 Market practices
12.6.4 Fines and Penalties
12.7 Company Registration and Operations
12.7.1 Type of insurance organization
12.7.2 Establishing a local company
12.7.3 Foreign ownership
12.7.4 Types of license
12.7.5 Capital requirements
12.7.6 Solvency margin
12.7.7 Reserve requirements
12.7.8 Investment regulations
12.7.9 Statutory return requirements
12.7.10 Fee structure
12.8 Taxation
12.8.1 Insurance premium or policy taxation
12.8.2 Withholding taxes on premium paid overseas
12.8.3 Corporate tax
12.8.4 VAT
12.8.5 Captives
12.9 Legal System
12.9.1 Introduction
12.9.2 Access to court
12.9.3 Alternative dispute resolution (ADR)
13 DATABOOK
13.1 Life Insurance
13.1.1 Policies and premium
13.1.2 Claims and expenses
13.1.3 Assets and investments
13.1.4 Individual life insurance
13.1.5 Individual life insurance by product
13.1.6 Group life insurance
13.1.7 Linked versus non-linked policies
13.2 Non-Life Insurance
13.2.1 Policies and premium
13.2.2 Claims and expenses
13.2.3 Assets and investments
13.2.4 Property insurance
13.2.5 Property insurance by product
13.2.6 Motor insurance
13.2.7 Motor insurance by product
13.2.8 Liability insurance
13.2.9 Marine, aviation and transit insurance
13.3 Personal Accident and Health Insurance
13.3.1 Policies and premium
13.3.2 Claims and expenses
13.3.3 Assets and investments
14 DEFINITIONS AND METHODOLOGY
14.1 Definitions
14.2 Methodology
15 ABOUT TIMETRIC
15.1 Contact Timetric
15.2 About Timetric
15.3 Timetric's Services
15.4 Disclaimer

List of Tables
Table 1: Burkinabe Insurance Industry - Key Facts, 2015
Table 2: Burkinabe Insurance Industry - Segment Shares (%) of the Top Insurers, 2014
Table 3: Burkinabe Insurance Industry - Gross Written Premium by Segment (XOF Billion), 2011-2015
Table 4: Burkinabe Insurance Industry - Gross Written Premium by Segment (XOF Billion), 2015-2020
Table 5: Burkinabe Insurance Industry - Density (XOF) by Segment, 2011-2015
Table 6: Burkinabe Insurance Industry - Density (Direct Written Premium Per Capita) by Segment (XOF), 2015-2020
Table 7: Burkinabe Insurance Industry - Paid Claims by Segment (XOF Billion), 2011-2015
Table 8: Burkinabe Insurance Industry - Paid Claims by Segment (XOF Billion), 2015-2020
Table 9: Burkinabe Insurance Industry - Total Investment Income by Segment (XOF Billion), 2011-2015
Table 10: Burkinabe Insurance Industry - Total Investment Income by Segment (XOF Billion), 2015-2020
Table 11: Burkinabe Insurance Industry - Life Insurance Investment Portfolio (XOF Billion), 2011-2015
Table 12: Burkinabe Insurance Industry - Life Insurance Investment Portfolio (XOF Billion), 2015-2020
Table 13: Burkinabe Insurance Industry - Non-Life Insurance Investment Portfolio (XOF Billion), 2011-2015
Table 14: Burkinabe Insurance Industry - Non-Life Insurance Investment Portfolio (XOF Billion), 2015-2020
Table 15: Burkinabe Insurance Industry - Personal Accident and Health Insurance Investment Portfolio (XOF Billion), 2011-2015
Table 16: Burkinabe Insurance Industry - Personal Accident and Health Insurance Investment Portfolio (XOF Billion), 2015-2020
Table 17: Burkinabe Individual Life Insurance - Gross Written Premium (XOF Billion and US$ Million), 2011-2015
Table 18: Burkinabe Individual Life Insurance - Gross Written Premium (XOF Billion and US$ Million), 2015-2020
Table 19: Burkinabe Group Life Insurance - Gross Written Premium (XOF Billion and US$ Million), 2011-2015
Table 20: Burkinabe Group Life Insurance - Gross Written Premium (XOF Billion and US$ Million), 2015-2020
Table 21: Burkinabe Property Insurance - Gross Written Premium (XOF Billion and US$ Million), 2011-2015
Table 22: Burkinabe Property Insurance - Gross Written Premium (XOF Billion and US$ Million), 2015-2020
Table 23: Burkinabe Property Insurance - Loss Ratio (%), 2011-2015
Table 24: Burkinabe Property Insurance - Loss Ratio (%), 2015-2020
Table 25: Burkinabe Motor Insurance - Gross Written Premium (XOF Billion and US$ Million), 2011-2015
Table 26: Burkinabe Motor Insurance - Gross Written Premium (XOF Billion and US$ Million), 2015-2020
Table 27: Burkinabe Motor Insurance - Loss Ratio (%),2011-2015
Table 28: Burkinabe Motor Insurance - Loss Ratio (%), 2015-2020
Table 29: Burkinabe Liability Insurance - Gross Written Premium (XOF Million and US$ Million), 2011-2015
Table 30: Burkinabe Liability Insurance - Gross Written Premium (XOF Million and US$ Million), 2015-2020
Table 31: Burkinabe Liability Insurance - Loss Ratio (%),2011-2015
Table 32: Burkinabe Liability Insurance - Loss Ratio (%), 2015-2020
Table 33: Burkinabe Marine, Aviation and Transit Insurance - Gross Written Premium (XOF Billion and US$ Million), 2011-2015
Table 34: Burkinabe Marine, Aviation and Transit Insurance - Gross Written Premium (XOF Billion and US$ Million), 2015-2020
Table 35: Burkinabe Marine, Aviation and Transit Insurance - Loss Ratio (%),2011-2015
Table 36: Burkinabe Marine, Aviation and Transit Insurance - Loss Ratio (%), 2015-2020
Table 37: Burkinabe Personal Accident and Health Insurance - Gross Written Premium (XOF Billion and US$ Million), 2011-2015
Table 38: Burkinabe Personal Accident and Health Insurance - Gross Written Premium (XOF Billion and US$ Million), 2015-2020
Table 39: Burkinabe Personal Accident and Health Insurance - Loss Ratio (%),2011-2015
Table 40: Burkinabe Personal Accident and Health Insurance - Loss Ratio (%), 2015-2020
Table 41: Burkinabe Reinsurance - Premium Ceded by Insurance Segment (XOF Billion), 2011-2015
Table 42: Burkinabe Reinsurance - Premium Ceded by Insurance Segment (XOF Billion), 2015-2020
Table 43: Burkinabe Insurance Industry - Market Shares of Leading Insurers (%), 2014
Table 44: Burkinabe Life Insurance Industry - Market Shares of Leading Insurers (%), 2014
Table 45: Burkinabe Non-Life Insurance Segment - Market Shares of Leading Insurers (%), 2014
Table 46: Union des Assurances du Burkina - Key Facts
Table 47: Societe Nationale d'Assurances et de Reassurances - Key Facts
Table 48: Allianz Burkina Assurance - Key Facts
Table 49: Generale des Assurances - Key Facts
Table 50: Saham Assurance - Key Facts
Table 51: Burkina Faso - Insurance Regulatory Framework Key Features
Table 52:Burkina Faso- Intermediary Remuneration Rates
Table 53:Burkina Faso- Life Insurance Regulatory Framework
Table 54: Burkina Faso- Property Insurance Regulatory Framework
Table 55: Burkina Faso- Motor Insurance Regulatory Framework
Table 56: Burkina Faso- Liability Insurance Regulatory Framework
Table 57: Burkina Faso - Insurance Premium Tax Rates
Table 58: Burkina Faso - Corporate Tax Rates for the Financial Year 2015
Table 59: Burkinabe Life Insurance - Policies and Premium, 2011-2015
Table 60: Burkinabe Life Insurance - Policies and Premium, 2015-2020
Table 61: Burkinabe Life Insurance - Claims and Expenses, 2011-2015
Table 62: Burkinabe Life Insurance - Claims and Expenses, 2015-2020
Table 63: Burkinabe Life Insurance - Assets and Investments, 2011-2015
Table 64: Burkinabe Life Insurance - Assets and Investments, 2015-2020
Table 65: Burkinabe Life Insurance - Individual Life Insurance, 2011-2015
Table 66: Burkinabe Life Insurance - Individual Life Insurance, 2015-2020
Table 67: Burkinabe Life Insurance - Individual Life Insurance by Product, 2011-2015
Table 68: Burkinabe Life Insurance - Individual Life Insurance by Product, 2015-2020
Table 69: Burkinabe Life Insurance - Group Life Insurance, 2011-2015
Table 70: Burkinabe Life Insurance - Group Life Insurance, 2015-2020
Table 71: Burkinabe Life Insurance - Linked vs. Non-Linked Policies, 2011-2015
Table 72: Burkinabe Life Insurance - Linked vs. Non-Linked Policies, 2015-2020
Table 73: Burkinabe Non-Life Insurance - Policies and Premium, 2011-2015
Table 74: Burkinabe Non-Life Insurance - Policies and Premium, 2015-2020
Table 75: Burkinabe Non-Life Insurance - Claims and Expenses, 2011-2015
Table 76: Burkinabe Non-Life Insurance - Claims and Expenses, 2015-2020
Table 77: Burkinabe Non-Life Insurance - Assets and Investments, 2011-2015
Table 78: Burkinabe Non-Life Insurance - Assets and Investments, 2015-2020
Table 79: Burkinabe Non-Life Insurance - Property Insurance, 2011-2015
Table 80: Burkinabe Non-Life Insurance - Property Insurance, 2015-2020
Table 81: Burkinabe Non-Life Insurance - Property Insurance by Product, 2011-2015
Table 82: Burkinabe Non-Life Insurance - Property Insurance by Product, 2015-2020
Table 83: Burkinabe Non-Life Insurance - Motor Insurance, 2011-2015
Table 84: Burkinabe Non-Life Insurance - Motor Insurance, 2015-2020
Table 85: Burkinabe Non-Life Insurance - Motor Insurance by Product, 2011-2015
Table 86: Burkinabe Non-Life Insurance - Motor Insurance by Product, 2015-2020
Table 87: Burkinabe Non-Life Insurance - Liability Insurance, 2011-2015
Table 88: Burkinabe Non-Life Insurance - Liability Insurance, 2015-2020
Table 89: Burkinabe Non-Life Insurance - Marine, Aviation and Transit Insurance, 2011-2015
Table 90: Burkinabe Non-Life Insurance - Marine, Aviation and Transit Insurance, 2015-2020
Table 91: Burkinabe Personal Accident and Health Insurance - Policies and Premium, 2011-2015
Table 92: Burkinabe Personal Accident and Health Insurance - Policies and Premium, 2015-2020
Table 93: Burkinabe Personal Accident and Health Insurance - Claims and Expenses, 2011-2015
Table 94: Burkinabe Personal Accident and Health Insurance - Claims and Expenses, 2015-2020
Table 95: Burkinabe Personal Accident and Health Insurance - Assets and Investments, 2011-2015
Table 96: Burkinabe Personal Accident and Health Insurance - Assets and Investments, 2015-2020
Table 97: Insurance Industry Definitions