Senegal

Axco provides details on the life insurance sector including Senegalese 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.

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

Axco reports on the three pillars of Senegal's 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

The Senegal 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 

Senegal is the third largest life insurance market in the CIMA zone (behind Ivory Coast and Cameroon). The market has benefited recently from political stability, economic growth and fiscal benefits. The government's decision to make certain life insurance premiums tax deductible has given a specific stimulus to the sector.

Individual life and death benefit business combined generated XOF 3.84bn (USD 6.91mn) in 2018, benefitting from awareness campaigns ....

The country offers a state pension although this is generally not considered sufficient given the rising cost of living. Furthermore it is only available to formal private sector workers and certain government employees in a country where 48.8% of the active labour force is employed in the non-agricultural informal sector (and almost 100% in the agricultural sector), therefore not provided for. There are also problems with the collection of adequate contributions and with slow payment of pensions.

Senegal has a three-pronged approach to improving healthcare. Firstly, it has sought to provide free healthcare to specific target groups, for example, students, the over 60s, under fives and those with certain health conditions. Secondly, it has reinforced healthcare (can include private medical insurance/PMI) insurance for the private sector through the requirement for companies of a certain size to establish internal health insurance institutions (IPMs) ....