The Insurance Industry in Mali, Key Trends and Opportunities to 2022

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Published: June 29, 2018 Report Code: GDIS1693MR-ST

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GlobalData’s "The Insurance Industry in Mali, Key Trends and Opportunities to 2022", report provides a detailed analysis of the market trends, drivers and challenges in the Malian insurance industry.

It provides key performance indicators such as written premium and claims during the review (2013-2017) and forecast periods (2017-2022).

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

This report provides in-depth market analysis, information and insights into the Malian insurance industry, including –
– The industry's growth prospects by segment and category
– A comprehensive overview of the Malian economy and demographics
– Details of the competitive landscape in the industry
– The various distribution channels in the industry
– Details of regulatory policy applicable to the industry
– Analysis of natural hazards in the industry

Key Highlights

– In 2017, the general insurance segment accounted for 77.5% of the industry’s direct written premium, while life insurance accounted for 22.5%.
– In April 2016, registered capital requirements for direct insurers increased from XOF1.0 billion (US$1.6 million) to XOF5.0 billion (US$8.4 million).
– Effective from May 2018, the Conference Interafricaine des Marchés d'Assurances Code amended the reserve requirements for life insurers, ensuring that they are always in a position to fulfill their obligations.
– General insurance is driven by a large number of compulsory classes such as motor third-party liability (MTPL), airport operator’s liability, insurance on imports, decennial insurance and workers compensation.
– As of 2016, there were three life insurers and eight general insurers operating in Mali.

Scope

– This report provides a comprehensive analysis of the insurance industry in Mali.

– It provides historical values for the Malian insurance industry for the report’s 2013-2017 review period, and projected figures for the 2017-2022 forecast period.

– It offers a detailed analysis of the key segments in the Malian insurance industry, with market forecasts to 2022.

– It covers an exhaustive list of parameters, including written premium and claims.

– It analyzes the various distribution channels in Mali.

– It profiles the top insurance companies in Mali, and outlines the key regulations affecting them.

Reasons to Buy

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

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

– Assess the competitive dynamics in the industry.

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

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

Saham Assurance
Les Assurances Bleues CNAR
Societe Nouvelle d'Assurance Vie (SONAVIE)
Allianz Mali Assurances
Assurances Lafia SA
Compagnie d'Assurance et Reassurance Sabu Nyuman
NSIA Vie Mali
Nouvelle Alliance d'Assurances SA
Sunu Assurances IARD Mali
NSIA Assurances
Saham Assurance Vie Mali

Table of Contents

Table of Contents

1 KEY FACTS AND HIGHLIGHTS 2

2 EXECUTIVE SUMMARY 3

3 ECONOMY AND DEMOGRAPHICS 13

4 INDUSTRY OUTLOOK 20

4.1 Direct written premium 22

4.2 Insurance density 23

4.3 Paid claims 24

5 LIFE INSURANCE OUTLOOK 25

5.1 Segment Indicators 27

5.1.1 Direct written premium 27

5.1.2 Paid claims 28

5.1.3 Penetration 29

5.1.4 Assets and investments 30

6 GENERAL INSURANCE OUTLOOK 33

6.1 Segment Indicators 36

6.1.1 Direct written premium 36

6.1.2 Paid claims 37

6.1.3 Penetration 38

6.1.4 Loss ratio 39

6.1.5 Assets and investments 40

6.2 Property Insurance 43

6.2.1 Direct written premium 43

6.2.2 Penetration 45

6.2.3 Profitability 46

6.3 Motor Insurance 47

6.3.1 Direct written premium 47

6.3.2 Penetration 48

6.3.3 Profitability 49

6.4 Liability Insurance 50

6.4.1 Direct written premium 50

6.4.2 Penetration 51

6.4.3 Profitability 52

6.5 Marine, Aviation and Transit Insurance 53

6.5.1 Direct written premium 53

6.5.2 Penetration 55

6.5.3 Profitability 56

6.6 Personal Accident and Health Insurance 57

6.6.1 Direct written premium 57

6.6.2 Penetration 59

6.6.3 Profitability 60

6.7 Miscellaneous 61

6.7.1 Direct written premium 61

6.7.2 Penetration 63

6.7.3 Profitability 64

7 REINSURANCE OUTLOOK 65

7.1 Reinsurance Accepted 66

7.2 Premium Ceded 66

8 DISTRIBUTION CHANNEL OUTLOOK 69

9 NATURAL AND MAN-MADE HAZARDS 71

9.1 Flooding 71

9.2 Droughts 71

9.3 Sandstorms 72

9.4 Man-made disasters 72

9.5 Epidemics 72

9.6 Exposure 72

10 COMPETITIVE LANDSCAPE 74

10.1 Company Profiles 78

10.1.1 Saham Assurances – company overview 78

10.1.2 Les Assurances Bleues CNAR – company overview 78

10.1.3 Societe Nouvelle d'Assurance Vie – company overview 79

10.1.4 Allianz Mali Assurances – company overview 79

10.1.5 Assurances Lafia SA – company overview 79

11 GOVERNANCE, RISK AND COMPLIANCE 80

11.1 Legislation Overview and Historical Evolution 81

11.2 Latest Changes in Regulation 83

11.3 Legislation and Market Practice by Type of Insurance 86

11.3.1 Life insurance 88

11.3.2 Property insurance 91

11.3.3 Motor insurance 93

11.3.4 Liability insurance 94

11.3.5 Marine, aviation and transit insurance 94

11.3.6 Personal accident and health insurance 94

11.4 Compulsory Insurance 95

11.4.1 Motor third-party liability insurance 95

11.4.2 Professional indemnity insurance for insurance intermediaries 98

11.4.3 Worker’s compensation insurance 98

11.5 Supervision and Control 102

11.5.1 International Association of Insurance Supervisors 102

11.5.2 Commission Regional des Assurances 103

11.5.3 Direction Nationale du Trésor et de la Comptabilité Publique 103

11.6 Non-Admitted Insurance Regulations 104

11.6.1 Overview 104

11.6.2 Intermediaries 106

11.6.3 Market practices 106

11.6.4 Fines and Penalties 106

11.7 Company Registration and Operations 108

11.7.1 Type of insurance organization 109

11.7.2 Establishing a local company 109

11.7.3 Foreign ownership 111

11.7.4 Types of license 112

11.7.5 Capital requirements 113

11.7.6 Solvency margin 114

11.7.7 Reserve requirements 116

11.7.8 Investment regulations 117

11.7.9 Statutory return requirements 117

11.7.10 Fee structure 118

11.8 Taxation 119

11.8.1 Insurance premium or policy taxation 119

11.8.2 Withholding taxes on premium paid overseas 119

11.8.3 Corporate tax 119

11.8.4 VAT 120

11.8.5 Captives 120

11.9 Legal System 121

11.9.1 Introduction 121

11.9.2 Access to court 121

11.9.3 Alternative dispute resolution 122

12 DATABOOK 124

12.1 Life Insurance 124

12.1.1 Policies and premium 124

12.1.2 Claims and expenses 125

12.1.3 Assets and investments 125

12.2 General Insurance 126

12.2.1 Policies and premium 126

12.2.2 Claims and expenses 127

12.2.3 Assets and investments 128

12.2.4 Property insurance 129

12.2.5 Property insurance by category 130

12.2.6 Motor insurance 131

12.2.7 Motor insurance by category 132

12.2.8 Liability insurance 133

12.2.9 Marine, aviation and transit insurance 134

12.2.10 Marine, aviation and transit insurance by category 135

12.2.11 Personal accident and health insurance 136

12.2.12 Miscellaneous 137

13 DEFINITIONS AND METHODOLOGY 138

13.1 Definitions 138

13.2 Methodology 140

14 ABOUT GLOBALDATA 142

14.1 Contact GlobalData 142

14.2 About GlobalData 142

14.3 GlobalData’s Services 143

14.4 Disclaimer 144

Table

List of Tables

Table 1: Malian Insurance Industry – Key Facts, 2017 2

Table 2: Malian Insurance Industry – Industry Shares of the Top Insurers, 2016 2

Table 3: Malian Insurance Industry – Direct Written Premium (XOF Billion and US$ Million), 2013-2017 22

Table 4: Malian Insurance Industry – Direct Written Premium (XOF Billion and US$ Million), 2017-2022 22

Table 5: Malian Insurance Industry – Density (XOF), 2013-2017 23

Table 6: Malian Insurance Industry – Density (XOF), 2017-2022 23

Table 7: Malian Insurance Industry – Paid Claims (XOF Billion and US$ Million), 2013-2017 24

Table 8: Malian Insurance Industry – Paid Claims (XOF Billion and US$ Million), 2017-2022 24

Table 9: Malian Life Insurance – Direct Written Premium (XOF Billion and US$ Million), 2013-2017 27

Table 10: Malian Life Insurance – Direct Written Premium (XOF Billion and US$ Million), 2017-2022 27

Table 11: Malian Life Insurance – Paid Claims (XOF Billion and US$ Million), 2013-2017 28

Table 12: Malian Life Insurance – Paid Claims (XOF Billion and US$ Million), 2017-2022 28

Table 13: Malian Life Insurance – Total Investment Income (XOF Million and US$ Million), 2013-2017 30

Table 14: Malian Life Insurance – Total Investment Income (XOF Million and US$ Million), 2017-2022 30

Table 15: Malian Life Insurance – Investment Portfolio (XOF Billion), 2013-2017 31

Table 16: Malian Life Insurance – Investment Portfolio (XOF Billion), 2017-2022 31

Table 17: Malian General Insurance – Direct Written Premium (XOF Billion and US$ Million), 2013-2017 36

Table 18: Malian General Insurance – Direct Written Premium (XOF Billion and US$ Million), 2017-2022 36

Table 19: Malian General Insurance – Paid Claims (XOF Billion and US$ Million), 2013-2017 37

Table 20: Malian General Insurance – Paid Claims (XOF Billion and US$ Million), 2017-2022 37

Table 21: Malian General Insurance – Total Investment Income (XOF Million and US$ Million), 2013-2017 40

Table 22: Malian General Insurance – Total Investment Income (XOF Million and US$ Million), 2017-2022 40

Table 23: Malian General Insurance – Investment Portfolio (XOF Billion), 2013-2017 41

Table 24: Malian General Insurance – Investment Portfolio (XOF Billion), 2017-2022 41

Table 25: Malian Property Insurance – Direct Written Premium (XOF Billion and US$ Million), 2013-2017 43

Table 26: Malian Property Insurance – Direct Written Premium (XOF Billion and US$ Million), 2017-2022 43

Table 27: Malian Property Insurance – Loss Ratio (%), 2013-2017 46

Table 28: Malian Property Insurance – Loss Ratio (%), 2017-2022 46

Table 29: Malian Motor Insurance – Direct Written Premium (XOF Billion and US$ Million), 2013-2017 47

Table 30: Malian Motor Insurance – Direct Written Premium (XOF Billion and US$ Million), 2017-2022 47

Table 31: Malian Motor Insurance – Loss Ratio (%), 2013-2017 49

Table 32: Malian Motor Insurance – Loss Ratio (%), 2017-2022 49

Table 33: Malian Liability Insurance – Direct Written Premium (XOF Billion and US$ Million), 2013-2017 50

Table 34: Malian Liability Insurance – Direct Written Premium (XOF Billion and US$ Million), 2017-2022 50

Table 35: Malian Liability Insurance – Loss Ratio (%), 2013-2017 52

Table 36: Malian Liability Insurance – Loss Ratio (%), 2017-2022 52

Table 37: Malian Marine, Aviation and Transit Insurance – Direct Written Premium (XOF Billion and US$ Million), 2013-2017 53

Table 38: Malian Marine, Aviation and Transit Insurance – Direct Written Premium (XOF Billion and US$ Million), 2017-2022 53

Table 39: Malian Marine, Aviation and Transit Insurance – Loss Ratio (%), 2013-2017 56

Table 40: Malian Marine, Aviation and Transit Insurance – Loss Ratio (%), 2017-2022 56

Table 41: Malian Personal Accident and Health Insurance – Direct Written Premium (XOF Billion and US$ Million), 2013-2017 57

Table 42: Malian Personal Accident and Health Insurance – Direct Written Premium (XOF Billion and US$ Million), 2017-2022 57

Table 43: Malian Personal Accident and Health Insurance – Loss Ratio (%), 2013-2017 60

Table 44: Malian Personal Accident and Health Insurance – Loss Ratio (%), 2017-2022 60

Table 45: Malian Miscellaneous – Direct Written Premium (XOF Billion and US$ Million), 2013-2017 61

Table 46: Malian Miscellaneous – Direct Written Premium (XOF Billion and US$ Million), 2017-2022 61

Table 47: Malian Miscellaneous – Loss Ratio (%), 2013-2017 64

Table 48: Malian Miscellaneous – Loss Ratio (%), 2017-2022 64

Table 49: Malian Reinsurance – Premium Accepted by Category (XOF Million), 2013-2017 66

Table 50: Malian Reinsurance – Premium Accepted by Category (XOF Million), 2017-2022 66

Table 51: Malian Reinsurance – Premium Ceded by Insurance Segment (XOF Billion), 2013-2017 67

Table 52: Malian Reinsurance – Premium Ceded by Insurance Segment (XOF Billion), 2017-2022 67

Table 53: Malian Insurance Industry – Market Shares of Leading Insurers (%), 2016 75

Table 54: Malian Insurance Industry – Market Shares of Leading Life Insurers (%), 2016 76

Table 55: Malian Insurance Industry – Market Shares of Leading General Insurers (%), 2016 77

Table 56: Saham Assurances – Key Facts 78

Table 57: Les Assurances Bleues CNAR – Key Facts 78

Table 58: Societe Nouvelle d'Assurance Vie – Key Facts 79

Table 59: Allianz Mali Assurances – Key Facts 79

Table 60: Assurances Lafia SA – Key Facts 79

Table 61: Mali – Insurance Regulatory Framework Key Features 80

Table 62: Mali – Life Insurance Regulatory Framework 88

Table 63: Mali – Property Insurance Regulatory Framework 91

Table 64: Mali – Motor Insurance Regulatory Framework 93

Table 65: Mali – Liability Insurance Regulatory Framework 94

Table 66: Mali – Insurance Premium Tax Rates 119

Table 67: Mali – Corporate Tax Rates for the Financial Year 2017 120

Table 68: Malian Life Insurance – Policies and Premium, 2013-2017 124

Table 69: Malian Life Insurance – Policies and Premium, 2017-2022 124

Table 70: Malian Life Insurance – Claims and Expenses, 2013-2017 125

Table 71: Malian Life Insurance – Claims and Expenses, 2017-2022 125

Table 72: Malian Life Insurance – Assets and Investments, 2013-2017 125

Table 73: Malian Life Insurance – Assets and Investments, 2017-2022 125

Table 74: Malian General Insurance – Policies and Premium, 2013-2017 126

Table 75: Malian General Insurance – Policies and Premium, 2017-2022 126

Table 76: Malian General Insurance – Claims and Expenses, 2013-2017 127

Table 77: Malian General Insurance – Claims and Expenses, 2017-2022 127

Table 78: Malian General Insurance – Assets and Investments, 2013-2017 128

Table 79: Malian General Insurance – Assets and Investments, 2017-2022 128

Table 80: Malian General Insurance – Property Insurance, 2013-2017 129

Table 81: Malian General Insurance – Property Insurance, 2017-2022 129

Table 82: Malian General Insurance – Property Insurance by Category, 2013-2017 130

Table 83: Malian General Insurance – Property Insurance by Category, 2017-2022 130

Table 84: Malian General Insurance – Motor Insurance, 2013-2017 131

Table 85: Malian General Insurance – Motor Insurance, 2017-2022 131

Table 86: Malian General Insurance – Motor Insurance by Category, 2013-2017 132

Table 87: Malian General Insurance – Motor Insurance by Category, 2017-2022 132

Table 88: Malian General Insurance – Liability Insurance, 2013-2017 133

Table 89: Malian General Insurance – Liability Insurance, 2017-2022 133

Table 90: Malian General Insurance – Marine, Aviation and Transit Insurance, 2013-2017 134

Table 91: Malian General Insurance – Marine, Aviation and Transit Insurance, 2017-2022 134

Table 92: Malian General Insurance – Marine Aviation and Transit Insurance by Category, 2013-2017 135

Table 93: Malian General Insurance – Marine Aviation and Transit Insurance by Category, 2017-2022 135

Table 94: Malian General Insurance – Personal Accident and Health Insurance, 2013-2017 136

Table 95: Malian General Insurance – Personal Accident and Health Insurance, 2017-2022 136

Table 96: Malian General Insurance – Miscellaneous, 2013-2017 137

Table 97: Malian General Insurance – Miscellaneous, 2017-2022 137

Table 98: Insurance Industry Definitions 138

Figures

List of Figures

Figure 1: Malian Real GDP (XOF Trillion), 2013-2022 14

Figure 2: Malian Exchange Rate (XOF per US$), 2013-2022 15

Figure 3: Malian Consumer Price Inflation (%), 2013-2022 16

Figure 4: Malian Current Account Balance as Percentage of GDP (%), 2013-2022 17

Figure 5: Malian Unemployment Rate, 2013-2022 18

Figure 6: Malian Population by Age Group, 2013-2022 19

Figure 7: Malian Insurance Industry – Direct Written Premium (XOF Billion), 2013-2022 22

Figure 8: Malian Insurance Industry – Density (XOF), 2013-2022 23

Figure 9: Malian Insurance Industry – Paid Claims (XOF Billion), 2013-2022 24

Figure 10: Malian Life Insurance – Direct Written Premium (XOF Billion), 2013-2022 27

Figure 11: Malian Life Insurance – Paid Claims (XOF Billion), 2013-2022 28

Figure 12: Malian Life Insurance – Penetration (%), 2013-2017 29

Figure 13: Malian Life Insurance – Penetration (%), 2017-2022 29

Figure 14: Malian Life Insurance – Total Investment Income (XOF Million), 2013-2022 30

Figure 15: Malian Life Insurance – Investment Portfolio (XOF Billion), 2013-2022 32

Figure 16: Malian Life Insurance – Investment Portfolio Dynamics (XOF Billion), 2013-2022 32

Figure 17: Malian General Insurance – Direct Written Premium (XOF Billion), 2013-2022 36

Figure 18: Malian General Insurance – Paid Claims (XOF Billion), 2013-2022 37

Figure 19: Malian General Insurance – Penetration (%), 2013-2017 38

Figure 20: Malian General Insurance – Penetration (%), 2017-2022 38

Figure 21: Malian General Insurance – Loss Ratio (%), 2013-2017 39

Figure 22: Malian General Insurance – Loss Ratio (%), 2017-2022 39

Figure 23: Malian General Insurance – Total Investment Income (XOF Million), 2013-2022 40

Figure 24: Malian General Insurance – Investment Portfolio (XOF Billion), 2013-2022 42

Figure 25: Malian General Insurance – Investment Portfolio Dynamics (XOF Billion), 2013-2022 42

Figure 26: Malian Property Insurance – Direct Written Premium (XOF Billion), 2013-2022 44

Figure 27: Malian Property Insurance – Penetration (%), 2013-2017 45

Figure 28: Malian Property Insurance – Penetration (%), 2017-2022 45

Figure 29: Malian Property Insurance – Earned Premium, Incurred Loss and Loss Ratio (XOF Billion and %), 2013-2022 46

Figure 30: Malian Motor Insurance – Direct Written Premium (XOF Billion), 2013-2022 47

Figure 31: Malian Motor Insurance – Penetration (%), 2013-2017 48

Figure 32: Malian Motor Insurance – Penetration (%), 2017-2022 48

Figure 33: Malian Motor Insurance – Earned Premium, Incurred Loss and Loss Ratio (XOF Billion and %), 2013-2022 49

Figure 34: Malian Liability Insurance – Direct Written Premium (XOF Billion), 2013-2022 50

Figure 35: Malian Liability Insurance – Penetration (%), 2013-2017 51

Figure 36: Malian Liability Insurance – Penetration (%), 2017-2022 51

Figure 37: Malian Liability Insurance – Earned Premium, Incurred Loss and Loss Ratio (XOF Billion and %), 2013-2022 52

Figure 38: Malian Marine, Aviation and Transit Insurance – Direct Written Premium (XOF Billion), 2013-2022 54

Figure 39: Malian Marine, Aviation and Transit Insurance – Penetration (%), 2013-2017 55

Figure 40: Malian Marine, Aviation and Transit Insurance – Penetration (%), 2017-2022 55

Figure 41: Malian Marine, Aviation and Transit Insurance – Earned Premium, Incurred Loss and Loss Ratio (XOF Billion and %), 2013-2022 56

Figure 42: Malian Personal Accident and Health Insurance – Direct Written Premium (XOF Billion), 2013-2022 58

Figure 43: Malian Personal Accident and Health Insurance – Penetration (%), 2013-2017 59

Figure 44: Malian Personal Accident and Health Insurance – Penetration (%), 2017-2022 59

Figure 45: Malian Personal Accident and Health Insurance – Earned Premium, Incurred Loss and Loss Ratio (XOF Billion and %), 2013-2022 60

Figure 46: Malian Miscellaneous – Direct Written Premium (XOF Billion), 2013-2022 62

Figure 47: Malian Miscellaneous – Penetration (%), 2013-2017 63

Figure 48: Malian Miscellaneous – Penetration (%), 2017-2022 63

Figure 49: Malian Miscellaneous – Earned Premium, Incurred Loss and Loss Ratio (XOF Billion and %), 2013-2022 64

Figure 50: Malian Reinsurance – Premium Accepted by Category (XOF Million), 2013-2022 66

Figure 51: Malian Reinsurance – Premium Ceded by Insurance Segment (XOF Billion), 2013-2022 67

Figure 52: Malian Life Insurance – Percentage of Reinsurance Ceded (%), 2013-2022 68

Figure 53: Malian General Insurance – Percentage of Reinsurance Ceded (%), 2013-2022 68

Figure 54: Malian Insurance Industry – Market Shares of Leading Insurers (%), 2016 75

Figure 55: Malian Insurance Industry – Market Shares of Leading Life Insurers (%), 2016 76

Figure 56: Malian Insurance Industry – Market Shares of Leading General Insurers (%), 2016 77

Figure 57: Mali – Insurance Supervision and Control at Various Levels 102

Figure 58: Mali – Insurance Regulatory Frameworks for Company Registration and Operation 108

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