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 Ivory Coast 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 Ivory Coast includes detail on social security, healthcare, individual life assurance and pensions information as well as market statistics and life company statistics
Real GDP growth (%)
Insurance Penetration (%)
Ivory Coast is the second largest economy in the West African Economic and Monetary Union (Union Economique et Monetaire Ouest-Africaine - UEMOA) and is an important transit corridor for landlocked neighbouring countries. It is the leading market in the CIMA region and well developed relative to other markets in the region. It has become a centre for reinsurers which wish to obtain authorisation to operate in the CIMA region. There are well developed broking and bancassurance segments and has recently begun to see the emergence of digital-only intermediaries. The growth in the insurance market has been encouraged by a degree of political stability and by foreign investment, notably from China, India and north Africa. In 2019, the total non-life insurance market was worth XOF 148.83bn. Personal accident and health business was the most important line.
In 2020 there were 21 authorised non-life companies. These included international groups, African regional insurance groups, and smaller local companies. 10 companies authorised to write life business in this market.
The state provides a minimum of social security by means of the National Social Security Fund (Caisse Nationale de Prevoyance Sociale - CNPS) for employed persons and some agricultural workers, and the State Employees Retirement Fund (Caisse Generale de Retraite des Agents de l'Etat - CGRAE) for state employees. The benefits are not considered adequate, and private provision is popular where people can afford it.