Senegal Insurance Industry – Key Trends and Opportunities to 2027
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Senegal Insurance Market Report Overview
The gross written premium of the Senegal insurance market was XOF237.2 billion ($380.8 million) in 2022. The market is expected to achieve a CAGR of more than 8% during 2023-2027.
Senegal Insurance Market Outlook, 2022-2027 (XOF Billion)
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The Senegal insurance market research report provides a detailed outlook by product category for the Senegal 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 Senegal economy and demographics, and provides detailed information on the competitive landscape in the country.
Market Size (2022) | XOF237.2 billion ($380.8 million) (GWP) |
CAGR (2023-2027) | >8% |
Forecast Period | 2023-2027 |
Historical Period | 2018-2022 |
Key Segments | Life Insurance and General Insurance |
Leading Players in Life Insurance | Sonam, Sunu, NSIA, SAAR, and others |
Leading Players in General Insurance | Axa, AMSA, Sonam, Sunu, NSIA, SAAR, and others |
Senegal Insurance Market Trends
Parametric Insurance and drought insurance are some of the key trends impacting the Senegal insurance market. For instance, in December 2022, Africa Risk Capacity (ARC) launched a parametric insurance product to protect against the potential impact of epidemic risks. Senegal is the first African country to join this innovation.
Furthermore, in November 2022, an aid group spokesperson said that Senegal is due to receive $400,500 in insurance payments for protection against the risk of drought.
Senegal Insurance Market by Segments
The key segments in the Senegal insurance market are life insurance and general insurance. The general insurance segment dominated the market in 2022.
Life Insurance: Senegal’s life insurance industry accounted for more than 34% of the total insurance market in 2022. However, Senegal’s life insurance penetration is lower than that of other emerging and developed markets.
General Insurance: General personal accident and health (PA&H) insurance was the largest line of business, holding a share of more than 27% of the total general insurance sector’s DWP in 2022. It was followed by motor insurance and it growth can be attributed to motor third-party liability which accounted for a significant share of total motor insurance policies.
Senegal Insurance Market Analysis by Segments, 2022 (%)
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Senegal Insurance Market – Competitive Landscape
Some of the key companies in the Senegal life insurance market are Sonam, Sunu, NSIA, SAAR, and others. In the year 2021, Sonam had the highest share, followed by Sunu and NSIA respectively.
Some of the key companies in the Senegal general insurance market are Axa, AMSA, Sonam, Sunu, NSIA, SAAR, and others. In the year 2022, Axa had the highest share, followed by AMSA.
Senegal Life Insurance Market Analysis by Life Insurers, 2021 (%)
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Senegal Life Insurance Market Analysis by General Insurers, 2021 (%)
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Segments Covered in the Report
Senegal Insurance Market Segments Outlook (Value, $ Billion, 2018-2027)
- Life Insurance
- General Insurance
Scope
This report provides a comprehensive analysis of the Senegal insurance industry –
- It provides historical values for the Senegal 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 Senegal insurance industry and market forecasts to 2027.
- It profiles the top life insurance companies in Senegal and outlines the key regulations affecting them.
Key Highlights
- Key insights and dynamics of the Senegal insurance industry.
- A comprehensive overview of the Senegal economy, government initiatives, and investment opportunities.
- The Senegal insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements.
- The Senegal insurance industry’s market structure giving details of lines of business.
- Senegal’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 Senegal insurance industry, and each category within it.
- Understand the demand-side dynamics, key market trends, and growth opportunities in the Senegal insurance industry.
- Assess the competitive dynamics in the Senegal insurance industry.
- Identify growth opportunities and market dynamics in key product categories.
Allianz Senegal Assurances
Saham Assurance (Senegal)
Sunu Assurances Vie (Senegal)
Sonam Assurances Vie
Amsa Assurances Vie
NSIA Senegal Assurances
Askia Assurances S.A.
Table of Contents
Frequently asked questions
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What was the Senegal insurance market gross written premium in 2022?
The gross written premium of the Senegal insurance market was XOF237.2 billion ($380.8 million) in 2022.
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What is the growth rate of the Senegal insurance market?
The insurance market in Senegal is expected to achieve a CAGR of more than 8% during 2023-2027.
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Which segment dominated the Senegal insurance market in 2022?
The general insurance segment dominated the Senegal insurance market in 2022.
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Who are the major players operating in the Senegal life insurance market?
Some of the key companies in the Senegal life insurance market are Sonam, Sunu, NSIA, SAAR, and others.
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Who are the major players operating in the Senegal general insurance market?
Some of the key companies in the Senegal general insurance market are Axa, AMSA, Sonam, Sunu, NSIA, SAAR, and others.
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