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

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Published: July 31, 2018 Report Code: GDIS1709MR-ST

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GlobalData’s "The Insurance Industry in Niger, Key Trends and Opportunities to 2022" report provides detailed analysis of the market trends, drivers and challenges in the Nigerien insurance industry.

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

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Nigerien 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.

Inside this report, we look at the top themes, its predictions and identify winners and losers.

The report provides in-depth market analysis, information and insights into the Nigerien insurance industry, including –
– The Nigerien insurance industry's growth prospects by segment and category
– A comprehensive overview of the Nigerien economy and demographics
– Details of the competitive landscape in the Nigerien insurance industry
– The various distribution channels in the Nigerien insurance industry
– Details of regulatory policy applicable to the Nigerien insurance industry
– Analysis of natural hazards in the Nigerien insurance industry.

Scope

– This report provides a comprehensive analysis of the insurance industry in Niger

– It provides historical values for the Nigerien 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 Nigerien 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 Niger.

– It profiles the top insurance companies in Niger, 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 Nigerien insurance industry and each segment and category within it.

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

– Assess the competitive dynamics in the Nigerien insurance industry.

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

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

Compagnie d'Assurances et de Reassurances du Niger
Societe Nigerienne d'Assurances et de Reassurances
Sunu Assurances Vie Niger
La Nigerienne d'Assurances et de Reassurances
Sunu Assurances IARD Niger
Saham Assurances
Mutual Benefits Assurances Niger SA
Compagnie Nouvelle d'Assurances Vie

Table of Contents

Table of Contents

1 Key Facts and Highlights

2 Executive Summary

3 Economy and Demographics

4 Industry Outlook

4.1 Industry Indicators

4.1.1 Direct written premium

4.1.2 Insurance density

4.1.3 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 Locusts

9.4 Man-made Disasters

9.5 Exposure

10 Competitive Landscape

10.1 Company Profiles

10.1.1 Compagnie d'Assurances et de Reassurances du Niger – company overview

10.1.2 Societe Nigerienne d'Assurances et de Reassurances – company overview

10.1.3 Sunu Assurances Vie Niger – company overview

10.1.4 La Nigerienne d'Assurances et de Reassurances – company overview

10.1.5 Sunu Assurances IARD Niger – 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

11.5 Supervision and Control

11.5.1 International Association of Insurance Supervisors

11.5.2 Commission Regional des Assurances

11.5.3 Direction des Assurances

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

List of Tables

Table 1: Nigerien Insurance Industry – Key Facts, 2017

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Table 49: Nigerien Reinsurance – Premium Accepted (XOF Million) by Reinsurance Type, 2013-2017

Table 50: Nigerien Reinsurance – Premium Accepted (XOF Million) by Reinsurance Type, 2017-2022

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

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

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

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

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

Table 56: Compagnie d'Assurances et de Reassurances du Niger – Key Facts

Table 57: Societe Nigerienne d'Assurances et de Reassurances – Key Facts

Table 58: Sunu Assurances Vie Niger – Key Facts

Table 59: La Nigerienne d'Assurances et de Reassurances – Key Facts

Table 60: Sunu Assurances IARD Niger – Key Facts

Table 61: Niger- Insurance Regulatory Framework Key Features

Table 62: Niger – Insurance Intermediary Remuneration

Table 63: Niger – Life Insurance Regulatory Framework

Table 64: Niger – Property Insurance Regulatory Framework

Table 65: Niger – Motor Insurance Regulatory Framework

Table 66: Niger – Liability Insurance Regulatory Framework

Table 67: Niger – Insurance Premium Tax Rates

Table 68: Niger – Corporate Tax Rates for the Financial Year 2017

Table 69: Nigerien Life Insurance – Policies and Premium, 2013-2017

Table 70: Nigerien Life Insurance – Policies and Premium, 2017-2022

Table 71: Nigerien Life Insurance – Claims and Expenses, 2013-2017

Table 72: Nigerien Life Insurance – Claims and Expenses, 2017-2022

Table 73: Nigerien Life Insurance – Assets and Investments, 2013-2017

Table 74: Nigerien Life Insurance – Assets and Investments, 2017-2022

Table 75: Nigerien General Insurance – Policies and Premium, 2013-2017

Table 76: Nigerien General Insurance – Policies and Premium, 2017-2022

Table 77: Nigerien General Insurance – Claims and Expenses, 2013-2017

Table 78: Nigerien General Insurance – Claims and Expenses, 2017-2022

Table 79: Nigerien General Insurance – Assets and Investments, 2013-2017

Table 80: Nigerien General Insurance – Assets and Investments, 2017-2022

Table 81: Nigerien General Insurance – Property Insurance, 2013-2017

Table 82: Nigerien General Insurance – Property Insurance, 2017-2022

Table 83: Nigerien General Insurance – Property Insurance by Category, 2013-2017

Table 84: Nigerien General Insurance – Property Insurance by Category, 2017-2022

Table 85: Nigerien General Insurance – Motor Insurance, 2013-2017

Table 86: Nigerien General Insurance – Motor Insurance, 2017-2022

Table 87: Nigerien General Insurance – Motor Insurance by Category, 2013-2017

Table 88: Nigerien General Insurance – Motor Insurance by Category, 2017-2022

Table 89: Nigerien General Insurance – Liability Insurance, 2013-2017

Table 90: Nigerien General Insurance – Liability Insurance, 2017-2022

Table 91: Nigerien General Insurance – Marine, Aviation and Transit Insurance, 2013-2017

Table 92: Nigerien General Insurance – Marine, Aviation and Transit Insurance, 2017-2022

Table 93: Nigerien General Insurance – Marine Aviation and Transit Insurance by Category, 2013-2017

Table 94: Nigerien General Insurance – Marine Aviation and Transit Insurance by Category, 2017-2022

Table 95: Nigerien General Insurance – Personal Accident and Health Insurance, 2013-2017

Table 96: Nigerien General Insurance – Personal Accident and Health Insurance, 2017-2022

Table 97: Nigerien General Insurance – Miscellaneous, 2013-2017

Table 98: Nigerien General Insurance – Miscellaneous, 2017-2022

Table 99: Insurance Industry Definitions

Figures

List of Figures

Figure 1: Nigerien GDP Composition, 2017

Figure 2: Nigerien Real GDP (XOF trillion), 2013-2022

Figure 3: Nigerien Exchange Rate (XOF per US$), 2013-2022

Figure 4: Nigerien Consumer Price Inflation (%), 2013-2022

Figure 5: Nigerien Current Account Balance as Percentage of GDP (%), 2013-2022

Figure 6: Nigerien Unemployment Rate, 2013-2022

Figure 7: Nigerien Population by Age Group, 2013-2022

Figure 8: Nigerien Insurance Industry – Direct Written Premium (XOF Billion), 2013-2022

Figure 9: Nigerien Insurance Industry – Density (XOF), 2013-2022

Figure 10: Nigerien Insurance Industry – Paid Claims (XOF Billion), 2013-2022

Figure 11: Nigerien Life Insurance – Direct Written Premium (XOF Billion), 2013-2022

Figure 12: Nigerien Life Insurance – Paid Claims (XOF Billion), 2013-2022

Figure 13: Nigerien Life Insurance – Penetration (%), 2013-2017

Figure 14: Nigerien Life Insurance – Penetration (%), 2017-2022

Figure 15: Nigerien Life Insurance – Total Investment Income (XOF Million), 2013-2022

Figure 16: Nigerien Life Insurance – Investment Portfolio (XOF Billion), 2013-2022

Figure 17: Nigerien Life Insurance – Investment Portfolio Dynamics (XOF Billion), 2017-2022

Figure 18: Nigerien General Insurance – Direct Written Premium (XOF Billion), 2013-2022

Figure 19: Nigerien General Insurance – Paid Claims (XOF Billion), 2013-2022

Figure 20: Nigerien General Insurance – Penetration (%), 2013-2017

Figure 21: Nigerien General Insurance – Penetration (%), 2017-2022

Figure 22: Nigerien General Insurance – Loss Ratio (%), 2013-2017

Figure 23: Nigerien General Insurance – Loss Ratio (%), 2017-2022

Figure 24: Nigerien General Insurance – Total Investment Income (XOF Billion), 2013-2022

Figure 25: Nigerien General Insurance – Investment Portfolio (XOF Billion), 2013-2022

Figure 26: Nigerien General Insurance – Investment Portfolio Dynamics (XOF Billion), 2013-2022

Figure 27: Nigerien Property Insurance – Direct Written Premium (XOF Billion), 2013-2022

Figure 28: Nigerien Property Insurance – Penetration (%), 2013-2017

Figure 29: Nigerien Property Insurance – Penetration (%), 2017-2022

Figure 30: Nigerien Property Insurance – Earned Premium, Incurred Loss and Loss Ratio (XOF Billion and %), 2013-2022

Figure 31: Nigerien Motor Insurance – Direct Written Premium (XOF Billion), 2013-2022

Figure 32: Nigerien Motor Insurance – Penetration (%), 2013-2017

Figure 33: Nigerien Motor Insurance – Penetration (%), 2017-2022

Figure 34: Nigerien Motor Insurance – Earned Premium, Incurred Loss and Loss Ratio (XOF Billion and %), 2013-2022

Figure 35: Nigerien Liability Insurance – Direct Written Premium (XOF Million), 2013-2022

Figure 36: Nigerien Liability Insurance – Penetration (%), 2013-2017

Figure 37: Nigerien Liability Insurance – Penetration (%), 2017-2022

Figure 38: Nigerien Liability Insurance – Earned Premium, Incurred Loss and Loss Ratio (XOF Billion and %), 2013-2022

Figure 39: Nigerien Marine, Aviation and Transit Insurance – Direct Written Premium (XOF Billion), 2013-2022

Figure 40: Nigerien Marine, Aviation and Transit Insurance – Penetration (%), 2013-2017

Figure 41: Nigerien Marine, Aviation and Transit Insurance – Penetration (%), 2017-2022

Figure 42: Nigerien Marine, Aviation and Transit Insurance – Earned Premium, Incurred Loss and Loss Ratio (XOF Billion and %), 2013-2022

Figure 43: Nigerien Personal Accident and Health Insurance – Direct Written Premium (XOF Billion), 2013-2022

Figure 44: Nigerien Personal Accident and Health Insurance – Penetration (%), 2013-2017

Figure 45: Nigerien Personal Accident and Health Insurance – Penetration (%), 2017-2022

Figure 46: Nigerien Personal Accident and Health Insurance – Earned Premium, Incurred Loss and Loss Ratio (XOF Billion and %), 2013-2022

Figure 47: Nigerien Miscellaneous – Direct Written Premium (XOF Million), 2013-2022

Figure 48: Nigerien Miscellaneous – Penetration (%), 2013-2017

Figure 49: Nigerien Miscellaneous – Penetration (%), 2017-2022

Figure 50: Nigerien Miscellaneous – Earned Premium, Incurred Loss and Loss Ratio (XOF Billion and %), 2013-2022

Figure 51: Nigerien Reinsurance – Premium Accepted (XOF Million) by Reinsurance Type, 2013-2022

Figure 52: Nigerien Reinsurance – Premium Ceded by Insurance Segment (XOF Billion), 2013-2022

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

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

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

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

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

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

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