Togo Insurance Industry – Key Trends and Opportunities to 2027
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Togo Insurance Market Report Overview
The direct written premium of the Togo insurance market was XAF87.8 billion ($140.9 million) in 2022. The market is expected to achieve a CAGR of more than 10% during 2023-2027.
Togo Insurance Market Outlook, 2022-2027 (XAF Billion)
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The Togo insurance market research report provides in-depth market analysis, information, and insights into the Togo insurance industry. It provides values for key performance indicators such as direct 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 Togo economy and demographics, and provides detailed information on the competitive landscape in the country. The report gives 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.
Market Size (2022) | XAF87.8 billion ($140.9 million) (DWP) |
CAGR (2023-2027) | >10% |
Forecast Period | 2023-2027 |
Historical Period | 2018-2022 |
Key Segments | Life Insurance and General Insurance |
Leading Players | Sanlam Assurance Togo, Groupement Togolais D’Assurances Vie, Sunu Assurances Vie Togo, Nouvelle Societe Interafricaine D’Assurances (Nsia) Vie Togo, and Fidelia Assurances |
Togo Insurance Market Trends
Parametric insurance and Universal health insurance are some of the key trends impacting the Togo insurance market. For instance, droughts and extended dry spells have become a common phenomenon in West and Central African countries and were again witnessed in the 2022 agricultural season. The African Risk Capacity (ARC) made a more than $2 million payout to the government of the Togolese Republic in 2023, as part of the sovereign insurance policy of the country. ARC and Togo have been working together since 2017 to develop resilience and to better respond to climate events in the region.
Togo Insurance Market by Segments
The key segments in the Togo insurance market are life insurance and general insurance. The general insurance segment dominated the market in 2022.
Life Insurance: The sector is expected to grow over 2023–27. Growth in the life insurance sector can be attributed to an increase in awareness about the benefits of life insurance due to the COVID-19 pandemic.
General Insurance: The sector grew during 2018–22 and is expected to row in the forecast period. PA&H in 2022, was the largest general insurance line of business (LOB). It was followed by motor insurance with and property insurance.
Togo Insurance Market Analysis by Segments, 2022 (%)
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Togo Insurance Market – Competitive Landscape
The key companies in the Togo insurance market are Sanlam Assurance Togo, Groupement Togolais D’Assurances Vie, Sunu Assurances Vie Togo, Nouvelle Societe Interafricaine D’Assurances (Nsia) Vie Togo, and Fidelia Assurances among others. Sanlam Assurance Togo was the largest insurer in 2021, in terms of GWP. It was followed by Groupement Togolais D’Assurances Vie and Sunu Assurances Vie Togo.
Togo Insurance Market Analysis by Players, 2021 (%)
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Scope
This report provides a comprehensive analysis of the Togo insurance industry –
- It provides historical values for the Togo 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 Togo insurance industry and market forecasts for 2027.
- It profiles the top life insurance companies in Togo and outlines the key regulations affecting them.
Key Highlights
- Key insights and dynamics of the Togo insurance industry.
- A comprehensive overview of the Togo economy, government initiatives, and investment opportunities.
- The Togo insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements.
- The Togo insurance industry’s market structure gives details of lines of business.
- Togo’s reinsurance business’s market structure gives 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 Togo insurance industry, and each category within it.
- Understand the demand-side dynamics, key market trends, and growth opportunities in the Togo insurance industry.
- Assess the competitive dynamics in the Togo insurance industry.
- Identify growth opportunities and market dynamics in key product categories.
Saham Assurance (Togo)
Sunu Assurances IARD Togo
Nouvelle Societe Interafricaine D'Assurances (Togo)
Prudential Beneficial Life Incurance
Fidelia Assurances
Table of Contents
Frequently asked questions
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What was the Togo insurance market direct written premium in 2022?
The direct written premium of the Togo insurance market was XAF87.8 billion ($140.9 million) in 2022.
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What is the growth rate of the Togo insurance market?
The insurance market in Togo is expected to achieve a CAGR of more than 10% during 2023-2027.
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Which segment dominated the Togo insurance market in 2022?
The general insurance segment dominated the Togo insurance market in 2022.
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Who are the major players operating in the Togo insurance market?
The key companies in the Togo insurance market are Sanlam Assurance Togo, Groupement Togolais D’Assurances Vie, Sunu Assurances Vie Togo, Nouvelle Societe Interafricaine D’Assurances (Nsia) Vie Togo, and Fidelia Assurances.
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