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Burkina Faso

Life Report

Product Insurance Market Reports Life Rev Burkina Faso

Key Highlights

Get access to Axco’s online product with the latest market intelligence for the market of your choice

 

  • Key insights and explanations of market developments in life insurance, healthcare and pensions
  • Details Burkina Faso's insurance, social security, pensions and healthcare regulatory framework and company and personal tax considerations
  • Current legislation and upcoming changes
  • The latest developments in Burkina Faso's economic and political environment
  • Demographic information
  • Market statistics and company performance

Report Overview

Independent strategic insight, line of business detail, regulatory information & market data for the non-life (P&C) insurance market of Burkina Faso

The Burkina Faso life and benefits market report provides a comprehensive, impartial analysis of the life insurance market of Burkina Faso.  Information extends to extensive detail on healthcare (public and private), pensions and benefits, and social security. Specialist researchers visit Burkina Faso and interview local professionals working across the local market. The report is updated with new information and data regularly throughout the cycle of country visits.

The report provides information about Burkina Faso’s demographic profile and assesses its economic, political, climate, operational, and security risks. Key data on the investment environment in Burkina Faso is available.

Axco’s report describes the regulatory framework that applies to the Burkina Faso domestic life insurance sector, including whether non-admitted insurance is permitted in Burkina Faso; as well as the legislation necessary to know regarding Burkina Faso’s healthcare, pensions and social security.

Statistics include five years of life insurance market performance indicators, including gross written premiums, premium growth and penetration rates. Company statistics show who are the leading life insurance companies in Burkina Faso with local life insurance company premiums, market share and year on year growth.

Life Insurance

Axco provides details on the life insurance sector including Burkinabé market participants, reinsurance and distribution channels. The reports describe classes of business from both individual and group life such as whole life, endowment, term life and unit-linked.
Information on non-life classes for example critical illness and private medical insurance.

Healthcare

The report describes the public and private healthcare system in Burkina Faso, the scope of cover, accessibility financing and provides an analysis of how the public and private systems complement each other.

Pensions

Axco reports on the three pillars of Burkinabé pension provision.

  • State pension benefits including benefit calculations and eligibility criteria 
  • Workplace pension provision; types of schemes calculations eligibility and; tax implications
  • Voluntary individual pension provision, type of products and tax implications

Social Security

The Burkina Faso report provides an in-depth analysis of the regulatory framework governing social security as well as details on financing and eligibility. Information includes but is not limited to

  • state pensions,
  • permanent disability benefit
  • occupational accident and disease
  • maternity and paternity payments 

Burkina Faso Life and Benefits Report Extract

Below are brief extracts of information from the Burkina Faso Life & Benefits Report; more updated information may be available in the latest published report.

Life Insurance

Burkina Faso is a poor country with economic challenges exacerbated by a worsening security situation and the COVID-19 pandemic. Life insurance penetration is low relative to other markets in the region reflecting both a general lack of wealth and lack of understanding about insurance amongst the majority of the population, most of who work in the informal sector. One leading international insurer has withdrawn from the market because it does not believe it offers sufficient growth potential at least in the short term to justify a presence given the CIMA increased capital requirements.

Pensions

A state pension is available to those employed in the formal sector and civil servants. Self- employed people may also receive a pension if they have voluntarily enrolled onto the scheme run by the National Social Security Fund (CNSS). Yet with a rapidly expanding population and over 90% of the workforce working in the informal sector, much of the population will in reality receive no pension.

The state pensions are funded by employers, employees and the self-employed. ....

Healthcare

PA and healthcare premiums combined rose by 7.6% to XOF 12.89bn (USD 22.01mn) in 2019 with over 90% of this total likely to relate to healthcare alone.

Growing demand for healthcare cover has been driven by the fact that the state has hitherto not provided free healthcare under the social security system. Patients in state-run healthcare facilities ....

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