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Published: Nov, 2017 | Pages:
140 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)
Synopsis
Timetric's 'The Insurance Industry in Burkina Faso, Key Trends and Opportunities to 2021' report provides detailed analysis of the market trends, drivers and challenges in the Burkinabe insurance industry. It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (2012-2016) and forecast period (2016-2021). The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Burkinabe economy and demographics, and provides detailed information on the competitive landscape in the country. The report brings together Timetric's research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.
Summary
Timetric's 'The Insurance Industry in Burkina Faso, Key Trends and Opportunities to 2021' report provides in-depth market analysis, information and insights into the Burkinabe insurance industry, including: • The Burkinabe insurance industry's growth prospects by segment and category • A comprehensive overview of Burkinabe economy and demographics • The detailed competitive landscape in the Burkinabe insurance industry • The various distribution channels in the Burkinabe insurance industry • Detailed regulatory policies of the Burkinabe insurance industry • Analysis of natural hazards in Burkinabe insurance industry
Scope
This report provides a comprehensive analysis of the insurance industry in Burkina Faso: • It provides historical values for the Burkinabe insurance industry for the report's 2012-2016 review period, and projected figures for the 2016-2021 forecast period. • It offers a detailed analysis of the key segments in the Burkinabe insurance industry, along with market forecasts until 2021. • It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, combined ratio, total assets, total investment income and retentions. • It analyzes the various distribution channels in Burkina Faso. • It profiles the top insurance companies in Burkina Faso and outlines the key regulations affecting them.
Reasons To Buy
• Make strategic business decisions using in-depth historic and forecast market data related to the Burkinabe insurance industry and each segment and category within it. • Understand the demand-side dynamics, key market trends and growth opportunities in the Burkinabe insurance industry. • Assess the competitive dynamics in the Burkinabe insurance industry. • Identify the growth opportunities and market dynamics in key segments. • Gain insights into key regulations governing the Burkinabe insurance industry and their impact on companies and the industry's future.
Key Highlights
• In April 2017, Sunu Assurances and United Bank for Africa signed a bancassurance agreement and launched two new bancassurance products: Ca Gagne, a 15 year savings buy back product; and Beogo, which is pension and death cover. • In June 2017, the government of Burkina Faso secured a loan worth XOF36.3 billion (US$61.8 million) from the West African Development Bank and Ecowas Bank • In May 2016, the Old Mutual Emerging Markets (OMEM) signed a strategic agreement with Ecobank Transnational Incorporated (ETI) to distribute short-term insurance solutions, savings and life insurance through Ecobank branches in Burkina Faso. • During 2010-2015, 5,046 people were killed and 73,536 people were injured in road accidents in Burkina Faso.
Table of Contents
1 Key Facts and Highlights 2 Executive Summary 3 Economy and Demographics 4 Industry Outlook 4.1 Regional Comparison 4.2 Industry Indicators 4.2.1 Gross written premium 4.2.2 Claims 4.2.3 Investments 5 Life Insurance Outlook 5.1 Individual Life Insurance 5.1.1 Gross written premium 5.1.2 Penetration 5.2 Group Life Insurance 5.2.1 Gross written premium 5.2.2 Penetration 6 Non-Life Insurance Outlook 6.1 Property Insurance 6.1.1 Gross written premium 6.1.2 Penetration 6.1.3 Profitability 6.2 Motor Insurance 6.2.1 Gross written premium 6.2.2 Penetration 6.2.3 Profitability 6.3 Liability Insurance 6.3.1 Gross written premium 6.3.2 Penetration 6.3.3 Profitability 6.4 Marine, Aviation and Transit Insurance 6.4.1 Gross written premium 6.4.2 Penetration 6.4.3 Profitability 7 Personal Accident and Health Insurance Outlook 7.1 Personal Accident and Health Insurance 7.1.1 Gross written premium 7.1.2 Penetration 7.1.3 Claims 7.1.4 Profitability 8 Reinsurance Outlook 8.1 Reinsurance Accepted 8.2 Premium Ceded 9 Distribution Channel Outlook 10 Natural and Man-Made Hazards 10.1 Flooding 10.2 Droughts 10.3 Man-made Hazards 10.4 Exposure 11 Competitive Landscape 11.1 Company Profiles 11.1.1 Union des Assurances du Burkina - company overview 11.1.2 Societe Nationale d'Assurances et de Reassurances Vie - company overview 11.1.3 Allianz Burkina Assurances Vie - company overview 11.1.4 Generale des Assurances - company overview 11.1.5 Sunu Assurances- Company Overview 12 Governance, Risk and Compliance 12.1 Legislation Overview and Historical Evolution 12.2 Latest Changes in Regulation 12.3 Legislation and Market Practice by Type of Insurance 12.3.1 Life insurance 12.3.2 Property insurance 12.3.3 Motor insurance 12.3.4 Liability insurance 12.3.5 Marine, aviation and transit insurance 12.3.6 Personal accident and health insurance 12.4 Compulsory Insurance 12.4.1 Motor third-party liability insurance 12.4.2 Professional indemnity insurance for insurance intermediaries 12.4.3 Worker's compensation 12.5 Supervision and Control 12.5.1 International Association of Insurance Supervisors 12.5.2 Commission Regional des Assurances 12.5.3 Directions Nationales des Assurances 12.6 Non-Admitted Insurance Regulations 12.6.1 Overview 12.6.2 Intermediaries 12.6.3 Market practices 12.6.4 Fines and Penalties 12.7 Company Registration and Operations 12.7.1 Type of insurance organization 12.7.2 Establishing a local company 12.7.3 Foreign ownership 12.7.4 Types of license 12.7.5 Capital requirements 12.7.6 Solvency margin 12.7.7 Reserve requirements 12.7.8 Investment regulations 12.7.9 Statutory return requirements 12.7.10 Fee structure 12.8 Taxation 12.8.1 Insurance premium or policy taxation 12.8.2 Withholding taxes on premium paid overseas 12.8.3 Corporate tax 12.8.4 VAT 12.8.5 Captives 12.9 Legal System 12.9.1 Introduction 12.9.2 Access to court 12.9.3 Alternative dispute resolution 13 Databook 13.1 Life Insurance 13.1.1 Policies and premium 13.1.2 Claims and expenses 13.1.3 Assets and investments 13.1.4 Individual life insurance 13.1.5 Individual life insurance by category 13.1.6 Group life insurance 13.1.7 Group life insurance by category 13.2 Non-Life Insurance 13.2.1 Policies and premium 13.2.2 Claims and expenses 13.2.3 Assets and investments 13.2.4 Property insurance 13.2.5 Property insurance by category 13.2.6 Motor insurance 13.2.7 Motor insurance by category 13.2.8 Liability insurance 13.2.9 Marine, aviation and transit insurance 13.3 Personal Accident and Health Insurance 13.3.1 Policies and premium 13.3.2 Claims and expenses 13.3.3 Assets and investments 14 Definitions and Methodology 14.1 Definitions 14.2 Methodology 15 About Timetric 15.1 Contact Timetric 15.2 About Timetric 15.3 Timetric's Services 15.4 Disclaimer
List of Tables
Table 1: Burkinabe Insurance Industry - Key Facts, 2016 Table 2: Burkinabe Life Insurance Segment - Segment Shares of the Top Insurers, 2015 Table 3: Burkinabe Non-Life Insurance Segment - Segment Shares of the Top Insurers, 2015 Table 4: Burkinabe Government Credit Ratings Table 5: Burkinabe Insurance Industry - Gross Written Premium by Segment (XOF Billion), 2012-2016 Table 6: Burkinabe Insurance Industry - Gross Written Premium by Segment (XOF Billion), 2016-2021 Table 7: Burkinabe Insurance Industry - Density (Direct Written Premium Per Capita) by Segment (XOF), 2012-2016 Table 8: Burkinabe Insurance Industry - Density (Direct Written Premium Per Capita) by Segment (XOF), 2016-2021 Table 9: Burkinabe Insurance Industry - Paid Claims by Segment(XOF Billion), 2012-2016 Table 10: Burkinabe Insurance Industry - Paid Claims by Segment(XOF Billion), 2016-2021 Table 11: Burkinabe Insurance Industry - Total Investment Income by Segment (XOF Billion), 2012-2016 Table 12: Burkinabe Insurance Industry - Total Investment Income by Segment (XOF Billion), 2016-2021 Table 13: Burkinabe Insurance Industry - Life Insurance Investment Portfolio (XOF Billion), 2012-2016 Table 14: Burkinabe Insurance Industry - Life Insurance Investment Portfolio (XOF Billion), 2016-2021 Table 15: Burkinabe Insurance Industry - Non-Life Insurance Investment Portfolio (XOF Billion), 2012-2016 Table 16: Burkinabe Insurance Industry - Non-Life Insurance Investment Portfolio (XOF Billion), 2016-2021 Table 17: Burkinabe Insurance Industry - Personal Accident and Health Insurance Investment Portfolio (XOF Billion), 2012-2016 Table 18: Burkinabe Insurance Industry - Personal Accident and Health Insurance Investment Portfolio (XOF Billion), 2016-2021 Table 19: Burkinabe Individual Life Insurance - Gross Written Premium (XOF Billion and US$ Million), 2012-2016 Table 20: Burkinabe Individual Life Insurance - Gross Written Premium (XOF Billion and US$ Million), 2016-2021 Table 21: Burkinabe Group Life Insurance - Gross Written Premium (XOF Billion and US$ Million), 2012-2016 Table 22: Burkinabe Group Life Insurance - Gross Written Premium (XOF Billion and US$ Million), 2016-2021 Table 23: Burkinabe Property Insurance - Gross Written Premium (XOF Billion and US$ Million), 2012-2016 Table 24: Burkinabe Property Insurance - Gross Written Premium (XOF Billion and US$ Million), 2016-2021 Table 25: Burkinabe Property Insurance - Loss Ratio (%), 2012-2016 Table 26: Burkinabe Property Insurance - Loss Ratio(%), 2016-2021 Table 27: Burkinabe Motor Insurance - Gross Written Premium (XOF Billion and US$ Million), 2012-2016 Table 28: Burkinabe Motor Insurance - Gross Written Premium (XOF Billion and US$ Million), 2016-2021 Table 29: Burkinabe Motor Insurance - Loss Ratio (%), 2012-2016 Table 30: Burkinabe Motor Insurance - Loss Ratio(%), 2016-2021 Table 31: Burkinabe Liability Insurance - Gross Written Premium (XOF Million and US$ Million), 2012-2016 Table 32: Burkinabe Liability Insurance - Gross Written Premium (XOF Million and US$ Million), 2016-2021 Table 33: Burkinabe Liability Insurance - Loss Ratio (%), 2012-2016 Table 34: Burkinabe Liability Insurance - Loss Ratio(%), 2016-2021 Table 35: Burkinabe Marine, Aviation and Transit Insurance - Gross Written Premium (XOF Billion and US$ Million), 2012-2016 Table 36: Burkinabe Marine, Aviation and Transit Insurance - Gross Written Premium (XOF Billion and US$ Million), 2016-2021 Table 37: Burkinabe Marine, Aviation and Transit Insurance - Loss Ratio (%), 2012-2016 Table 38: Burkinabe Marine, Aviation and Transit Insurance - Loss Ratio(%), 2016-2021 Table 39: Burkinabe Personal Accident and Health Insurance - Gross Written Premium (XOF Billion and US$ Million), 2012-2016 Table 40: Burkinabe Personal Accident and Health Insurance - Gross Written Premium (XOF Billion and US$ Million), 2016-2021 Table 41: Burkinabe Personal Accident and Health Insurance - Paid Claims (XOF Billion and US$ Million), 2012-2016 Table 42: Burkinabe Personal Accident and Health Insurance - Paid Claims (XOF Billion and US$ Million), 2016-2021 Table 43: Burkinabe Personal Accident and Health Insurance - Loss Ratio (%), 2012-2016 Table 44: Burkinabe Personal Accident and Health Insurance - Loss Ratio(%), 2016-2021 Table 45: Burkinabe Reinsurance - Total Premium Accepted (XOF Million), 2012-2016 Table 46: Burkinabe Reinsurance - Total Premium Accepted (XOF Million), 2016-2021 Table 47: Burkinabe Reinsurance - Premium Ceded by Insurance Segment (XOF Million), 2012-2016 Table 48: Burkinabe Reinsurance - Premium Ceded by Insurance Segment (XOF Million), 2016-2021 Table 49: Burkinabe Life Insurance Segment - Market Shares of Leading Insurers (%), 2015 Table 50: Burkinabe Non-Life Insurance Segment - Market Shares of Leading Insurers (%), 2015 Table 51: Union des Assurances du Burkina - Key Facts Table 52: Societe Nationale d'Assurances et de Reassurances Vie - Key Facts Table 53: Allianz Burkina Assurances Vie - Key Facts Table 54: Generale des Assurances - Key Facts Table 55: Sunu Assurances - Key Facts Table 56: Burkina Faso - Insurance Regulatory Framework Key Features Table 57: Burkina Faso - Intermediary Remuneration Rates Table 58: Burkina Faso - Life Insurance Regulatory Framework Table 59: Burkina Faso - Property Insurance Regulatory Framework Table 60: Burkina Faso - Motor Insurance Regulatory Framework Table 61: Burkina Faso - Liability Insurance Regulatory Framework Table 62: Burkina Faso - Insurance Premium Tax Rates Table 63: Burkina Faso - Corporate Tax Rates for the Financial Year 2017 Table 64: Burkinabe Life Insurance - Policies and Premium, 2012-2016 Table 65: Burkinabe Life Insurance - Policies and Premium, 2016-2021 Table 66: Burkinabe Life Insurance - Claims and Expenses, 2012-2016 Table 67: Burkinabe Life Insurance - Claims and Expenses, 2016-2021 Table 68: Burkinabe Life Insurance - Assets and Investments, 2012-2016 Table 69: Burkinabe Life Insurance - Assets and Investments, 2016-2021 Table 70: Burkinabe Life Insurance - Individual Life Insurance, 2012-2016 Table 71: Burkinabe Life Insurance - Individual Life Insurance, 2016-2021 Table 72: Burkinabe Life Insurance - Individual Life Insurance by Category, 2012-2016 Table 73: Burkinabe Life Insurance - Individual Life Insurance by Category, 2016-2021 Table 74: Burkinabe Life Insurance - Group Life Insurance, 2012-2016 Table 75: Burkinabe Life Insurance - Group Life Insurance, 2016-2021 Table 76: Burkinabe Life Insurance - Group Life Insurance by Category, 2012-2016 Table 77: Burkinabe Life Insurance - Group Life Insurance by Category, 2016-2021 Table 78: Burkinabe Non-Life Insurance - Policies and Premium, 2012-2016 Table 79: Burkinabe Non-Life Insurance - Policies and Premium, 2016-2021 Table 80: Burkinabe Non-Life Insurance - Claims and Expenses, 2012-2016 Table 81: Burkinabe Non-Life Insurance - Claims and Expenses, 2016-2021 Table 82: Burkinabe Non-Life Insurance - Assets and Investments, 2012-2016 Table 83: Burkinabe Non-Life Insurance - Assets and Investments, 2016-2021 Table 84: Burkinabe Non-Life Insurance - Property Insurance, 2012-2016 Table 85: Burkinabe Non-Life Insurance - Property Insurance, 2016-2021 Table 86: Burkinabe Non-Life Insurance - Property Insurance by Category, 2012-2016 Table 87: Burkinabe Non-Life Insurance - Property Insurance by Category, 2016-2021 Table 88: Burkinabe Non-Life Insurance - Motor Insurance, 2012-2016 Table 89: Burkinabe Non-Life Insurance - Motor Insurance, 2016-2021 Table 90: Burkinabe Non-Life Insurance - Motor Insurance by Category, 2012-2016 Table 91: Burkinabe Non-Life Insurance - Motor Insurance by Category, 2016-2021 Table 92: Burkinabe Non-Life Insurance - Liability Insurance, 2012-2016 Table 93: Burkinabe Non-Life Insurance - Liability Insurance, 2016-2021 Table 94: Burkinabe Non-Life Insurance - Marine, Aviation and Transit Insurance, 2012-2016 Table 95: Burkinabe Non-Life Insurance - Marine, Aviation and Transit Insurance, 2016-2021 Table 96: Burkinabe Personal Accident and Health Insurance - Policies and Premium, 2012-2016 Table 97: Burkinabe Personal Accident and Health Insurance - Policies and Premium, 2016-2021 Table 98: Burkinabe Personal Accident and Health Insurance - Claims and Expenses, 2012-2016 Table 99: Burkinabe Personal Accident and Health Insurance - Claims and Expenses, 2016-2021 Table 100: Burkinabe Personal Accident and Health Insurance - Assets and Investments, 2012-2016 Table 101: Burkinabe Personal Accident and Health Insurance - Assets and Investments, 2016-2021 Table 102: Insurance Industry Definitions
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