Mali Insurance Industry – Key Trends and Opportunities to 2027
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Mali Insurance Market Report Overview
The gross written premium of the Mali insurance market was XAF70.6 billion ($113.3 million) in 2022. The market is expected to achieve a CAGR of more than 6% during 2023-2027.
Mali Insurance Market Outlook, 2022-2027 (XAF Billion)
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The Mali insurance market research report provides a detailed outlook by product category for the Mali 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 Mali economy and demographics, and provides detailed information on the competitive landscape in the country.
Market Size (2022) | XAF70.6 billion ($113.3 million) (GWP) |
CAGR (2023-2027) | >6% |
Forecast Period | 2023-2027 |
Historical Period | 2018-2022 |
Key Segments | Life Insurance and General Insurance |
Leading Players | Saham Assurance (Mali), Saham Assurance Vie Mali, CIF Assurances-Vie Mali, NSIA Vie Mali, Societe Nouvelle D’Assurance Vie (Sonavie), and Sunu Assurances Iard Mali, among others |
Mali Insurance Market Trends
Weather-index agriculture insurance is a key trend impacting the Mali insurance market. For instance, in recent years, Mali has gained prominence in terms of agroinsurance and is undergoing developments, with more custom-made products being made for farmers. Furthermore, in January 2023, the Ministry of Rural Development organized a consultation workshop to launch the work that should lead to the guidelines and consultation framework needed to begin the institutionalization of agricultural insurance in Mali.
Mali Insurance Market by Segments
The key segments in the Mali insurance market are life insurance and general insurance. The general insurance segment dominated the market in 2022.
Life Insurance: During 2018–22, life insurance DWP recorded a CAGR of more than 16%. This performance can be attributed to consumers’ increased awareness about the benefits of life insurance due to the COVID-19 pandemic. Furthermore, in 2022, the life insurance penetration rate in Mali was less than 1%, and the market provided opportunities through microinsurance and low-cost insurance propositions.
General Insurance: In 2022, the sector was mainly driven by motor insurance, which was followed by property insurance and non-life PA&H.
Given the frequent occurrence of natural hazards, people are focusing on voluntary property and liability insurance to strengthen their resilience against damages and disruptions.
Mali Insurance Market Analysis by Segments, 2022 (%)
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Mali Insurance Market – Competitive Landscape
The key companies in the Mali insurance market are Saham Assurance (Mali), Saham Assurance Vie Mali, CIF Assurances-Vie Mali, NSIA Vie Mali, Societe Nouvelle D’Assurance Vie (Sonavie), and Sunu Assurances Iard Mali among others. Saham Assurance (Mali) was the largest insurer in 2021, generating a significant share of GWP, followed by Saham Assurance Vie Mali and Sunu Assurances Iard Mali.
Mali Insurance Market Analysis by Insurers, 2021 (%)
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Segments Covered in the Report
Mali Insurance Market Segments Outlook (Value, $ Billion, 2018-2027)
- Life Insurance
- General Insurance
Scope
This report provides a comprehensive analysis of the Mali insurance industry –
- It provides historical values for the Mali 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 Mali insurance industry and market forecasts to 2027.
- It profiles the top life insurance companies in Mali and outlines the key regulations affecting them.
Key Highlights
- Key insights and dynamics of the Mali insurance industry.
- A comprehensive overview of the Mali economy, government initiatives, and investment opportunities.
- The Mali insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements.
- The Mali insurance industry’s market structure giving details of lines of business.
- Mali’s reinsurance business’s market structure giving 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 Mali insurance industry, and each category within it.
- Understand the demand-side dynamics, key market trends, and growth opportunities in the Mali insurance industry.
- Assess the competitive dynamics in the Mali insurance industry.
- Identify growth opportunities and market dynamics in key product categories.
Sunu Assurances Iard Mali
Societe Nouvelle D’Assurance Vie (Sonavie)
Compagnie D’Assurance Et Reassurance Sabu Nyuman
Assurances Lafia
Les Assurances Bleues Cnar
Table of Contents
Frequently asked questions
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What was the Mali insurance market gross written premium in 2022?
The gross written premium of the Mali insurance market was XAF70.6 billion ($113.3 million) in 2022.
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What is the growth rate of the Mali insurance market?
The insurance market in Mali is expected to achieve a CAGR of more than 6% during 2023-2027.
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Which segment dominated the Mali insurance market in 2022?
The general insurance segment dominated the Mali insurance market in 2022.
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Who are the major players operating in the Mali insurance market?
The key companies in the Mali insurance market are Saham Assurance (Mali), Saham Assurance Vie Mali, CIF Assurances-Vie Mali, NSIA Vie Mali, Societe Nouvelle D’Assurance Vie (Sonavie), and Sunu Assurances Iard Mali among others
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