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 Senegal 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 Senegal 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 (%)
Senegal is the third-largest non-life insurance market in the CIMA zone (behind Ivory Coast and Cameroon). Although it is still relatively under-developed compared with a larger market like South Africa, it has a higher per capita spend than the two leading CIMA markets at 0.62% of GDP in 2018. The market has benefited recently from political stability and from investment in infrastructure to support delivery of the country's strategic development plan (Plan Senegal Emergent - PSE).
The non-life market generated premium income of XOF 122.33bn (including personal accident and healthcare) in 2019 based on provisional figures from the insurers' association. There were 19 non-life insurers operating in this market in 2020.