Burundi Insurance Industry – Key Trends and Opportunities to 2027
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Burundi Insurance Market Report Overview
The gross written premium of the Burundi insurance market was BIF82.7 billion ($41.1 million) in 2022. The market is expected to achieve a CAGR of more than 8% during 2023-2027.
Burundi Insurance Market Outlook, 2022-2027 (BIF Billion)
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The Burundi insurance market research report provides in-depth market analysis, information, and insights into the Burundi insurance industry. It provides 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.
The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Burundi economy and demographics, and provides detailed information on the competitive landscape in the country. The report gives 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.
Market Size (2022) | BIF82.7 billion ($41.1 million) (GWP) |
CAGR (2023-2027) | >8% |
Forecast Period | 2023-2027 |
Historical Period | 2018-2022 |
Key Segments | Life Insurance and General Insurance |
Leading Players | Socabu Vie, Jubilee, Burundi Insurance Corporation “Bicor Sa”, EGIC-NV, BIC- NONVIE, INKINZO Insurance S.A, and Societe Commerciale D’Assurances Et De Reassurance ”Socar S.A.” |
Burundi Insurance Market Trends
Travel insurance and mandatory insurance are some of the key trends impacting the Burundi insurance market. For instance, as there is a high risk of street crime in Burundi – particularly for foreign nationals – the US Embassy recommends seeking medical evacuation insurance as well as travel insurance for the people traveling to the country. Likewise, Burundi has a mandatory motor third-party liability insurance, professional indemnity insurance for doctors and lawyers, insurance for administrative buildings against fire or explosion, civil liability insurance for operators of commercial buildings against fire or explosion, construction risk insurance, professional liability insurance for brokers and import insurance.
Burundi Insurance Market by Segments
The key segments in the Burundi insurance market are life insurance and general insurance. The general insurance segment dominated the market in 2022.
Life Insurance: In 2022, the endowment segment accounted for a share of more than 60% of the total life insurance sector. The endowment is followed by term life.
General Insurance: The motor segment accounted for the majority of shares in 2022. The motor is followed by Non-Life PA&H. The retail consumer sector was the leading segment of the total general insurance sector GWP in 2022.
Burundi Insurance Market Analysis by Segments, 2022 (%)
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Burundi Insurance Market – Competitive Landscape
The key companies in the Burundi insurance market are Socabu Vie, Jubilee, Burundi Insurance Corporation “Bicor Sa”, EGIC-NV, BIC- NONVIE, INKINZO Insurance S.A, and Societe Commerciale D’Assurances Et De Reassurance ”Socar S.A.” among others. Socabu Vie Burundi Company was the largest insurer in 2022.
Burundi Insurance Market Analysis by Players, 2022 (%)
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Segments Covered in the Report
Burundi Insurance Market Segments Outlook (Value, $ Million, 2018-2027)
- Life Insurance
- General Insurance
Scope
This report provides a comprehensive analysis of the Burundi insurance industry –
- It provides historical values for the Burundi 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 Burundi insurance industry and market forecasts for 2027.
- It profiles the top life insurance companies in Burundi and outlines the key regulations affecting them.
Key Highlights
- Key insights and dynamics of the Burundi insurance industry.
- A comprehensive overview of the Burundi economy, government initiatives, and investment opportunities.
- The Burundi insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements.
- The Burundi insurance industry’s market structure gives details of lines of business.
- Burundi’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 Burundi insurance industry, and each category within it.
- Understand the demand-side dynamics, key market trends, and growth opportunities in the Burundi insurance industry.
- Assess the competitive dynamics in the Burundi insurance industry.
- Identify growth opportunities and market dynamics in key product categories.
Jubilee
Union Commerciale d’assurances et de Reassurance
INKINZO Insurance S.A
Socar
Burundi Insurance Corporation Bicor Sa
EGIC NV
Table of Contents
Frequently asked questions
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What was the Burundi insurance market gross written premium in 2022?
The gross written premium of the Burundi insurance market was BIF82.7 billion ($41.1 million) in 2022.
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What is the growth rate of the Burundi insurance market?
The insurance market in Burundi is expected to achieve a CAGR of more than 8% during 2023-2027.
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Which segment dominated the Burundi insurance market in 2022?
The general insurance segment dominated the Burundi insurance market in 2022.
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Who are the major players operating in the Burundi insurance market?
The key companies in the Burundi insurance market are Socabu Vie, Jubilee, Burundi Insurance Corporation “Bicor Sa”, EGIC-NV, BIC- NONVIE, INKINZO Insurance S.A, and Societe Commerciale D’Assurances Et De Reassurance ”Socar S.A.”
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