The Insurance Industry in Burkina Faso, Key Trends and Opportunities to 2021

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Published: November 02, 2017 Report Code: GD-IS1608MR-ST

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GlobalData’s 'The Insurance Industry in Burkina Faso, Key Trends and Opportunities to 2021' report provides detailed analysis of the market trends, drivers and challenges in the Burkinabé insurance industry.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (2012–2016) and forecast period (2016–2021).

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

Scope

This report provides a comprehensive analysis of the insurance industry in Burkina Faso:

• It provides historical values for the Burkinabé insurance industry for the report’s 2012–2016 review period, and projected figures for the 2016–2021 forecast period.

• It offers a detailed analysis of the key segments in the Burkinabé insurance industry, along with market forecasts until 2021.

• It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, combined ratio, total assets, total investment income and retentions.

• It analyzes the various distribution channels in Burkina Faso.

• It profiles the top insurance companies in Burkina Faso and outlines the key regulations affecting them.

Key Highlights

• In April 2017, Sunu Assurances and United Bank for Africa signed a bancassurance agreement and launched two new bancassurance products: Ca Gagne, a 15 year savings buy back product; and Beogo, which is pension and death cover.

• In June 2017, the government of Burkina Faso secured a loan worth XOF36.3 billion (US$61.8 million) from the West African Development Bank and Ecowas Bank

• In May 2016, the Old Mutual Emerging Markets (OMEM) signed a strategic agreement with Ecobank Transnational Incorporated (ETI) to distribute short-term insurance solutions, savings and life insurance through Ecobank branches in Burkina Faso.

• During 2010–2015, 5,046 people were killed and 73,536 people were injured in road accidents in Burkina Faso.

Reasons to Buy

• Make strategic business decisions using in-depth historic and forecast market data related to the Burkinabé insurance industry and each segment and category within it.

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

• Assess the competitive dynamics in the Burkinabé insurance industry.

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

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

Union des Assurances du Burkina Vie
Societe Nationale d'Assurances et de Reassurances Vie
Allianz Burkina Assurances Vie
Generale des Assurances Vie
CIF Assurances Vie Burkina
Sunu Assurances Vie
Coris Assurances Vie

Table of Contents

1 Key Facts and Highlights

2 Executive Summary

3 Economy and Demographics

4 Industry Outlook

4.1 Regional Comparison

4.2 Industry Indicators

4.2.1 Gross written premium

4.2.2 Claims

4.2.3 Investments

5 Life Insurance Outlook

5.1 Individual Life Insurance

5.1.1 Gross written premium

5.1.2 Penetration

5.2 Group Life Insurance

5.2.1 Gross written premium

5.2.2 Penetration

6 Non-Life Insurance Outlook

6.1 Property Insurance

6.1.1 Gross written premium

6.1.2 Penetration

6.1.3 Profitability

6.2 Motor Insurance

6.2.1 Gross written premium

6.2.2 Penetration

6.2.3 Profitability

6.3 Liability Insurance

6.3.1 Gross written premium

6.3.2 Penetration

6.3.3 Profitability

6.4 Marine, Aviation and Transit Insurance

6.4.1 Gross written premium

6.4.2 Penetration

6.4.3 Profitability

7 Personal Accident and Health Insurance Outlook

7.1 Personal Accident and Health Insurance

7.1.1 Gross written premium

7.1.2 Penetration

7.1.3 Claims

7.1.4 Profitability

8 Reinsurance Outlook

8.1 Reinsurance Accepted

8.2 Premium Ceded

9 Distribution Channel Outlook

10 Natural and Man-Made Hazards

10.1 Flooding

10.2 Droughts

10.3 Man-made Hazards

10.4 Exposure

11 Competitive Landscape

11.1 Company Profiles

11.1.1 Union des Assurances du Burkina – company overview

11.1.2 Societe Nationale d'Assurances et de Reassurances Vie – company overview

11.1.3 Allianz Burkina Assurances Vie – company overview

11.1.4 Generale des Assurances – company overview

11.1.5 Sunu Assurances– Company Overview

12 Governance, Risk and Compliance

12.1 Legislation Overview and Historical Evolution

12.2 Latest Changes in Regulation

12.3 Legislation and Market Practice by Type of Insurance

12.3.1 Life insurance

12.3.2 Property insurance

12.3.3 Motor insurance

12.3.4 Liability insurance

12.3.5 Marine, aviation and transit insurance

12.3.6 Personal accident and health insurance

12.4 Compulsory Insurance

12.4.1 Motor third-party liability insurance

12.4.2 Professional indemnity insurance for insurance intermediaries

12.4.3 Worker’s compensation

12.5 Supervision and Control

12.5.1 International Association of Insurance Supervisors

12.5.2 Commission Regional des Assurances

12.5.3 Directions Nationales des Assurances

12.6 Non-Admitted Insurance Regulations

12.6.1 Overview

12.6.2 Intermediaries

12.6.3 Market practices

12.6.4 Fines and Penalties

12.7 Company Registration and Operations

12.7.1 Type of insurance organization

12.7.2 Establishing a local company

12.7.3 Foreign ownership

12.7.4 Types of license

12.7.5 Capital requirements

12.7.6 Solvency margin

12.7.7 Reserve requirements

12.7.8 Investment regulations

12.7.9 Statutory return requirements

12.7.10 Fee structure

12.8 Taxation

12.8.1 Insurance premium or policy taxation

12.8.2 Withholding taxes on premium paid overseas

12.8.3 Corporate tax

12.8.4 VAT

12.8.5 Captives

12.9 Legal System

12.9.1 Introduction

12.9.2 Access to court

12.9.3 Alternative dispute resolution

13 Databook

13.1 Life Insurance

13.1.1 Policies and premium

13.1.2 Claims and expenses

13.1.3 Assets and investments

13.1.4 Individual life insurance

13.1.5 Individual life insurance by category

13.1.6 Group life insurance

13.1.7 Group life insurance by category

13.2 Non-Life Insurance

13.2.1 Policies and premium

13.2.2 Claims and expenses

13.2.3 Assets and investments

13.2.4 Property insurance

13.2.5 Property insurance by category

13.2.6 Motor insurance

13.2.7 Motor insurance by category

13.2.8 Liability insurance

13.2.9 Marine, aviation and transit insurance

13.3 Personal Accident and Health Insurance

13.3.1 Policies and premium

13.3.2 Claims and expenses

13.3.3 Assets and investments

14 Definitions and Methodology

14.1 Definitions

14.2 Methodology

15 About GlobalData

15.1 Contact GlobalData

15.2 About GlobalData

15.3 GlobalData’s Services

15.4 Disclaimer

Table

Table 1: Burkinabé Insurance Industry – Key Facts, 2016

Table 2: Burkinabé Life Insurance Segment – Segment Shares of the Top Insurers, 2015

Table 3: Burkinabé Non-Life Insurance Segment – Segment Shares of the Top Insurers, 2015

Table 4: Burkinabé Government Credit Ratings

Table 5: Burkinabé Insurance Industry – Gross Written Premium by Segment (XOF Billion), 2012–2016

Table 6: Burkinabé Insurance Industry – Gross Written Premium by Segment (XOF Billion), 2016–2021

Table 7: Burkinabé Insurance Industry – Density (Direct Written Premium Per Capita) by Segment (XOF), 2012–2016

Table 8: Burkinabé Insurance Industry – Density (Direct Written Premium Per Capita) by Segment (XOF), 2016–2021

Table 9: Burkinabé Insurance Industry – Paid Claims by Segment(XOF Billion), 2012–2016

Table 10: Burkinabé Insurance Industry – Paid Claims by Segment(XOF Billion), 2016–2021

Table 11: Burkinabé Insurance Industry – Total Investment Income by Segment (XOF Billion), 2012–2016

Table 12: Burkinabé Insurance Industry – Total Investment Income by Segment (XOF Billion), 2016–2021

Table 13: Burkinabé Insurance Industry – Life Insurance Investment Portfolio (XOF Billion), 2012–2016

Table 14: Burkinabé Insurance Industry – Life Insurance Investment Portfolio (XOF Billion), 2016–2021

Table 15: Burkinabé Insurance Industry – Non-Life Insurance Investment Portfolio (XOF Billion), 2012–2016

Table 16: Burkinabé Insurance Industry – Non-Life Insurance Investment Portfolio (XOF Billion), 2016–2021

Table 17: Burkinabé Insurance Industry – Personal Accident and Health Insurance Investment Portfolio (XOF Billion), 2012–2016

Table 18: Burkinabé Insurance Industry – Personal Accident and Health Insurance Investment Portfolio (XOF Billion), 2016–2021

Table 19: Burkinabé Individual Life Insurance – Gross Written Premium (XOF Billion and US$ Million), 2012–2016

Table 20: Burkinabé Individual Life Insurance – Gross Written Premium (XOF Billion and US$ Million), 2016–2021

Table 21: Burkinabé Group Life Insurance – Gross Written Premium (XOF Billion and US$ Million), 2012–2016

Table 22: Burkinabé Group Life Insurance – Gross Written Premium (XOF Billion and US$ Million), 2016–2021

Table 23: Burkinabé Property Insurance – Gross Written Premium (XOF Billion and US$ Million), 2012–2016

Table 24: Burkinabé Property Insurance – Gross Written Premium (XOF Billion and US$ Million), 2016–2021

Table 25: Burkinabé Property Insurance – Loss Ratio (%), 2012–2016

Table 26: Burkinabé Property Insurance – Loss Ratio(%), 2016–2021

Table 27: Burkinabé Motor Insurance – Gross Written Premium (XOF Billion and US$ Million), 2012–2016

Table 28: Burkinabé Motor Insurance – Gross Written Premium (XOF Billion and US$ Million), 2016–2021

Table 29: Burkinabé Motor Insurance – Loss Ratio (%), 2012–2016

Table 30: Burkinabé Motor Insurance – Loss Ratio(%), 2016–2021

Table 31: Burkinabé Liability Insurance – Gross Written Premium (XOF Million and US$ Million), 2012–2016

Table 32: Burkinabé Liability Insurance – Gross Written Premium (XOF Million and US$ Million), 2016–2021

Table 33: Burkinabé Liability Insurance – Loss Ratio (%), 2012–2016

Table 34: Burkinabé Liability Insurance – Loss Ratio(%), 2016–2021

Table 35: Burkinabé Marine, Aviation and Transit Insurance – Gross Written Premium (XOF Billion and US$ Million), 2012–2016

Table 36: Burkinabé Marine, Aviation and Transit Insurance – Gross Written Premium (XOF Billion and US$ Million), 2016–2021

Table 37: Burkinabé Marine, Aviation and Transit Insurance – Loss Ratio (%), 2012–2016

Table 38: Burkinabé Marine, Aviation and Transit Insurance – Loss Ratio(%), 2016–2021

Table 39: Burkinabé Personal Accident and Health Insurance – Gross Written Premium (XOF Billion and US$ Million), 2012–2016

Table 40: Burkinabé Personal Accident and Health Insurance – Gross Written Premium (XOF Billion and US$ Million), 2016–2021

Table 41: Burkinabé Personal Accident and Health Insurance – Paid Claims (XOF Billion and US$ Million), 2012–2016

Table 42: Burkinabé Personal Accident and Health Insurance – Paid Claims (XOF Billion and US$ Million), 2016–2021

Table 43: Burkinabé Personal Accident and Health Insurance – Loss Ratio (%), 2012–2016

Table 44: Burkinabé Personal Accident and Health Insurance – Loss Ratio(%), 2016–2021

Table 45: Burkinabé Reinsurance – Total Premium Accepted (XOF Million), 2012–2016

Table 46: Burkinabé Reinsurance – Total Premium Accepted (XOF Million), 2016–2021

Table 47: Burkinabé Reinsurance – Premium Ceded by Insurance Segment (XOF Million), 2012–2016

Table 48: Burkinabé Reinsurance – Premium Ceded by Insurance Segment (XOF Million), 2016–2021

Table 49: Burkinabé Life Insurance Segment – Market Shares of Leading Insurers (%), 2015

Table 50: Burkinabé Non-Life Insurance Segment – Market Shares of Leading Insurers (%), 2015

Table 51: Union des Assurances du Burkina – Key Facts

Table 52: Societe Nationale d'Assurances et de Reassurances Vie – Key Facts

Table 53: Allianz Burkina Assurances Vie – Key Facts

Table 54: Generale des Assurances – Key Facts

Table 55: Sunu Assurances – Key Facts

Table 56: Burkina Faso – Insurance Regulatory Framework Key Features

Table 57: Burkina Faso – Intermediary Remuneration Rates

Table 58: Burkina Faso – Life Insurance Regulatory Framework

Table 59: Burkina Faso – Property Insurance Regulatory Framework

Table 60: Burkina Faso – Motor Insurance Regulatory Framework

Table 61: Burkina Faso – Liability Insurance Regulatory Framework

Table 62: Burkina Faso – Insurance Premium Tax Rates

Table 63: Burkina Faso – Corporate Tax Rates for the Financial Year 2017

Table 64: Burkinabé Life Insurance – Policies and Premium, 2012–2016

Table 65: Burkinabé Life Insurance – Policies and Premium, 2016–2021

Table 66: Burkinabé Life Insurance – Claims and Expenses, 2012–2016

Table 67: Burkinabé Life Insurance – Claims and Expenses, 2016–2021

Table 68: Burkinabé Life Insurance – Assets and Investments, 2012–2016

Table 69: Burkinabé Life Insurance – Assets and Investments, 2016–2021

Table 70: Burkinabé Life Insurance – Individual Life Insurance, 2012–2016

Table 71: Burkinabé Life Insurance – Individual Life Insurance, 2016–2021

Table 72: Burkinabé Life Insurance – Individual Life Insurance by Category, 2012–2016

Table 73: Burkinabé Life Insurance – Individual Life Insurance by Category, 2016–2021

Table 74: Burkinabé Life Insurance – Group Life Insurance, 2012–2016

Table 75: Burkinabé Life Insurance – Group Life Insurance, 2016–2021

Table 76: Burkinabé Life Insurance – Group Life Insurance by Category, 2012–2016

Table 77: Burkinabé Life Insurance – Group Life Insurance by Category, 2016–2021

Table 78: Burkinabé Non-Life Insurance – Policies and Premium, 2012–2016

Table 79: Burkinabé Non-Life Insurance – Policies and Premium, 2016–2021

Table 80: Burkinabé Non-Life Insurance – Claims and Expenses, 2012–2016

Table 81: Burkinabé Non-Life Insurance – Claims and Expenses, 2016–2021

Table 82: Burkinabé Non-Life Insurance – Assets and Investments, 2012–2016

Table 83: Burkinabé Non-Life Insurance – Assets and Investments, 2016–2021

Table 84: Burkinabé Non-Life Insurance – Property Insurance, 2012–2016

Table 85: Burkinabé Non-Life Insurance – Property Insurance, 2016–2021

Table 86: Burkinabé Non-Life Insurance – Property Insurance by Category, 2012–2016

Table 87: Burkinabé Non-Life Insurance – Property Insurance by Category, 2016–2021

Table 88: Burkinabé Non-Life Insurance – Motor Insurance, 2012–2016

Table 89: Burkinabé Non-Life Insurance – Motor Insurance, 2016–2021

Table 90: Burkinabé Non-Life Insurance – Motor Insurance by Category, 2012–2016

Table 91: Burkinabé Non-Life Insurance – Motor Insurance by Category, 2016–2021

Table 92: Burkinabé Non-Life Insurance – Liability Insurance, 2012–2016

Table 93: Burkinabé Non-Life Insurance – Liability Insurance, 2016–2021

Table 94: Burkinabé Non-Life Insurance – Marine, Aviation and Transit Insurance, 2012–2016

Table 95: Burkinabé Non-Life Insurance – Marine, Aviation and Transit Insurance, 2016–2021

Table 96: Burkinabé Personal Accident and Health Insurance – Policies and Premium, 2012–2016

Table 97: Burkinabé Personal Accident and Health Insurance – Policies and Premium, 2016–2021

Table 98: Burkinabé Personal Accident and Health Insurance – Claims and Expenses, 2012–2016

Table 99: Burkinabé Personal Accident and Health Insurance – Claims and Expenses, 2016–2021

Table 100: Burkinabé Personal Accident and Health Insurance – Assets and Investments, 2012–2016

Table 101: Burkinabé Personal Accident and Health Insurance – Assets and Investments, 2016–2021

Table 102: Insurance Industry Definitions

Figures

Figure 1: Burkinabé Real GDP (XOF Billion), 2012–2021

Figure 2: Burkinabé Consumer Price Inflation (%), 2012–2021

Figure 3: Burkinabé Current Account Balance as Percentage of GDP (%), 2012–2021

Figure 4: Burkinabé Unemployment Rate, 2012–2021

Figure 5: Burkinabé Population by Age Group, 1990–2025

Figure 6: Burkinabé Life Insurance Penetration – Regional Comparison (%), 2015

Figure 7: Burkinabé Non-Life Insurance Penetration – Regional Comparison (%), 2015

Figure 8: Burkinabé Personal Accident and Health Insurance Penetration – Regional Comparison (%), 2015

Figure 9: Burkinabé Insurance Segment Direct Written Premium Shares – Regional Comparison (%), 2015

Figure 10: Burkinabé Insurance Industry – Gross Written Premium by Segment, 2012–2021

Figure 11: Burkinabé Insurance Industry – Density (Direct Written Premium Per Capita) by Segment (XOF), 2012–2021

Figure 12: Burkinabé Insurance Industry – Paid Claims by Segment(XOF Billion), 2012–2021

Figure 13: Burkinabé Insurance Industry – Total Investment Income by Segment (XOF Billion), 2012–2021

Figure 14: Burkinabé Insurance Industry – Life Insurance Investment Portfolio (XOF Billion), 2012–2021

Figure 15: Burkinabé Insurance Industry – Life Insurance Investment Portfolio Dynamics by Category (XOF Billion), 2012–2021

Figure 16: Burkinabé Insurance Industry – Non-Life Insurance Investment Portfolio (XOF Billion), 2012–2021

Figure 17: Burkinabé Insurance Industry – Non-Life Insurance Investment Portfolio Dynamics by Category (XOF Billion), 2012–2021

Figure 18: Burkinabé Insurance Industry – Personal Accident and Health Insurance Investment Portfolio (XOF Billion), 2012–2021

Figure 19: Burkinabé Insurance Industry – Personal Accident and Health Insurance Investment Portfolio Dynamics by Category (XOF Billion), 2012–2021

Figure 20: Burkinabé Individual Life Insurance – Gross Written Premium (XOF Billion), 2012–2021

Figure 21: Burkinabé Individual Life Insurance – Penetration (%), 2012–2016

Figure 22: Burkinabé Individual Life Insurance – Penetration (%), 2016–2021

Figure 23: Burkinabé Group Life Insurance – Gross Written Premium (XOF Billion), 2012–2021

Figure 24: Burkinabé Group Life Insurance – Penetration (%), 2012–2016

Figure 25: Burkinabé Group Life Insurance – Penetration (%), 2016–2021

Figure 26: Burkinabé Property Insurance – Gross Written Premium (XOF Billion), 2012–2021

Figure 27: Burkinabé Property Insurance – Penetration (%), 2012–2016

Figure 28: Burkinabé Property Insurance – Penetration (%), 2016–2021

Figure 29: Burkinabé Property Insurance – Earned Premium, Incurred Loss and Loss Ratio (XOF Billion and %), 2012–2021

Figure 30: Burkinabé Motor Insurance – Gross Written Premium (XOF Billion), 2012–2021

Figure 31: Burkinabé Motor Insurance – Penetration (%), 2012–2016

Figure 32: Burkinabé Motor Insurance – Penetration (%), 2016–2021

Figure 33: Burkinabé Motor Insurance – Earned Premium, Incurred Loss and Loss Ratio (XOF Billion and %), 2012–2021

Figure 34: Burkinabé Liability Insurance – Gross Written Premium (XOF Million), 2012–2021

Figure 35: Burkinabé Liability Insurance – Penetration (%), 2012–2016

Figure 36: Burkinabé Liability Insurance – Penetration (%), 2016–2021

Figure 37: Burkinabé Liability Insurance – Earned Premium, Incurred Loss and Loss Ratio (XOF Million and %), 2012–2021

Figure 38: Burkinabé Marine, Aviation and Transit Insurance – Gross Written Premium (XOF Billion), 2012–2021

Figure 39: Burkinabé Marine, Aviation and Transit Insurance – Penetration (%), 2012–2016

Figure 40: Burkinabé Marine, Aviation and Transit Insurance – Penetration (%), 2016–2021

Figure 41: Burkinabé Marine, Aviation and Transit Insurance – Earned Premium, Incurred Loss and Loss Ratio (XOF Billion and %), 2012–2021

Figure 42: Burkinabé Personal Accident and Health Insurance – Gross Written Premium (XOF Billion), 2012–2021

Figure 43: Burkinabé Personal Accident and Health Insurance – Penetration (%), 2012–2016

Figure 44: Burkinabé Personal Accident and Health Insurance – Penetration (%), 2016–2021

Figure 45: Burkinabé Personal Accident and Health Insurance – Paid Claims (XOF Billion), 2012–2021

Figure 46: Burkinabé Personal Accident and Health Insurance – Earned Premium, Incurred Loss and Loss Ratio (XOF Billion and %), 2012–2021

Figure 47: Burkinabé Reinsurance – Total Premium Accepted by Category (XOF Million), 2012–2021

Figure 48: Burkinabé Reinsurance – Premium Ceded by Insurance Segment (XOF Million), 2012–2021

Figure 49: Burkinabé Life Insurance – Percentage of Reinsurance Ceded (%), 2012–2021

Figure 50: Burkinabé Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2012–2021

Figure 51: Burkinabé Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2012–2021

Figure 52: Burkinabé – Frequency of Hazards by Type, 1990–2014

Figure 53: Burkinabé Life Insurance Segment – Market Shares of Leading Insurers (%), 2015

Figure 54: Burkinabé Non-Life Insurance Segment – Market Shares of Leading Insurers (%), 2015

Figure 55: Burkina Faso – Insurance Supervision and Control at Various Levels

Figure 56: Burkina Faso – Insurance Regulatory Frameworks for Company Registration and Operation

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