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Axco's insurance market report provides expert analysis, market insight, company performance data and market statistics for the Benin non-life (property and casualty) market. The detailed report is produced following a visit to the country and interviews with industry professionals working in Benin's insurance sector. Systematic updates are published throughout the cycle, to the latest developments in the Benin non-life (P&C) market as well as trends by line of business. Axco analysts also report on Benin's economic factors, the local political situation, and sections on climate, operational, and security risks. The report is suitable for insurers, reinsurance companies, brokers and insurance buyers.
The report describes Benin insurance regulations and requirements, including vital compliance requirements such as if non admitted insurance is permitted in Benin, what are the local rules on licensing and detailing any relevant taxes and charges for the insurer and the insured.
View detailed analysis of local lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers' liability and liability. The report lists the insurance companies operating in Benin, their market share and investigates how much premium is written through the sector’s different distribution channels.
Statistics include five years of non-life (P&C) market performance indicators, including gross written premiums, premium growth, penetration, profitability ratios, and premium by line of business. Company statistics show who are the leading non-life insurance companies in Benin with local company premiums, market share and year on year growth, expense ratios and retentions by line of business.
Benin has a relatively small non-life insurance market reflecting the lack of any significant industrial or manufacturing base and the overall poverty of much of the population. Per capita spending on insurance remains low although the government's investment in infrastructure and social initiatives is helping to drive overall premium growth.
Although the COVID-19 pandemic had a significant impact on Benin's economy, with real GDP growth for 2020 of only 2% compared to a pre-pandemic forecast of 6.3% ....
This is a brief extract of information; more updated information may be available in the latest published report