The Insurance Industry in Burkina Faso, Key Trends and Opportunities to 2021

Published: Nov, 2017 | Pages: 140 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

Synopsis

Timetric's 'The Insurance Industry in Burkina Faso, Key Trends and Opportunities to 2021' 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, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (2012-2016) and forecast period (2016-2021).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Burkinabe economy and demographics, and provides detailed information on the competitive landscape in the country.

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 2021' 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 Burkinabe economy and demographics 

• The detailed competitive landscape in the Burkinabe insurance industry

• The various distribution channels in the Burkinabe insurance industry

• Detailed regulatory policies of the Burkinabe insurance industry

• Analysis of natural hazards in Burkinabe insurance industry

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 2012-2016 review period, and projected figures for the 2016-2021 forecast period.

• It offers a detailed analysis of the key segments in the Burkinabe insurance industry, along with market forecasts until 2021.

• 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.

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.

Key Highlights

•  In April 2017, Sunu Assurances and United Bank for Africa signed a bancassurance agreement and launched two new bancassurance products: Ca Gagne, a 15 year savings buy back product; and Beogo, which is pension and death cover.

• In June 2017, the government of Burkina Faso secured a loan worth XOF36.3 billion (US$61.8 million) from the West African Development Bank and Ecowas Bank 

• In May 2016, the Old Mutual Emerging Markets (OMEM) signed a strategic agreement with Ecobank Transnational Incorporated (ETI) to distribute short-term insurance solutions, savings and life insurance through Ecobank branches in Burkina Faso.

• During 2010-2015, 5,046 people were killed and 73,536 people were injured in road accidents in Burkina Faso.

 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 Claims
7.1.4 Profitability
8 Reinsurance Outlook
8.1 Reinsurance Accepted
8.2 Premium Ceded
9 Distribution Channel Outlook
10 Natural and Man-Made Hazards
10.1 Flooding
10.2 Droughts
10.3 Man-made Hazards
10.4 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 Vie - company overview
11.1.3 Allianz Burkina Assurances Vie - company overview
11.1.4 Generale des Assurances - company overview
11.1.5 Sunu Assurances- 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
12.5.3 Directions Nationales des Assurances
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
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 category
13.1.6 Group life insurance
13.1.7 Group life insurance by category
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 category
13.2.6 Motor insurance
13.2.7 Motor insurance by category
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, 2016
Table 2: Burkinabe Life Insurance Segment - Segment Shares of the Top Insurers, 2015
Table 3: Burkinabe Non-Life Insurance Segment - Segment Shares of the Top Insurers, 2015
Table 4: Burkinabe Government Credit Ratings
Table 5: Burkinabe Insurance Industry - Gross Written Premium by Segment (XOF Billion), 2012-2016
Table 6: Burkinabe Insurance Industry - Gross Written Premium by Segment (XOF Billion), 2016-2021
Table 7: Burkinabe Insurance Industry - Density (Direct Written Premium Per Capita) by Segment (XOF), 2012-2016
Table 8: Burkinabe Insurance Industry - Density (Direct Written Premium Per Capita) by Segment (XOF), 2016-2021
Table 9: Burkinabe Insurance Industry - Paid Claims by Segment(XOF Billion), 2012-2016
Table 10: Burkinabe Insurance Industry - Paid Claims by Segment(XOF Billion), 2016-2021
Table 11: Burkinabe Insurance Industry - Total Investment Income by Segment (XOF Billion), 2012-2016
Table 12: Burkinabe Insurance Industry - Total Investment Income by Segment (XOF Billion), 2016-2021
Table 13: Burkinabe Insurance Industry - Life Insurance Investment Portfolio (XOF Billion), 2012-2016
Table 14: Burkinabe Insurance Industry - Life Insurance Investment Portfolio (XOF Billion), 2016-2021
Table 15: Burkinabe Insurance Industry - Non-Life Insurance Investment Portfolio (XOF Billion), 2012-2016
Table 16: Burkinabe Insurance Industry - Non-Life Insurance Investment Portfolio (XOF Billion), 2016-2021
Table 17: Burkinabe Insurance Industry - Personal Accident and Health Insurance Investment Portfolio (XOF Billion), 2012-2016
Table 18: Burkinabe Insurance Industry - Personal Accident and Health Insurance Investment Portfolio (XOF Billion), 2016-2021
Table 19: Burkinabe Individual Life Insurance - Gross Written Premium (XOF Billion and US$ Million), 2012-2016
Table 20: Burkinabe Individual Life Insurance - Gross Written Premium (XOF Billion and US$ Million), 2016-2021
Table 21: Burkinabe Group Life Insurance - Gross Written Premium (XOF Billion and US$ Million), 2012-2016
Table 22: Burkinabe Group Life Insurance - Gross Written Premium (XOF Billion and US$ Million), 2016-2021
Table 23: Burkinabe Property Insurance - Gross Written Premium (XOF Billion and US$ Million), 2012-2016
Table 24: Burkinabe Property Insurance - Gross Written Premium (XOF Billion and US$ Million), 2016-2021
Table 25: Burkinabe Property Insurance - Loss Ratio (%), 2012-2016
Table 26: Burkinabe Property Insurance - Loss Ratio(%), 2016-2021
Table 27: Burkinabe Motor Insurance - Gross Written Premium (XOF Billion and US$ Million), 2012-2016
Table 28: Burkinabe Motor Insurance - Gross Written Premium (XOF Billion and US$ Million), 2016-2021
Table 29: Burkinabe Motor Insurance - Loss Ratio (%), 2012-2016
Table 30: Burkinabe Motor Insurance - Loss Ratio(%), 2016-2021
Table 31: Burkinabe Liability Insurance - Gross Written Premium (XOF Million and US$ Million), 2012-2016
Table 32: Burkinabe Liability Insurance - Gross Written Premium (XOF Million and US$ Million), 2016-2021
Table 33: Burkinabe Liability Insurance - Loss Ratio (%), 2012-2016
Table 34: Burkinabe Liability Insurance - Loss Ratio(%), 2016-2021
Table 35: Burkinabe Marine, Aviation and Transit Insurance - Gross Written Premium (XOF Billion and US$ Million), 2012-2016
Table 36: Burkinabe Marine, Aviation and Transit Insurance - Gross Written Premium (XOF Billion and US$ Million), 2016-2021
Table 37: Burkinabe Marine, Aviation and Transit Insurance - Loss Ratio (%), 2012-2016
Table 38: Burkinabe Marine, Aviation and Transit Insurance - Loss Ratio(%), 2016-2021
Table 39: Burkinabe Personal Accident and Health Insurance - Gross Written Premium (XOF Billion and US$ Million), 2012-2016
Table 40: Burkinabe Personal Accident and Health Insurance - Gross Written Premium (XOF Billion and US$ Million), 2016-2021
Table 41: Burkinabe Personal Accident and Health Insurance - Paid Claims (XOF Billion and US$ Million), 2012-2016
Table 42: Burkinabe Personal Accident and Health Insurance - Paid Claims (XOF Billion and US$ Million), 2016-2021
Table 43: Burkinabe Personal Accident and Health Insurance - Loss Ratio (%), 2012-2016
Table 44: Burkinabe Personal Accident and Health Insurance - Loss Ratio(%), 2016-2021
Table 45: Burkinabe Reinsurance - Total Premium Accepted (XOF Million), 2012-2016
Table 46: Burkinabe Reinsurance - Total Premium Accepted (XOF Million), 2016-2021
Table 47: Burkinabe Reinsurance - Premium Ceded by Insurance Segment (XOF Million), 2012-2016
Table 48: Burkinabe Reinsurance - Premium Ceded by Insurance Segment (XOF Million), 2016-2021
Table 49: Burkinabe Life Insurance Segment - Market Shares of Leading Insurers (%), 2015
Table 50: Burkinabe Non-Life Insurance Segment - Market Shares of Leading Insurers (%), 2015
Table 51: Union des Assurances du Burkina - Key Facts
Table 52: Societe Nationale d'Assurances et de Reassurances Vie - Key Facts
Table 53: Allianz Burkina Assurances Vie - Key Facts
Table 54: Generale des Assurances - Key Facts
Table 55: Sunu Assurances - Key Facts
Table 56: Burkina Faso - Insurance Regulatory Framework Key Features
Table 57: Burkina Faso - Intermediary Remuneration Rates
Table 58: Burkina Faso - Life Insurance Regulatory Framework
Table 59: Burkina Faso - Property Insurance Regulatory Framework
Table 60: Burkina Faso - Motor Insurance Regulatory Framework
Table 61: Burkina Faso - Liability Insurance Regulatory Framework
Table 62: Burkina Faso - Insurance Premium Tax Rates
Table 63: Burkina Faso - Corporate Tax Rates for the Financial Year 2017
Table 64: Burkinabe Life Insurance - Policies and Premium, 2012-2016
Table 65: Burkinabe Life Insurance - Policies and Premium, 2016-2021
Table 66: Burkinabe Life Insurance - Claims and Expenses, 2012-2016
Table 67: Burkinabe Life Insurance - Claims and Expenses, 2016-2021
Table 68: Burkinabe Life Insurance - Assets and Investments, 2012-2016
Table 69: Burkinabe Life Insurance - Assets and Investments, 2016-2021
Table 70: Burkinabe Life Insurance - Individual Life Insurance, 2012-2016
Table 71: Burkinabe Life Insurance - Individual Life Insurance, 2016-2021
Table 72: Burkinabe Life Insurance - Individual Life Insurance by Category, 2012-2016
Table 73: Burkinabe Life Insurance - Individual Life Insurance by Category, 2016-2021
Table 74: Burkinabe Life Insurance - Group Life Insurance, 2012-2016
Table 75: Burkinabe Life Insurance - Group Life Insurance, 2016-2021
Table 76: Burkinabe Life Insurance - Group Life Insurance by Category, 2012-2016
Table 77: Burkinabe Life Insurance - Group Life Insurance by Category, 2016-2021
Table 78: Burkinabe Non-Life Insurance - Policies and Premium, 2012-2016
Table 79: Burkinabe Non-Life Insurance - Policies and Premium, 2016-2021
Table 80: Burkinabe Non-Life Insurance - Claims and Expenses, 2012-2016
Table 81: Burkinabe Non-Life Insurance - Claims and Expenses, 2016-2021
Table 82: Burkinabe Non-Life Insurance - Assets and Investments, 2012-2016
Table 83: Burkinabe Non-Life Insurance - Assets and Investments, 2016-2021
Table 84: Burkinabe Non-Life Insurance - Property Insurance, 2012-2016
Table 85: Burkinabe Non-Life Insurance - Property Insurance, 2016-2021
Table 86: Burkinabe Non-Life Insurance - Property Insurance by Category, 2012-2016
Table 87: Burkinabe Non-Life Insurance - Property Insurance by Category, 2016-2021
Table 88: Burkinabe Non-Life Insurance - Motor Insurance, 2012-2016
Table 89: Burkinabe Non-Life Insurance - Motor Insurance, 2016-2021
Table 90: Burkinabe Non-Life Insurance - Motor Insurance by Category, 2012-2016
Table 91: Burkinabe Non-Life Insurance - Motor Insurance by Category, 2016-2021
Table 92: Burkinabe Non-Life Insurance - Liability Insurance, 2012-2016
Table 93: Burkinabe Non-Life Insurance - Liability Insurance, 2016-2021
Table 94: Burkinabe Non-Life Insurance - Marine, Aviation and Transit Insurance, 2012-2016
Table 95: Burkinabe Non-Life Insurance - Marine, Aviation and Transit Insurance, 2016-2021
Table 96: Burkinabe Personal Accident and Health Insurance - Policies and Premium, 2012-2016
Table 97: Burkinabe Personal Accident and Health Insurance - Policies and Premium, 2016-2021
Table 98: Burkinabe Personal Accident and Health Insurance - Claims and Expenses, 2012-2016
Table 99: Burkinabe Personal Accident and Health Insurance - Claims and Expenses, 2016-2021
Table 100: Burkinabe Personal Accident and Health Insurance - Assets and Investments, 2012-2016
Table 101: Burkinabe Personal Accident and Health Insurance - Assets and Investments, 2016-2021
Table 102: Insurance Industry Definitions