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Burkina Faso

Burkina Faso

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 Burkina Faso 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 Burkina Faso 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 Burkina Faso 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
Ouagadougou
XOF
20.90 mn
3.90%
1.94%
187.4
1.16

Burkina Faso is one of the poorest countries in the world, with subsistence agriculture and cotton farming providing a livelihood for over half the population. The main mining activity is the production of gold and the country depends on remittances from Burkinabe working abroad to support domestic spending.

In 2020 nine insurers were operating in the non-life (P&C) market, including one microinsurer. Insurance is distributed primarily through insurers' own offices (44%) and general agents (27%), but brokers are starting to make inroads into corporate business including personal accident and healthcare. Seven joint stock life companies were operating in the market in 2020 and one microinsurer.

P&C insurance is distributed largely through insurers' own offices and general agents, who are tied to one company, accounting for just under 80% of business. Brokers are starting to make inroads into corporate business but have not traditionally played a significant role in life business, although banks are becoming an important distribution channel.

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