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

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Published: June 11, 2018 Report Code: IS1691MR-ST

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GlobalData’s 'The Insurance Industry in Togo, Key Trends and Opportunities to 2022' report provides detailed analysis of the market trends, drivers and challenges in the Togolese insurance industry.

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

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Togolese 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 Togo:

• It provides historical values for the Togolese 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 Togolese 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 Togo.

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

Key Highlights

• In April 2018, Conférence Interafricaine des Marchés d’Assurances (CIMA) issued a regulation amending provisions on reserve requirements for life insurers.

• Effective March 2018, the Togolese council of ministers issued a decree making Economic Community of West African States (ECOWAS) insurance brown cards mandatory for all vehicle owners, in addition to motor third party liability (MTPL) policies.

• Due to the rise in mobile penetration, MNOs are playing an instrumental role in the development of microinsurance.

• The Togolese general insurance segment is highly price competitive, due to the large low income population.

Reasons to Buy

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

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

• Assess the competitive dynamics in the Togolese insurance industry.

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

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

Groupement Togolais d'Assurances Vie
Nouvelle Societe Interafricaine D'Assurances
Saham Assurance
Sunu Assurances IARD - Togo
Groupement Togolais d'Assurances (GTA-C2A)
Sunu Assurances Vie Togo
Nouvelle Societe Interafricaine D'Assurances
Beneficial Life
Allianz Togo Assurances
Fidelia Assurances
Ogar Assurances Togo Sa

Table of Contents

1 Key Facts and Highlights

2 Executive Summary

3 Economy and Demographics

4 Industry Outlook

4.1 Industry Indicators

4.1.1 Direct written premium

4.1.2 Insurance density

4.1.3 Paid claims

5 Life Insurance Outlook

5.1 Segment Indicators

5.1.1 Direct written premium

5.1.2 Penetration

5.1.3 Assets and Investments

6 General Insurance Outlook

6.1 Segment Indicators

6.1.1 Gross written premium

6.1.2 Direct written premium

6.1.3 Paid claims

6.1.4 Penetration

6.1.5 Loss ratio

6.1.6 Assets and Investments

6.2 Property Insurance

6.2.1 Direct written premium

6.2.2 Penetration

6.2.3 Profitability

6.3 Motor Insurance

6.3.1 Direct written premium

6.3.2 Penetration

6.3.3 Profitability

6.4 Liability Insurance

6.4.1 Direct written premium

6.4.2 Penetration

6.4.3 Profitability

6.5 Marine, Aviation and Transit Insurance

6.5.1 Direct written premium

6.5.2 Penetration

6.5.3 Profitability

6.6 Personal Accident and Health Insurance

6.6.1 Direct written premium

6.6.2 Penetration

6.6.3 Profitability

6.7 Miscellaneous

6.7.1 Direct written premium

6.7.2 Penetration

6.7.3 Profitability

7 Reinsurance Outlook

7.1 Premium Ceded

8 Distribution Channel Outlook

9 Natural and Man-Made Hazards

10 Competitive Landscape

10.1 Company Profiles

10.1.1 Groupement Togolias d’Assurances Vie – company overview

10.1.2 Nouvelle Société Interafricaine d'Assurance Group – company overview

10.1.3 Saham insurance– company overview

10.1.4 Sunu Assurances IARD – company overview

10.1.5 Groupement Togolias d’Assurances (GTA-C2A) – company overview

11 Governance, Risk and Compliance

11.1 Legislation Overview and Historical Evolution

11.2 Latest Changes in Regulation

11.3 Legislation and Market Practice by Type of Insurance

11.3.1 Life insurance

11.3.2 Property insurance

11.3.3 Motor insurance

11.3.4 Liability insurance

11.3.5 Marine, aviation and transit insurance

11.3.6 Personal accident and health insurance

11.4 Compulsory Insurance

11.4.1 Motor third-party liability insurance

11.4.2 Professional indemnity insurance for insurance intermediaries

11.4.3 Worker’s Compensation

11.5 Supervision and Control

11.5.1 International Association of Insurance Supervisors

11.5.2 Commission Regional des Assurances

11.5.3 Direction Nationale des Assurances

11.6 Non-Admitted Insurance Regulations

11.6.1 Overview

11.6.2 Intermediaries

11.6.3 Market practices

11.6.4 Fines and Penalties

11.7 Company Registration and Operations

11.7.1 Type of insurance organization

11.7.2 Establishing a local company

11.7.3 Foreign ownership

11.7.4 Types of license

11.7.5 Capital requirements

11.7.6 Solvency margin

11.7.7 Reserve requirements

11.7.8 Investment regulations

11.7.9 Statutory return requirements

11.7.10 Fee structure

11.8 Taxation

11.8.1 Insurance premium or policy taxation

11.8.2 Withholding taxes on premium paid overseas

11.8.3 Corporate tax

11.8.4 VAT

11.8.5 Captives

11.9 Legal System

11.9.1 Introduction

11.9.2 Access to court

11.9.3 Alternative dispute resolution

12 Databook

12.1 Life Insurance

12.1.1 Policies and premium

12.1.2 Claims and expenses

12.1.3 Assets and investments

12.2 General Insurance

12.2.1 Policies and premium

12.2.2 Claims and expenses

12.2.3 Assets and investments

12.2.4 Property insurance

12.2.5 Property insurance by category

12.2.6 Motor insurance

12.2.7 Motor insurance by category

12.2.8 Liability insurance

12.2.9 Marine, aviation and transit insurance

12.2.10 Marine Aviation and Transit Insurance by category

12.2.11 Personal Accident and Health Insurance

12.2.12 Miscellaneous

13 Definitions and Methodology

13.1 Definitions

13.2 Methodology

14 About GlobalData

14.1 Contact GlobalData

14.2 About GlobalData

14.3 GlobalData’s Services

14.4 Disclaimer

Table

Table 1: Togolese Insurance Industry – Key Facts, 2017

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

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

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

Table 5: Togolese Insurance Industry – Density (XOF), 2013–2017

Table 6: Togolese Insurance Industry – Density (XOF), 2017–2022

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

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

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

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

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

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

Table 13: Togolese Life Insurance – Total Investment Income (XOF Billion and US$ Million), 2013–2017

Table 14: Togolese Life Insurance – Total Investment Income (XOF Billion and US$ Million), 2017–2022

Table 15: Togolese Life Insurance – Investment Portfolio (XOF Billion), 2013–2017

Table 16: Togolese Life Insurance – Investment Portfolio (XOF Billion), 2017–2022

Table 17: Togolese General Insurance – Gross Written Premium (XOF Billion and US$ Million), 2013–2017

Table 18: Togolese General Insurance – Gross Written Premium (XOF Billion and US$ Million), 2017–2022

Table 19: Togolese General Insurance – Direct Written Premium (XOF Billion and US$ Million), 2013–2017

Table 20: Togolese General Insurance – Direct Written Premium (XOF Billion and US$ Million), 2017–2022

Table 21: Togolese General Insurance – Paid Claims (XOF Billion and US$ Million), 2013–2017

Table 22: Togolese General Insurance – Paid Claims (XOF Billion and US$ Million), 2017–2022

Table 23: Togolese General Insurance – Total Investment Income (XOF Billion and US$ Million), 2013–2017

Table 24: Togolese General Insurance – Total Investment Income (XOF Billion and US$ Million), 2017–2022

Table 25: Togolese General Insurance – Investment Portfolio (XOF Billion), 2013–2017

Table 26: Togolese General Insurance – Investment Portfolio (XOF Billion), 2017–2022

Table 27: Togolese Property Insurance – Direct Written Premium (XOF Billion and US$ Million), 2013–2017

Table 28: Togolese Property Insurance – Direct Written Premium (XOF Billion and US$ Million), 2017–2022

Table 29: Togolese Property Insurance – Loss Ratio (%), 2013–2017

Table 30: Togolese Property Insurance – Loss Ratio (%), 2017–2022

Table 31: Togolese Motor Insurance – Direct Written Premium (XOF Billion and US$ Million), 2013–2017

Table 32: Togolese Motor Insurance – Direct Written Premium (XOF Billion and US$ Million), 2017–2022

Table 33: Togolese Motor Insurance – Loss Ratio (%), 2013–2017

Table 34: Togolese Motor Insurance – Loss Ratio (%), 2017–2022

Table 35: Togolese Liability Insurance – Direct Written Premium (XOF Million and US$ Million), 2013–2017

Table 36: Togolese Liability Insurance – Direct Written Premium (XOF Million and US$ Million), 2017–2022

Table 37: Togolese Liability Insurance – Loss Ratio (%), 2013–2017

Table 38: Togolese Liability Insurance – Loss Ratio (%), 2017–2022

Table 39: Togolese Marine, Aviation and Transit Insurance – Direct Written Premium (XOF Billion and US$ Million), 2013–2017

Table 40: Togolese Marine, Aviation and Transit Insurance – Direct Written Premium (XOF Billion and US$ Million), 2017–2022

Table 41: Togolese Marine, Aviation and Transit Insurance – Loss Ratio (%), 2013–2017

Table 42: Togolese Marine, Aviation and Transit Insurance – Loss Ratio (%), 2017–2022

Table 43: Togolese Personal Accident and Health Insurance – Direct Written Premium (XOF Billion and US$ Million), 2013–2017

Table 44: Togolese Personal Accident and Health Insurance – Direct Written Premium (XOF Billion and US$ Million), 2017–2022

Table 45: Togolese Personal Accident and Health Insurance – Loss Ratio (%), 2013–2017

Table 46: Togolese Personal Accident and Health Insurance – Loss Ratio (%), 2017–2022

Table 47: Togolese Miscellaneous – Direct Written Premium (XOF Million and US$ Million), 2013–2017

Table 48: Togolese Miscellaneous – Direct Written Premium (XOF Million and US$ Million), 2017–2022

Table 49: Togolese Miscellaneous – Loss Ratio (%), 2013–2017

Table 50: Togolese Miscellaneous – Loss Ratio (%), 2017–2022

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

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

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

Table 54:Togolese Life Insurance Segment – Market Shares of Leading Insurers (%), 2016

Table 55:Togolese General Insurance Segment – Market Shares of Leading Insurers (%), 2016

Table 56: Groupement Togolais d'Assurances Vie – Key Facts

Table 57: Nouvelle Société Interafricaine d'Assurance Group – Key Facts

Table 58: Saham Assurance – Key Facts

Table 59: Sunu Assurances IARD Togo – Key Facts

Table 60: Groupement Togolais d'Assurances Vie – Key Facts

Table 61: Togo – Insurance Regulatory Framework Key Features

Table 62: Togo – Insurance Intermediary Remuneration

Table 63: Togo – Life Insurance Regulatory Framework

Table 64: Togo – Property Insurance Regulatory Framework

Table 65: Togo– Motor Insurance Regulatory Framework

Table 66: Togo – Liability Insurance Regulatory Framework

Table 67: Togo – Insurance Premium Tax Rates

Table 68: Togo – Corporate Tax Rates for the Financial Year 2017

Table 69: Togolese Life Insurance – Policies and Premium, 2013–2017

Table 70: Togolese Life Insurance – Policies and Premium, 2017–2022

Table 71: Togolese Life Insurance – Claims and Expenses, 2013–2017

Table 72: Togolese Life Insurance – Claims and Expenses, 2017–2022

Table 73: Togolese Life Insurance – Assets and Investments, 2013–2017

Table 74: Togolese Life Insurance – Assets and Investments, 2017–2022

Table 75: Togolese General Insurance – Policies and Premium, 2013–2017

Table 76: Togolese General Insurance – Policies and Premium, 2017–2022

Table 77: Togolese General Insurance – Claims and Expenses, 2013–2017

Table 78: Togolese General Insurance – Claims and Expenses, 2017–2022

Table 79: Togolese General Insurance – Assets and Investments, 2013–2017

Table 80: Togolese General Insurance – Assets and Investments, 2017–2022

Table 81: Togolese General Insurance – Property Insurance, 2013–2017

Table 82: Togolese General Insurance – Property Insurance, 2017–2022

Table 83: Togolese General Insurance – Property Insurance by Category, 2013–2017

Table 84: Togolese General Insurance – Property Insurance by Category, 2017–2022

Table 85: Togolese General Insurance – Motor Insurance, 2013–2017

Table 86: Togolese General Insurance – Motor Insurance, 2017–2022

Table 87: Togolese General Insurance – Motor Insurance by Category, 2013–2017

Table 88: Togolese General Insurance – Motor Insurance by Category, 2017–2022

Table 89: Togolese General Insurance – Liability Insurance, 2013–2017

Table 90: Togolese General Insurance – Liability Insurance, 2017–2022

Table 91: Togolese General Insurance – Marine, Aviation and Transit Insurance, 2013–2017

Table 92: Togolese General Insurance – Marine, Aviation and Transit Insurance, 2017–2022

Table 93: Togolese General Insurance – Marine Aviation and Transit Insurance by Category, 2013–2017

Table 94: Togolese General Insurance – Marine Aviation and Transit Insurance by Category, 2017–2022

Table 95: Togolese General Insurance – Personal Accident and Health Insurance, 2013–2017

Table 96: Togolese General Insurance – Personal Accident and Health Insurance, 2017–2022

Table 97: Togolese General Insurance – Miscellaneous, 2013–2017

Table 98: Togolese General Insurance – Miscellaneous, 2017–2022

Table 99: Insurance Industry Definitions

Figures

Figure 1: Togolese Real GDP (XOF Trillion), 2013–2022

Figure 2: Togolese Exchange Rate (XOF per US$), 2013–2022

Figure 3: Togolese Consumer Price Inflation (%), 2013–2022

Figure 4: Togolese Current Account Balance as Percentage of GDP (%), 2013–2022

Figure 5: Togolese Unemployment Rate, 2013–2022

Figure 6: Togolese Population by Age Group, 2013–2022

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

Figure 8: Togolese Insurance Industry – Density (XOF), 2013–2022

Figure 9: Togolese Insurance Industry – Paid Claims (XOF Billion), 2013–2022

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

Figure 11: Togolese Life Insurance – Paid Claims (XOF Billion), 2013–2022

Figure 12: Togolese Life Insurance – Penetration (%), 2013–2017

Figure 13: Togolese Life Insurance – Penetration (%), 2017–2022

Figure 14: Togolese Life Insurance – Total Investment Income (XOF Billion), 2013–2022

Figure 15: Togolese Life Insurance – Investment Portfolio (XOF Billion), 2013–2022

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

Figure 17: Togolese General Insurance – Gross Written Premium (XOF Billion), 2013–2022

Figure 18: Togolese General Insurance – Direct Written Premium (XOF Billion), 2013–2022

Figure 19: Togolese General Insurance – Paid Claims (XOF Billion), 2013–2022

Figure 20: Togolese General Insurance – Penetration (%), 2013–2017

Figure 21: Togolese General Insurance – Penetration (%), 2017–2022

Figure 22: Togolese General Insurance – Loss Ratio (%), 2013–2017

Figure 23: Togolese General Insurance – Loss Ratio (%), 2017–2022

Figure 24: Togolese General Insurance – Total Investment Income (XOF Billion), 2013–2022

Figure 25: Togolese General Insurance – Investment Portfolio (XOF Billion), 2013–2022

Figure 26: Togolese General Insurance – Investment Portfolio Dynamics (XOF Billion), 2013–2022

Figure 27: Togolese Property Insurance – Direct Written Premium (XOF Billion), 2013–2022

Figure 28: Togolese Property Insurance – Penetration (%), 2013–2017

Figure 29: Togolese Property Insurance – Penetration (%), 2017–2022

Figure 30: Togolese Property Insurance – Earned Premium, Incurred Loss and Loss Ratio (XOF Billion and %), 2013–2022

Figure 31: Togolese Motor Insurance – Direct Written Premium (XOF Billion), 2013–2022

Figure 32: Togolese Motor Insurance – Penetration (%), 2013–2017

Figure 33: Togolese Motor Insurance – Penetration (%), 2017–2022

Figure 34: Togolese Motor Insurance – Earned Premium, Incurred Loss and Loss Ratio (XOF Billion and %), 2013–2022

Figure 35: Togolese Liability Insurance –Direct Written Premium (XOF Billion), 2013–2022

Figure 36: Togolese Liability Insurance – Penetration (%), 2013–2017

Figure 37: Togolese Liability Insurance – Penetration (%), 2017–2022

Figure 38: Togolese Liability Insurance – Earned Premium, Incurred Loss and Loss Ratio (XOF Billion and %), 2013–2022

Figure 39: Togolese Marine, Aviation and Transit Insurance – Direct Written Premium (XOF Billion), 2013–2022

Figure 40: Togolese Marine, Aviation and Transit Insurance – Penetration (%), 2013–2017

Figure 41: Togolese Marine, Aviation and Transit Insurance – Penetration (%), 2017–2022

Figure 42: Togolese Marine, Aviation and Transit Insurance – Earned Premium, Incurred Loss and Loss Ratio (XOF Billion and %), 2013–2022

Figure 43: Togolese Personal Accident and Health Insurance – Direct Written Premium (XOF Billion), 2013–2022

Figure 44: Togolese Personal Accident and Health Insurance – Penetration (%), 2013–2017

Figure 45: Togolese Personal Accident and Health Insurance – Penetration (%), 2017–2022

Figure 46: Togolese Personal Accident and Health Insurance – Earned Premium, Incurred Loss and Loss Ratio (XOF Billion and %), 2013–2022

Figure 47: Togolese Miscellaneous – Direct Written Premium (XOF Million), 2013–2022

Figure 48: Togolese Miscellaneous – Penetration (%), 2013–2017

Figure 49: Togolese Miscellaneous – Penetration (%), 2017–2022

Figure 50: Togolese Miscellaneous – Earned Premium, Incurred Loss and Loss Ratio (XOF Billion and %), 2013–2022

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

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

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

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

Figure 55: Togolese Life Insurance Segment – Market Shares of Leading Insurers (%), 2016

Figure 56: Togolese General Insurance Segment – Market Shares of Leading Insurers (%), 2016

Figure 57: Togo – Insurance Supervision and Control at Various Levels

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

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