Burkina Faso Insurance Industry – Key Trends and Opportunities to 2027
Powered by
All the vital news, analysis, and commentary curated by our industry experts.
Burkina Faso Insurance Market Report Overview
The direct written premium of the Burkina Faso insurance market was XOF139.6 billion ($223.2 million) in 2022. The market is expected to achieve a CAGR of more than 10% during 2023-2027. The Burkina Faso insurance market research report provides in-depth market analysis, information, and insights into the Burkina Faso insurance industry. It provides a detailed outlook by product category as well as values for key performance indicators such as gross written premium, penetration, premium accepted and ceded, profitability ratios, and premium by line of business, during the review period and forecast period.
Burkina Faso Insurance Market Outlook, 2022-2027 (XOF Billion)
Buy the Full Report for More Insights into the Burkina Faso Insurance Market Forecast
The Burkina Faso insurance market report also analyzes distribution channels operating in the segment and gives a comprehensive overview of Burkina Faso’s economy and demographics. It further evaluates the competitive landscape, which entails 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.
Market Size (2022) | XOF139.6 billion ($223.2 million) (DWP) |
CAGR (2023-2027) | >10% |
Forecast Period | 2023-2027 |
Historical Period | 2018-2022 |
Key Segments | Life Insurance and General Insurance |
Leading Players | Saham Assurance (Burkina Faso), Societe Nationale d’Assurances et de Reassurances, Sunu Assurance Vie, Coris Assurances Vie, CIF Assurances Vie (Burkina Faso), and Generale Des Assurances Vie |
Burkina Faso Insurance Market Trends
The key trends in the Burkina Faso insurance market are agriculture index insurance, market bond insurance, and insurance-credit-surety.
- In March 2023, the ongoing project of promoting index-based weather insurance for farmers in the country (PPACI–BF) proceeded to deliver payment to farmers affected by the drought situation.
- In June 2022, Société Nationale d’Assurances et de Réassurances (SONAR) launched a new product called ‘’Credit & Surety Insurance’’. The product is aimed at public or private entities involved in financial services and covers the insured against payment defaults by customers.
Burkina Faso Insurance Market by Segments
The general insurance segment dominated the market in 2022
The key segments in the Burkina Faso insurance market are life insurance and general insurance.
Life Insurance: The sector grew during 2018-2022 and is expected to grow further over 2023–27. Endowment drove the growth in the Burkina Faso life insurance sector in 2022. Growth in the endowment sector can be credited to the slow rise in bank deposit rates.
General Insurance: The sector grew during 2018-2022 and is expected to row in the forecast period. Retail insurance was the leading consumer segment within general insurance. Motor insurance was the largest sub-sector in general insurance segment in 2022.
Burkina Faso Insurance Market Analysis by Segments, 2022 (%)
Buy the Full Report for More Segment Insights into the Burkina Faso Insurance Market
Burkina Faso Insurance Market – Competitive Landscape
Saham Assurance (Burkina Faso) was the largest insurer in the Burkina Faso insurance market in 2021
The key companies in the Burkina Faso insurance market are Saham Assurance (Burkina Faso), Societe Nationale d’Assurances et de Reassurances, Sunu Assurance Vie, Coris Assurances Vie, CIF Assurances Vie (Burkina Faso), and Generale Des Assurances Vie, among others.
Burkina Faso Insurance Market Analysis by Companies, 2021 (%)
Buy the Full Report for More Company Insights into the Burkina Faso Insurance Market
Segments Covered in the Report
Burkina Faso Insurance Market Segments Outlook (Value, XOF Billion, 2018-2027)
- Life Insurance
- General Insurance
Scope
This report provides a comprehensive analysis of the Burkina Faso insurance industry –
- It provides historical values for the Burkina Faso insurance industry for the report’s 2018–22 review period and projected figures for the 2023–27 forecast period.
- It offers a detailed analysis of the key categories in the Burkina Faso insurance industry and market forecasts for 2027.
- It profiles the top life insurance companies in Burkina Faso and outlines the key regulations affecting them.
Key Highlights
- Key insights and dynamics of the Burkina Faso insurance industry.
- A comprehensive overview of the Burkina Faso economy, government initiatives, and investment opportunities.
- The Burkina Faso insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements.
- The Burkina Faso insurance industry’s market structure gives details of lines of business.
- Burkina Faso’s reinsurance business’s market structure gives details of premium ceded along with cession rates.
Reasons to Buy
- Make strategic business decisions using in-depth historic and forecast market data related to the Burkina Faso insurance industry, and each category within it.
- Understand the demand-side dynamics, key market trends, and growth opportunities in the Burkina Faso insurance industry.
- Assess the competitive dynamics in the Burkina Faso insurance industry.
- Identify growth opportunities and market dynamics in key product categories.
Generale Des Assurances
Coris Assurances SA
Societe Nationale d'Assurances et de Reassurances Vie
Saham Assurance (Burkina Faso)
Union Des Assurances Du Burkina Vie
Table of Contents
Frequently asked questions
-
What was the Burkina Faso insurance market direct written premium in 2022?
The direct written premium of the Burkina Faso insurance market was XOF139.6 billion ($223.2 million) in 2022.
-
What is the growth rate of the Burkina Faso insurance market?
The insurance market in Burkina Faso is expected to achieve a CAGR of more than 10% during 2023-2027.
-
Which segment dominated the Burkina Faso insurance market in 2022?
The general insurance segment dominated the Burkina Faso insurance market in 2022.
-
Who are the major players operating in the Burkina Faso insurance market?
The key companies in the Burkina Faso insurance market are Saham Assurance (Burkina Faso), Societe Nationale d’Assurances et de Reassurances, Sunu Assurance Vie, Coris Assurances Vie, CIF Assurances Vie (Burkina Faso), and Generale Des Assurances Vie.
Get in touch to find out about multi-purchase discounts
reportstore@globaldata.com
Tel +44 20 7947 2745
Every customer’s requirement is unique. With over 220,000 construction projects tracked, we can create a tailored dataset for you based on the types of projects you are looking for. Please get in touch with your specific requirements and we can send you a quote.