The Insurance Industry in Mali, Key Trends and Opportunities to 2022

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Published: June 22, 2018 Report Code: GD-IS1693MR-ST

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GlobalData’s 'The Insurance Industry in Mali, Key Trends and Opportunities to 2022' report provides a detailed analysis of the market trends, drivers and challenges in the Malian insurance industry.

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

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

The report brings together GlobalData’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.

Scope

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

• It provides historical values for the Malian 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 Malian 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 Mali.

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

Key Highlights

• In 2017, the general insurance segment accounted for 77.5% of the industry’s direct written premium, while life insurance accounted for 22.5%.

• In April 2016, registered capital requirements for direct insurers increased from XOF1.0 billion (US$1.6 million) to XOF5.0 billion (US$8.4 million).

• Effective from May 2018, the Conference Interafricaine des Marchés d'Assurances Code amended the reserve requirements for life insurers, ensuring that they are always in a position to fulfill their obligations.

• General insurance is driven by a large number of compulsory classes such as motor third-party liability (MTPL), airport operator’s liability, insurance on imports, decennial insurance and workers compensation.

• As of 2016, there were three life insurers and eight general insurers operating in Mali.

Reasons to Buy

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

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

• Assess the competitive dynamics in the industry.

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

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

Saham Assurance
Les Assurances Bleues CNAR
Societe Nouvelle d'Assurance Vie (SONAVIE)
Allianz Mali Assurances
Assurances Lafia SA
Compagnie d'Assurance et Reassurance Sabu Nyuman
NSIA Vie Mali
Nouvelle Alliance d'Assurances SA
Sunu Assurances IARD Mali
NSIA Assurances
Saham Assurance Vie Mali

Table of Contents

1 Key Facts and Highlights

2 Executive Summary

3 Economy and Demographics

4 Industry Outlook

4.1 Direct written premium

4.2 Insurance density

4.3 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 Direct written premium

6.1.2 Paid claims

6.1.3 Penetration

6.1.4 Loss ratio

6.1.5 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 Reinsurance Accepted

7.2 Premium Ceded

8 Distribution Channel Outlook

9 Natural and Man-Made Hazards

9.1 Flooding

9.2 Droughts

9.3 Sandstorms

9.4 Man-made disasters

9.5 Epidemics

9.6 Exposure

10 Competitive Landscape

10.1 Company Profiles

10.1.1 Saham Assurances – company overview

10.1.2 Les Assurances Bleues CNAR – company overview

10.1.3 Societe Nouvelle d'Assurance Vie – company overview

10.1.4 Allianz Mali Assurances – company overview

10.1.5 Assurances Lafia SA – 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 insurance

11.5 Supervision and Control

11.5.1 International Association of Insurance Supervisors

11.5.2 Commission Regional des Assurances

11.5.3 Direction Nationale du Trésor et de la Comptabilité Publique

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

Table

Table 1: Malian Insurance Industry – Key Facts, 2017

Table 2: Malian Insurance Industry – Industry Shares of the Top Insurers, 2016

Table 3: Malian Insurance Industry – Direct Written Premium (XOF Billion and US$ Million), 2013–2017

Table 4: Malian Insurance Industry – Direct Written Premium (XOF Billion and US$ Million), 2017–2022

Table 5: Malian Insurance Industry – Density (XOF), 2013–2017

Table 6: Malian Insurance Industry – Density (XOF), 2017–2022

Table 7: Malian Insurance Industry – Paid Claims (XOF Billion and US$ Million), 2013–2017

Table 8: Malian Insurance Industry – Paid Claims (XOF Billion and US$ Million), 2017–2022

Table 9: Malian Life Insurance – Direct Written Premium (XOF Billion and US$ Million), 2013–2017

Table 10: Malian Life Insurance – Direct Written Premium (XOF Billion and US$ Million), 2017–2022

Table 11: Malian Life Insurance – Paid Claims (XOF Billion and US$ Million), 2013–2017

Table 12: Malian Life Insurance – Paid Claims (XOF Billion and US$ Million), 2017–2022

Table 13: Malian Life Insurance – Total Investment Income (XOF Million and US$ Million), 2013–2017

Table 14: Malian Life Insurance – Total Investment Income (XOF Million and US$ Million), 2017–2022

Table 15: Malian Life Insurance – Investment Portfolio (XOF Billion), 2013–2017

Table 16: Malian Life Insurance – Investment Portfolio (XOF Billion), 2017–2022

Table 17: Malian General Insurance – Direct Written Premium (XOF Billion and US$ Million), 2013–2017

Table 18: Malian General Insurance – Direct Written Premium (XOF Billion and US$ Million), 2017–2022

Table 19: Malian General Insurance – Paid Claims (XOF Billion and US$ Million), 2013–2017

Table 20: Malian General Insurance – Paid Claims (XOF Billion and US$ Million), 2017–2022

Table 21: Malian General Insurance – Total Investment Income (XOF Million and US$ Million), 2013–2017

Table 22: Malian General Insurance – Total Investment Income (XOF Million and US$ Million), 2017–2022

Table 23: Malian General Insurance – Investment Portfolio (XOF Billion), 2013–2017

Table 24: Malian General Insurance – Investment Portfolio (XOF Billion), 2017–2022

Table 25: Malian Property Insurance – Direct Written Premium (XOF Billion and US$ Million), 2013–2017

Table 26: Malian Property Insurance – Direct Written Premium (XOF Billion and US$ Million), 2017–2022

Table 27: Malian Property Insurance – Loss Ratio (%), 2013–2017

Table 28: Malian Property Insurance – Loss Ratio (%), 2017–2022

Table 29: Malian Motor Insurance – Direct Written Premium (XOF Billion and US$ Million), 2013–2017

Table 30: Malian Motor Insurance – Direct Written Premium (XOF Billion and US$ Million), 2017–2022

Table 31: Malian Motor Insurance – Loss Ratio (%), 2013–2017

Table 32: Malian Motor Insurance – Loss Ratio (%), 2017–2022

Table 33: Malian Liability Insurance – Direct Written Premium (XOF Billion and US$ Million), 2013–2017

Table 34: Malian Liability Insurance – Direct Written Premium (XOF Billion and US$ Million), 2017–2022

Table 35: Malian Liability Insurance – Loss Ratio (%), 2013–2017

Table 36: Malian Liability Insurance – Loss Ratio (%), 2017–2022

Table 37: Malian Marine, Aviation and Transit Insurance – Direct Written Premium (XOF Billion and US$ Million), 2013–2017

Table 38: Malian Marine, Aviation and Transit Insurance – Direct Written Premium (XOF Billion and US$ Million), 2017–2022

Table 39: Malian Marine, Aviation and Transit Insurance – Loss Ratio (%), 2013–2017

Table 40: Malian Marine, Aviation and Transit Insurance – Loss Ratio (%), 2017–2022

Table 41: Malian Personal Accident and Health Insurance – Direct Written Premium (XOF Billion and US$ Million), 2013–2017

Table 42: Malian Personal Accident and Health Insurance – Direct Written Premium (XOF Billion and US$ Million), 2017–2022

Table 43: Malian Personal Accident and Health Insurance – Loss Ratio (%), 2013–2017

Table 44: Malian Personal Accident and Health Insurance – Loss Ratio (%), 2017–2022

Table 45: Malian Miscellaneous – Direct Written Premium (XOF Billion and US$ Million), 2013–2017

Table 46: Malian Miscellaneous – Direct Written Premium (XOF Billion and US$ Million), 2017–2022

Table 47: Malian Miscellaneous – Loss Ratio (%), 2013–2017

Table 48: Malian Miscellaneous – Loss Ratio (%), 2017–2022

Table 49: Malian Reinsurance – Premium Accepted by Category (XOF Million), 2013–2017

Table 50: Malian Reinsurance – Premium Accepted by Category (XOF Million), 2017–2022

Table 51: Malian Reinsurance – Premium Ceded by Insurance Segment (XOF Billion), 2013–2017

Table 52: Malian Reinsurance – Premium Ceded by Insurance Segment (XOF Billion), 2017–2022

Table 53: Malian Insurance Industry – Market Shares of Leading Insurers (%), 2016

Table 54: Malian Insurance Industry – Market Shares of Leading Life Insurers (%), 2016

Table 55: Malian Insurance Industry – Market Shares of Leading General Insurers (%), 2016

Table 56: Saham Assurances – Key Facts

Table 57: Les Assurances Bleues CNAR – Key Facts

Table 58: Societe Nouvelle d'Assurance Vie – Key Facts

Table 59: Allianz Mali Assurances – Key Facts

Table 60: Assurances Lafia SA – Key Facts

Table 61: Mali – Insurance Regulatory Framework Key Features

Table 62: Mali – Life Insurance Regulatory Framework

Table 63: Mali – Property Insurance Regulatory Framework

Table 64: Mali – Motor Insurance Regulatory Framework

Table 65: Mali – Liability Insurance Regulatory Framework

Table 66: Mali – Insurance Premium Tax Rates

Table 67: Mali – Corporate Tax Rates for the Financial Year 2017

Table 68: Malian Life Insurance – Policies and Premium, 2013–2017

Table 69: Malian Life Insurance – Policies and Premium, 2017–2022

Table 70: Malian Life Insurance – Claims and Expenses, 2013–2017

Table 71: Malian Life Insurance – Claims and Expenses, 2017–2022

Table 72: Malian Life Insurance – Assets and Investments, 2013–2017

Table 73: Malian Life Insurance – Assets and Investments, 2017–2022

Table 74: Malian General Insurance – Policies and Premium, 2013–2017

Table 75: Malian General Insurance – Policies and Premium, 2017–2022

Table 76: Malian General Insurance – Claims and Expenses, 2013–2017

Table 77: Malian General Insurance – Claims and Expenses, 2017–2022

Table 78: Malian General Insurance – Assets and Investments, 2013–2017

Table 79: Malian General Insurance – Assets and Investments, 2017–2022

Table 80: Malian General Insurance – Property Insurance, 2013–2017

Table 81: Malian General Insurance – Property Insurance, 2017–2022

Table 82: Malian General Insurance – Property Insurance by Category, 2013–2017

Table 83: Malian General Insurance – Property Insurance by Category, 2017–2022

Table 84: Malian General Insurance – Motor Insurance, 2013–2017

Table 85: Malian General Insurance – Motor Insurance, 2017–2022

Table 86: Malian General Insurance – Motor Insurance by Category, 2013–2017

Table 87: Malian General Insurance – Motor Insurance by Category, 2017–2022

Table 88: Malian General Insurance – Liability Insurance, 2013–2017

Table 89: Malian General Insurance – Liability Insurance, 2017–2022

Table 90: Malian General Insurance – Marine, Aviation and Transit Insurance, 2013–2017

Table 91: Malian General Insurance – Marine, Aviation and Transit Insurance, 2017–2022

Table 92: Malian General Insurance – Marine Aviation and Transit Insurance by Category, 2013–2017

Table 93: Malian General Insurance – Marine Aviation and Transit Insurance by Category, 2017–2022

Table 94: Malian General Insurance – Personal Accident and Health Insurance, 2013–2017

Table 95: Malian General Insurance – Personal Accident and Health Insurance, 2017–2022

Table 96: Malian General Insurance – Miscellaneous, 2013–2017

Table 97: Malian General Insurance – Miscellaneous, 2017–2022

Table 98: Insurance Industry Definitions

Figures

Figure 1: Malian Real GDP (XOF Trillion), 2013–2022

Figure 2: Malian Exchange Rate (XOF per US$), 2013–2022

Figure 3: Malian Consumer Price Inflation (%), 2013–2022

Figure 4: Malian Current Account Balance as Percentage of GDP (%), 2013–2022

Figure 5: Malian Unemployment Rate, 2013–2022

Figure 6: Malian Population by Age Group, 2013–2022

Figure 7: Malian Insurance Industry – Direct Written Premium (XOF Billion), 2013–2022

Figure 8: Malian Insurance Industry – Density (XOF), 2013–2022

Figure 9: Malian Insurance Industry – Paid Claims (XOF Billion), 2013–2022

Figure 10: Malian Life Insurance – Direct Written Premium (XOF Billion), 2013–2022

Figure 11: Malian Life Insurance – Paid Claims (XOF Billion), 2013–2022

Figure 12: Malian Life Insurance – Penetration (%), 2013–2017

Figure 13: Malian Life Insurance – Penetration (%), 2017–2022

Figure 14: Malian Life Insurance – Total Investment Income (XOF Million), 2013–2022

Figure 15: Malian Life Insurance – Investment Portfolio (XOF Billion), 2013–2022

Figure 16: Malian Life Insurance – Investment Portfolio Dynamics (XOF Billion), 2013–2022

Figure 17: Malian General Insurance – Direct Written Premium (XOF Billion), 2013–2022

Figure 18: Malian General Insurance – Paid Claims (XOF Billion), 2013–2022

Figure 19: Malian General Insurance – Penetration (%), 2013–2017

Figure 20: Malian General Insurance – Penetration (%), 2017–2022

Figure 21: Malian General Insurance – Loss Ratio (%), 2013–2017

Figure 22: Malian General Insurance – Loss Ratio (%), 2017–2022

Figure 23: Malian General Insurance – Total Investment Income (XOF Million), 2013–2022

Figure 24: Malian General Insurance – Investment Portfolio (XOF Billion), 2013–2022

Figure 25: Malian General Insurance – Investment Portfolio Dynamics (XOF Billion), 2013–2022

Figure 26: Malian Property Insurance – Direct Written Premium (XOF Billion), 2013–2022

Figure 27: Malian Property Insurance – Penetration (%), 2013–2017

Figure 28: Malian Property Insurance – Penetration (%), 2017–2022

Figure 29: Malian Property Insurance – Earned Premium, Incurred Loss and Loss Ratio (XOF Billion and %), 2013–2022

Figure 30: Malian Motor Insurance – Direct Written Premium (XOF Billion), 2013–2022

Figure 31: Malian Motor Insurance – Penetration (%), 2013–2017

Figure 32: Malian Motor Insurance – Penetration (%), 2017–2022

Figure 33: Malian Motor Insurance – Earned Premium, Incurred Loss and Loss Ratio (XOF Billion and %), 2013–2022

Figure 34: Malian Liability Insurance – Direct Written Premium (XOF Billion), 2013–2022

Figure 35: Malian Liability Insurance – Penetration (%), 2013–2017

Figure 36: Malian Liability Insurance – Penetration (%), 2017–2022

Figure 37: Malian Liability Insurance – Earned Premium, Incurred Loss and Loss Ratio (XOF Billion and %), 2013–2022

Figure 38: Malian Marine, Aviation and Transit Insurance – Direct Written Premium (XOF Billion), 2013–2022

Figure 39: Malian Marine, Aviation and Transit Insurance – Penetration (%), 2013–2017

Figure 40: Malian Marine, Aviation and Transit Insurance – Penetration (%), 2017–2022

Figure 41: Malian Marine, Aviation and Transit Insurance – Earned Premium, Incurred Loss and Loss Ratio (XOF Billion and %), 2013–2022

Figure 42: Malian Personal Accident and Health Insurance – Direct Written Premium (XOF Billion), 2013–2022

Figure 43: Malian Personal Accident and Health Insurance – Penetration (%), 2013–2017

Figure 44: Malian Personal Accident and Health Insurance – Penetration (%), 2017–2022

Figure 45: Malian Personal Accident and Health Insurance – Earned Premium, Incurred Loss and Loss Ratio (XOF Billion and %), 2013–2022

Figure 46: Malian Miscellaneous – Direct Written Premium (XOF Billion), 2013–2022

Figure 47: Malian Miscellaneous – Penetration (%), 2013–2017

Figure 48: Malian Miscellaneous – Penetration (%), 2017–2022

Figure 49: Malian Miscellaneous – Earned Premium, Incurred Loss and Loss Ratio (XOF Billion and %), 2013–2022

Figure 50: Malian Reinsurance – Premium Accepted by Category (XOF Million), 2013–2022

Figure 51: Malian Reinsurance – Premium Ceded by Insurance Segment (XOF Billion), 2013–2022

Figure 52: Malian Life Insurance – Percentage of Reinsurance Ceded (%), 2013–2022

Figure 53: Malian General Insurance – Percentage of Reinsurance Ceded (%), 2013–2022

Figure 54: Malian Insurance Industry – Market Shares of Leading Insurers (%), 2016

Figure 55: Malian Insurance Industry – Market Shares of Leading Life Insurers (%), 2016

Figure 56: Malian Insurance Industry – Market Shares of Leading General Insurers (%), 2016

Figure 57: Mali – Insurance Supervision and Control at Various Levels

Figure 58: Mali – Insurance Regulatory Frameworks for Company Registration and Operation

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