Life Report

Product Insurance Market Reports Life Rev Senegal

Key Highlights

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  • Key insights and explanations of market developments in life insurance, healthcare and pensions
  • Details Senegal's insurance, social security, pensions and healthcare regulatory framework and company and personal tax considerations
  • Current legislation and upcoming changes
  • The latest developments in Senegal'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 Senegal

The Senegal life and benefits market report provides a comprehensive, impartial analysis of the life insurance market of Senegal.  Information extends to extensive detail on healthcare (public and private), pensions and benefits, and social security. Specialist researchers visit Senegal 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 Senegal’s demographic profile and assesses its economic, political, climate, operational, and security risks. Key data on the investment environment in Senegal is available.

Axco’s report describes the regulatory framework that applies to the domestic life insurance sector, including whether non-admitted insurance is permitted in Senegal; as well as the legislation necessary to know regarding Senegal’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 Senegal with local life insurance company premiums, market share and year on year growth.

Life Insurance

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

Social Security

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 Life and Benefits Report Extract

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

Life Insurance

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) ....

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