The Insurance Industry in Senegal, Key Trends and Opportunities to 2020

Published: Oct, 2016 | Pages: 130 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

Synopsis
Timetric's 'The Insurance Industry in Senegal, Key Trends and Opportunities to 2020' report provides a detailed analysis of Senegalese 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 Senegalese economy and demographics, and provides detailed information on the competitive landscape in the country. It also includes the impact of natural 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 Senegal, Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into Senegalese insurance industry, including:

• An overview of Senegalese insurance industry

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

• A comprehensive overview of Senegalese economy and demographics

• The detailed competitive landscape in the Senegalese insurance industry

• Detailed regulatory policies of the Senegalese insurance industry

• An analysis of natural hazards in the Senegalese insurance industry
Scope
This report provides a comprehensive analysis of the insurance industry in Senegal:

• It provides historical values for Senegalese 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 Senegalese 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 profiles the top insurance companies in Senegal, and highlights their recent developments.

• It covers the economy and demographics structure of Senegal.

• It analyzes the impact of natural hazards in Senegalese insurance industry.
Reasons To Buy
• Make strategic business decisions using in-depth historic and forecast market data related to Senegalese insurance industry and each segment and category within it.

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

• Assess the competitive dynamics in Senegalese insurance industry.

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

• Gain insights into key regulations governing Senegalese insurance industry and their impact on companies and the industry's future.
Key Highlights
• According to the International Monetary Fund (IMF), the country's economic growth rose to 6.5% in 2015.

• Life segment growth was driven by group life insurance, which accounted for 69.8% of the life gross written premium in 2015.

• Motor third-party liability, cargo and worker's compensation insurance are mandatory in the country.

• According to the International Finance Corporation, more than 65% of the Senegalese population did not have access to health insurance in 2014.

 Table of Contents
1 KEY FACTS AND HIGHLIGHTS
2 EXECUTIVE SUMMARY
3 ECONOMY AND DEMOGRAPHY
4 INDUSTRY OUTLOOK
4.1 Regional Comparison
4.2 Industry Indicators
4.2.1 Gross written premium
4.2.2 Claims
4.2.3 Assets and investments
5 LIFE INSURANCE OUTLOOK
5.1 Individual Life Insurance
5.1.1 Gross written premium
5.2 Group Life Insurance
5.2.1 Gross written premium
6 NON-LIFE INSURANCE OUTLOOK
6.1 Property Insurance
6.1.1 Gross written premium
6.1.2 Profitability
6.2 Motor Insurance
6.2.1 Gross written premium
6.2.2 Profitability
6.3 Liability Insurance
6.3.1 Gross written premium
6.3.2 Profitability
6.4 Marine, Aviation and Transit Insurance
6.4.1 Gross written premium
6.4.2 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 Premium Ceded
9 DISTRIBUTION CHANNEL OUTLOOK
10 NATURAL HAZARDS
10.1 Flooding
10.2 Droughts
10.3 Epidemics
10.4 Exposure
11 COMPETITIVE LANDSCAPE
11.1 Company Profiles
11.1.1 Sonam Assurances Group - company overview
11.1.2 Allianz Senegal Assurances Vie - company overview
11.1.3 Axa Assurances SA - company overview
11.1.4 NSIA Senegal Assurances - company overview
11.1.5 SAHAM Assurances SA - 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 Workmen'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 Directions des Assurances (DA)
12.6 Non-Admitted Insurance Regulation
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 Group life insurance by product
13.1.8 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 Figures
Table 1: Senegalese Insurance Industry - Key Facts, 2015
Table 2: Senegalese Insurance Industry - Leading Insurers, 2014
Table 3: Senegalese Government Credit Ratings
Table 4: Senegalese Insurance Industry - Gross Written Premium by Segment (XOF Billion), 2011-2015
Table 5: Senegalese Insurance Industry - Gross Written Premium by Segment (XOF Billion), 2015-2020
Table 6: Senegalese Insurance Industry - Density Segment (XOF), 2011-2015
Table 7: Senegalese Insurance Industry - Density by Segment (XOF), 2015-2020
Table 8: Senegalese Insurance Industry - Paid Claims by Segment (XOF Billion), 2011-2015
Table 9: Senegalese Insurance Industry - Paid Claims by Segment (XOF Billion), 2015-2020
Table 10: Senegalese Insurance Industry - Total Investment Income by Segment (XOF Billion), 2011-2015
Table 11: Senegalese Insurance Industry - Total Investment Income by Segment (XOF Billion), 2015-2020
Table 12: Senegalese Insurance Industry - Life Insurance Investment Portfolio (XOF Billion), 2011-2015
Table 13: Senegalese Insurance Industry - Life Insurance Investment Portfolio (XOF Billion), 2015-2020
Table 14: Senegalese Insurance Industry - Non-Life Insurance Investment Portfolio (XOF Billion), 2011-2015
Table 15: Senegalese Insurance Industry - Non-Life Insurance Investment Portfolio (XOF Billion), 2015-2020
Table 16: Senegalese Insurance Industry - Personal Accident and Health Insurance Investment Portfolio (XOF Billion), 2011-2015
Table 17: Senegalese Insurance Industry - Personal Accident and Health Insurance Investment Portfolio (XOF Billion), 2015-2020
Table 18: Senegalese Individual Life Insurance - Gross Written Premium (XOF Billion and US$ Million), 2011-2015
Table 19: Senegalese Individual Life Insurance - Gross Written Premium (XOF Billion and US$ Million), 2015-2020
Table 20: Senegalese Group Life Insurance - Gross Written Premium (XOF Billion and US$ Million), 2011-2015
Table 21: Senegalese Group Life Insurance - Gross Written Premium (XOF Billion and US$ Million), 2015-2020
Table 22: Senegalese Property Insurance - Gross Written Premium (XOF Billion and US$ Million), 2011-2015
Table 23: Senegalese Property Insurance - Gross Written Premium (XOF Billion and US$ Billion), 2015-2020
Table 24: Senegalese Property Insurance - Loss Ratio (%), 2011-2015
Table 25: Senegalese Property Insurance - Loss Ratio (%), 2015-2020
Table 26: Senegalese Motor Insurance - Gross Written Premium (XOF Billion and US$ Million), 2011-2015
Table 27: Senegalese Motor Insurance - Gross Written Premium (XOF Billion and US$ Million), 2015-2020
Table 28: Senegalese Motor Insurance - Loss Ratio (%), 2011-2015
Table 29: Senegalese Motor Insurance - Loss Ratio (%), 2015-2020
Table 30: Senegalese Liability Insurance - Gross Written Premium (XOF Billion and US$ Million), 2011-2015
Table 31: Senegalese Liability Insurance - Gross Written Premium (XOF Billion and US$ Million), 2015-2020
Table 32: Senegalese Liability Insurance - Loss Ratio (%), 2011-2015
Table 33: Senegalese Liability Insurance - Loss Ratio (%), 2015-2020
Table 34: Senegalese Marine, Aviation and Transit Insurance - Gross Written Premium (XOF Billion and US$ Million), 2011-2015
Table 35: Senegalese Marine, Aviation and Transit Insurance - Gross Written Premium (XOF Billion and US$ Million), 2015-2020
Table 36: Senegalese Marine, Aviation and Transit Insurance - Loss Ratio (%), 2011-2015
Table 37: Senegalese Marine, Aviation and Transit Insurance - Loss Ratio (%), 2015-2020
Table 38: Senegalese Personal Accident and Health Insurance - Gross Written Premium (XOF Billion and US$ Million), 2011-2015
Table 39: Senegalese Personal Accident and Health Insurance - Gross Written Premium (XOF Billion and US$ Million), 2015-2020
Table 40: Senegalese Personal Accident and Health Insurance - Paid Claims (XOF Billion and US$ Million), 2011-2015
Table 41: Senegalese Personal Accident and Health Insurance - Paid Claims (XOF Billion and US$ Million), 2015-2020
Table 42: Senegalese Personal Accident and Health Insurance - Loss Ratio (%), 2011-2015
Table 43: Senegalese Personal Accident and Health Insurance - Loss Ratio (%), 2015-2020
Table 44: Senegalese Reinsurance - Premium Ceded by Insurance Segment (XOF Billion), 2011-2015
Table 45: Senegalese Reinsurance - Premium Ceded by Insurance Segment (XOF Billion), 2015-2020
Table 46: Senegalese Insurance Industry - Leading Life Insurers, 2014
Table 47: Senegalese Insurance Industry - Leading Non-Life Insurers, 2014
Table 48: Sonam Assurances Group - Key Facts
Table 49: Allianz Senegal Assurances Vie - Key Facts
Table 50: Axa Assurances SA - Key Facts
Table 51: Nsia Senegal Assurances - Key Facts
Table 52: SAHAM Assurances SA - Key Facts
Table 53: Senegal - Insurance Regulatory Framework Key Features
Table 54: Senegal - Insurance Intermediary Remuneration
Table 55: Senegal - Life Insurance Regulatory Framework
Table 56: Senegal - Property Insurance Regulatory Framework
Table 57: Senegal - Motor Insurance Regulatory Framework
Table 58: Senegal - Liability Insurance Regulatory Framework
Table 59: Senegal - Taxes on Insurance Premiums
Table 60: Senegal - Corporate Tax Rates for the Financial Year 2016
Table 61: Senegalese Life Insurance - Policies and Premium, 2011-2015
Table 62: Senegalese Life Insurance - Policies and Premium, 2015-2020
Table 63: Senegalese Life Insurance - Claims and Expenses, 2011-2015
Table 64: Senegalese Life Insurance - Claims and Expenses, 2015-2020
Table 65: Senegalese Life Insurance - Assets and Investments, 2011-2015
Table 66: Senegalese Life Insurance - Assets and Investments, 2015-2020
Table 67: Senegalese Life Insurance - Individual Life Insurance, 2011-2015
Table 68: Senegalese Life Insurance - Individual Life Insurance, 2015-2020
Table 69: Senegalese Life Insurance - Individual Life Insurance by Product, 2011-2015
Table 70: Senegalese Life Insurance - Individual Life Insurance by Product, 2015-2020
Table 71: Senegalese Life Insurance - Group Life Insurance, 2011-2015
Table 72: Senegalese Life Insurance - Group Life Insurance, 2015-2020
Table 73: Senegalese Life Insurance - Group Life Insurance by Product, 2011-2015
Table 74: Senegalese Life Insurance - Group Life Insurance by Product, 2015-2020
Table 75: Senegalese Life Insurance - Linked vs. Non-Linked Policies, 2011-2015
Table 76: Senegalese Life Insurance - Linked vs. Non-Linked Policies, 2015-2020
Table 77: Senegalese Non-Life Insurance - Policies and Premium, 2011-2015
Table 78: Senegalese Non-Life Insurance - Policies and Premium, 2015-2020
Table 79: Senegalese Non-Life Insurance - Claims and Expenses, 2011-2015
Table 80: Senegalese Non-Life Insurance - Claims and Expenses, 2015-2020
Table 81: Senegalese Non-Life Insurance - Assets and Investments, 2011-2015
Table 82: Senegalese Non-Life Insurance - Assets and Investments, 2015-2020
Table 83: Senegalese Non-Life Insurance - Property Insurance, 2011-2015
Table 84: Senegalese Non-Life Insurance - Property Insurance, 2015-2020
Table 85: Senegalese Non-Life Insurance - Property Insurance by Product, 2011-2015
Table 86: Senegalese Non-Life Insurance - Property Insurance by Product, 2015-2020
Table 87: Senegalese Non-Life Insurance - Motor Insurance, 2011-2015
Table 88: Senegalese Non-Life Insurance - Motor Insurance, 2015-2020
Table 89: Senegalese Non-Life Insurance - Motor Insurance by Product, 2011-2015
Table 90: Senegalese Non-Life Insurance - Motor Insurance by Product, 2015-2020
Table 91: Senegalese Non-Life Insurance - Liability Insurance, 2011-2015
Table 92: Senegalese Non-Life Insurance - Liability Insurance, 2015-2020
Table 93: Senegalese Non-Life Insurance - Marine, Aviation and Transit Insurance, 2011-2015
Table 94: Senegalese Non-Life Insurance - Marine, Aviation and Transit Insurance, 2015-2020
Table 95: Senegalese Personal Accident and Health Insurance - Policies and Premium, 2011-2015
Table 96: Senegalese Personal Accident and Health Insurance - Policies and Premium, 2015-2020
Table 97: Senegalese Personal Accident and Health Insurance - Claims and Expenses, 2011-2015
Table 98: Senegalese Personal Accident and Health Insurance - Claims and Expenses, 2015-2020
Table 99: Senegalese Personal Accident and Health Insurance - Assets and Investments, 2011-2015
Table 100: Senegalese Personal Accident and Health Insurance - Assets and Investments, 2015-2020
Table 101: Insurance Industry Definitions