The Insurance Industry in Senegal, Key Trends and Opportunities to 2018

Published: Apr, 2014 | Pages: 157 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)


Synopsis
The report provides in-depth industry analysis, information and insights of the insurance industry in Senegal, including:
The Senegalese insurance industry's growth prospects by insurance segments and categories 
The competitive landscape in the Senegalese insurance industry
The current trends and drivers of the Senegalese insurance industry
Challenges facing the Senegalese insurance industry
Detailed regulatory framework of the Senegalese insurance industry 

Summary
The Senegalese insurance industry is the third-largest among the Inter-African Conference on Insurance Markets (Conference Interafricaine des Marches d'Assurances - CIMA) member states in terms of gross written premium. The Senegalese insurance industry registered significant growth during the review period (2009-2013). The growth of the Senegalese insurance industry was affected by the global financial crisis, however, the industry's written premium grew at a review-period CAGR of 7.5%. The insurance industry is expected to grow further at a CAGR of 8.3% during the forecast period (2013-2018). The insurance industry had 21 insurance companies and one reinsurance company in 2011. 
Scope
This report provides a comprehensive analysis of the insurance industry in Senegal:
It provides historical values for the Senegalese 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 Senegalese 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 Senegal, and outlines the key regulations affecting them. 
Reason To Buy
 Make strategic business decisions using in-depth historic and forecast industry data related to the Senegalese insurance industry and each segment within it.
Understand the demand-side dynamics, key trends and growth opportunities within the Senegalese insurance industry.
Assess the competitive dynamics in the Senegalese insurance industry.
Identify the growth opportunities and market dynamics within key segments.
Gain insights into key regulations governing the Senegalese insurance industry and its impact on companies and the industry's future. 
Key Highlights
 The Senegalese insurance industry is the third-largest among the Inter-African Conference on Insurance Markets
Growth in the construction industry, government initiatives towards private spending, rising automobile sales, and an increasing tendency towards savings supported the growth of the Senegalese insurance industry, which recorded a review-period CAGR of 8.3%
The frequent occurrence of natural disasters such as flooding significantly affected the country's non-life segment, especially property insurance
The non-life segment was led by motor insurance, followed by property, marine, aviation and transit insurance and general liability insurance
Exports played a significant role in the growth of the insurance industry
As of 2013, there were 21 insurers and one reinsurer operating in the country: six in the life segment and 15 in the non-life segment

 1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology
3 Senegalese Insurance Industry Overview
3.1 Senegalese Insurance Industry
3.2 Key Industry Trends and Drivers
3.3 Challenges
4 Industry Segmentation
4.1 Life Insurance
4.1.1 Individual endowment insurance
4.1.2 Individual marriage and birth insurance
4.1.3 Other insurance
4.1.4 Group life insurance
4.2 Non-Life Insurance
4.2.1 Property insurance
4.2.2 Motor insurance
4.2.3 Liability insurance
4.2.4 Marine, aviation and transit insurance
4.3 Persol Accident and Health Insurance
4.4 Reinsurance
5 Governce, Risk and Compliance
5.1 Legislation Overview and Historical Evolution
5.2 Legislation and Market Practice by Type of Insurance
5.2.1 Life insurance
5.2.2 Property insurance
5.2.3 Motor insurance
5.2.4 Liability insurance
5.2.5 Marine, aviation and transit insurance
5.2.6 Persol accident and health insurance
5.3 Compulsory Insurance
5.3.1 Motor third-party liability insurance
5.3.2 Professiol indemnity insurance for insurance intermediaries
5.3.3 Worker's compensation
5.4 Supervision and Control
5.4.1 Intertiol Association of Insurance Supervisors
5.4.2 Commission Regiol des Assurances (CRCA)
5.4.3 Directions des Assurances (DA)
5.5 Non-Admitted Insurance Regulations
5.5.1 Overview
5.5.2 Intermediaries
5.5.3 Market practices
5.5.4 Fines and pelties
5.6 Company Registration and Operations
5.6.1 Types of insurance organization
5.6.2 Establishing a local company
5.6.3 Foreign ownership
5.6.4 Types of license
5.6.5 Capital requirements
5.6.6 Solvency margins
5.6.7 Reserve requirements
5.6.8 Investment regulations
5.6.9 Statutory return requirements
5.6.10 Fee structure
5.7 Taxation
5.7.1 Insurance premium or policy taxation
5.7.2 Withholding taxes on premium paid overseas
5.7.3 Corporate tax
5.7.4 VAT
5.7.5 Captives
5.8 Legal System
5.8.1 Introduction
5.8.2 Access to court
5.8.3 Altertive dispute resolution (ADR)
6 Competitive Landscape
6.1 Overview
6.2 Leading Companies
6.2.1 Som Assurances SA - company overview
6.2.2 Allianz Senegal Assurances Vie - company overview
6.2.3 Union des Assurances du Senegal Vie (Uasen Vie) - company overview
6.2.4 Amsa Assurances - company overview
6.2.5 Axa Assurances SA - company overview
6.2.6 Nsia Senegal Assurances - company overview
6.2.7 La Prevoyance Assurances SA - company overview
7 Economic Indicators
7.1 GDP at Constant Prices (US$)
7.2 GDP per Capita at Constant Prices (US$)
7.3 GDP at Current Prices (US$)
7.4 GDP per Capita at Current Prices (US$)
7.5 Inflation Rate
7.6 Exports as a Percentage of GDP
7.7 Imports as a Percentage of GDP
7.8 Infrastructure
7.8.1 Total internet subscribers
7.9 Labor Force
7.9.1 Labor force
7.1 Demographics
7.10.1 Total population
7.10.2 Urban and rural populations
7.10.3 Age distribution of the total population
8 Appendix
8.1 Methodology
8.2 Contact Timetric
8.3 About Timetric
8.4 Timetric's Services
8.5 Disclaimer


List of Tables
Table 1: Insurance Industry Definitions
Table 2: Senegalese Insurance - Overall Written Premium by Segment (XOF Billion), 2009-2013
Table 3: Senegalese Insurance - Overall Written Premium by Segment (US$ Million), 2009-2013
Table 4: Senegalese Insurance - Overall Written Premium by Segment (XOF Billion), 2013-2018
Table 5: Senegalese Insurance - Overall Written Premium by Segment (US$ Million), 2013-2018
Table 6: Senegalese Insurance - Segmentation (% Share), 2009-2018
Table 7: Senegalese Life Insurance - Written Premium by Category (XOF Billion), 2009-2013
Table 8: Senegalese Life Insurance - Written Premium by Category (US$ Million), 2009-2013
Table 9: Senegalese Life Insurance - Written Premium by Category (XOF Billion), 2013-2018
Table 10: Senegalese Life Insurance - Written Premium by Category (US$ Billion), 2013-2018
Table 11: Senegalese Life Insurance - Paid Claims (XOF Billion), 2009-2013
Table 12: Senegalese Life Insurance - Paid Claims (XOF Billion), 2013-2018
Table 13: Senegalese Life Insurance - Incurred Loss (XOF Billion), 2009-2013
Table 14: Senegalese Life Insurance - Incurred Loss (XOF Billion), 2013-2018
Table 15: Senegalese Life Insurance - Loss Ratio (%), 2009-2013
Table 16: Senegalese Life Insurance - Loss Ratio (%), 2013-2018
Table 17: Senegalese Life Insurance - Combined Ratio (%), 2009-2013
Table 18: Senegalese Life Insurance - Combined Ratio (%), 2013-2018
Table 19: Senegalese Life Insurance - Total Investment Income (XOF Billion), 2009-2013
Table 20: Senegalese Life Insurance - Total Investment Income (XOF Billion), 2013-2018
Table 21: Senegalese Life Insurance - Retentions (XOF Billion), 2009-2013
Table 22: Senegalese Life Insurance - Retentions (XOF Billion), 2013-2018
Table 23: Senegalese Individual Endowment Insurance - Written Premium (XOF Billion), 2009-2013
Table 24: Senegalese Individual Endowment Insurance - Written Premium (XOF Billion), 2013-2018
Table 25: Senegalese Individual Marriage and Birth Insurance - Written Premium (XOF Billion), 2009-2013
Table 26: Senegalese Individual Marriage and Birth Insurance - Written Premium (XOF Billion), 2013-2018
Table 27: Senegalese Other Individual Insurance - Written Premium (XOF Million), 2009-2013
Table 28: Senegalese Other Individual Insurance - Written Premium (XOF Million), 2013-2018
Table 29: Senegalese Group Life Insurance - Written Premium (XOF Billion), 2009-2013
Table 30: Senegalese Group Life Insurance - Written Premium (XOF Billion), 2013-2018
Table 31: Senegalese Non-Life Insurance - Written Premium by Category (XOF Billion), 2009-2013
Table 32: Senegalese Non-Life Insurance - Written Premium by Category (US$ Billion), 2009-2013
Table 33: Senegalese Non-Life Insurance - Written Premium by Category (XOF Billion), 2013-2018
Table 34: Senegalese Non-Life Insurance - Written Premium by Category (US$ Billion), 2013-2018
Table 35: Senegalese Non-Life Insurance - Paid Claims (XOF Billion), 2009-2013
Table 36: Senegalese Non-Life Insurance - Paid Claims (XOF Billion), 2013-2018
Table 37: Senegalese Non-Life Insurance - Incurred Loss (XOF Billion), 2009-2013
Table 38: Senegalese Non-Life Insurance - Incurred Loss (XOF Billion), 2013-2018
Table 39: Senegalese Non-Life Insurance - Loss Ratio (%), 2009-2013
Table 40: Senegalese Non-Life Insurance - Loss Ratio (%), 2013-2018
Table 41: Senegalese Non-Life Insurance - Combined Ratio (%), 2009-2013
Table 42: Senegalese Non-Life Insurance - Combined Ratio (%), 2013-2018
Table 43: Senegalese Non-Life Insurance - Total Investment Income (XOF Billion), 2009-2013
Table 44: Senegalese Non-Life Insurance - Total Investment Income (XOF Billion), 2013-2018
Table 45: Senegalese Non-Life Insurance - Retentions (XOF Billion), 2009-2013
Table 46: Senegalese Non-Life Insurance - Retentions (XOF Billion), 2013-2018
Table 47: Senegalese Property Insurance - Written Premium (XOF Billion), 2009-2013
Table 48: Senegalese Property Insurance - Written Premium (XOF Billion), 2013-2018
Table 49: Senegalese Motor Insurance - Written Premium (XOF Billion), 2009-2013
Table 50: Senegalese Motor Insurance - Written Premium (XOF Billion), 2013-2018
Table 51: Senegalese Liability Insurance - Written Premium (XOF Billion), 2009-2013
Table 52: Senegalese Liability Insurance - Written Premium (XOF Billion), 2013-2018
Table 53: Senegalese Marine, Aviation and Transit Insurance - Written Premium (XOF Billion), 2009-2013
Table 54: Senegalese Marine, Aviation and Transit Insurance - Written Premium (XOF Billion), 2013-2018
Table 55: Senegalese Persol Accident and Health Insurance - Paid Claim (XOF Billion), 2009-2013
Table 56: Senegalese Persol Accident and Health Insurance - Paid Claim (XOF Billion), 2013-2018
Table 57: Senegalese Persol Accident and Health Insurance - Incurred Loss (XOF Billion), 2009-2013
Table 58: Senegalese Persol Accident and Health Insurance - Incurred Loss (XOF Billion), 2013-2018
Table 59: Senegalese Persol Accident and Health Insurance - Loss Ratio (%), 2009-2013
Table 60: Senegalese Persol Accident and Health Insurance - Loss Ratio (%), 2013-2018
Table 61: Senegalese Persol Accident and Health Insurance - Combined Ratio (%), 2009-2013
Table 62: Senegalese Persol Accident and Health Insurance - Combined Ratio (%), 2013-2018
Table 63: Senegalese Persol Accident and Health Insurance - Total Investment Income (XOF Billion), 2009-2013
Table 64: Senegalese Persol Accident and Health Insurance - Total Investment Income (XOF Billion), 2013-2018
Table 65: Senegalese Persol Accident and Health Insurance - Retentions (XOF Billion), 2009-2013
Table 66: Senegalese Persol Accident and Health Insurance - Retentions (XOF Billion), 2013-2018
Table 67: Senegalese Reinsurance Ceded by Insurance Segment (XOF Billion), 2009-2013
Table 68: Senegalese Reinsurance Ceded by Insurance Segment (US$ Million), 2009-2013
Table 69: Senegalese Reinsurance Ceded by Insurance Segment (XOF Billion), 2013-2018
Table 70: Senegalese Reinsurance Ceded by Insurance Segment (US$ Million), 2013-2018
Table 71: Senegalese Life Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Table 72: Senegalese Life Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Table 73: Senegalese Non-life Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Table 74: Senegalese Non-life Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Table 75: Senegalese Persol Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Table 76: Senegalese Persol Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Table 77: Senegal - Life Insurance Regulatory Framework
Table 78: Senegal - Property Insurance Regulatory Framework
Table 79: Senegal - Motor Insurance Regulatory Framework
Table 80: Senegal - Liability  Insurance Regulatory Framework
Table 81: Senegal - Taxes on Insurance Premiums
Table 82: Senegal - Corporate Tax Rates for the Fincial Year 2013
Table 83: Senegalese Life Insurance - Market Shares, 2010 and 2011
Table 84: Senegalese Non-Life Insurance - Market Shares, 2010 and 2011
Table 85: Som Assurances SA, Main Products
Table 86: Som Assurances SA, Key Employees
Table 87: Allianz Senegal Assurances Vie, Main Products
Table 88: Allianz Senegal Assurances Vie, Key Employees
Table 89: Union des Assurances du Senegal Vie (Uasen Vie), Main Products
Table 90: Union des Assurances du Senegal Vie (Uasen Vie), Key Employees
Table 91: Amsa Assurances, Main Products
Table 92: Amsa Assurances, Key Employees
Table 93: Axa Assurances SA, Main Products
Table 94: Axa assurances SA, Key Employees
Table 95: Nsia Senegal Assurances, Main Products
Table 96: Nsia Senegal Assurances, Key Employees
Table 97: La Prevoyance Assurances SA, Main Products
Table 98: La Prevoyance Assurances SA, Key Employees