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Benin

Benin

Insurance Intelligence

Providing expert analysis, independent market insight and company data on the insurance industry.

Insurance market reports are produced following a country visit with interviews with professionals working in the sector with systematic updates to information throughout the cycle. Covering market developments, macroeconomic factors and comprehensive details of the regulatory environment including relevant taxation as well as market indicators and company statistics.

Axco’s Benin Non-Life Insurance Market Report (P&C) also comprises a detailed analysis of lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers’ liability and liability.

The Life & Benefits Report for Benin includes detail on social security, healthcare, individual life assurance and pensions information as well as market statistics and life company statistics

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Information for Benin can be seen in:

Insurance Market Reports (Non-Life) Insurance Market Reports (Life & Benefits) Global Statistics Regulatory Alerts Market Profiles Insight Compliance Compliance Point Clinical Trials Axco API Insight Risk Manager

Country Information

Time-zone
Capital city
Currency
Population
Real GDP growth (%)
Inflation (%)
latest GWP
Insurance Penetration (%)
GMT+1
Porto-Novo
XOF
12.12 mn
6..30
1.00%
100.00
0.95

The Portuguese discovered the coast of what is now Benin in the 1470s. By the 1700s the nearby Danhome kingdom had grown rich by selling slaves. France declared "Dahomey and its dependencies" to be a colony in 1894, incorporating it into French West Africa in 1904. The Republic of Dahomey was proclaimed in 1958 and became independent on 1 August 1960. In 1974 President Kerekou declared Marxism to be the official state ideology and in 1975 Dahomey became the Popular Republic of Benin. Economic troubles led to a peaceful changeover to a multi-party system in 1990 and a new constitution for the Republic of Benin.

Motor is the leading non-life class of business, healthcare is another important class of business and is written in the short-term account.In 2020 Benin's social security scheme covered family allowances, retirement pensions, accidents at work and occupational diseases.

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