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Published: Oct, 2016 | Pages:
130 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)
Synopsis
Timetric's 'The Insurance Industry in Senegal, Key Trends and Opportunities to 2020' report provides a detailed analysis of Senegalese 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 (2011-2015) and forecast periods (2015-2020). The report also gives a comprehensive overview of Senegalese economy and demographics, and provides detailed information on the competitive landscape in the country. It also includes the impact of natural hazards on the insurance industry. 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 Senegal, Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into Senegalese insurance industry, including: • An overview of Senegalese insurance industry • The Senegalese insurance industry's growth prospects by segment and category • A comprehensive overview of Senegalese economy and demographics • The detailed competitive landscape in the Senegalese insurance industry • Detailed regulatory policies of the Senegalese insurance industry • An analysis of natural hazards in the Senegalese insurance industry
Scope
This report provides a comprehensive analysis of the insurance industry in Senegal: • It provides historical values for Senegalese insurance industry for the report's 2011-2015 review period, and projected figures for the 2015-2020 forecast period. • It offers a detailed analysis of the key segments in Senegalese insurance industry, with market forecasts to 2020. • It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, combined ratio, total assets, total investment income and retentions. • It profiles the top insurance companies in Senegal, and highlights their recent developments. • It covers the economy and demographics structure of Senegal. • It analyzes the impact of natural hazards in Senegalese insurance industry.
Reasons To Buy
• Make strategic business decisions using in-depth historic and forecast market data related to Senegalese insurance industry and each segment and category within it. • Understand the demand-side dynamics, key market trends and growth opportunities in Senegalese insurance industry. • Assess the competitive dynamics in Senegalese insurance industry. • Identify the growth opportunities and market dynamics in key segments. • Gain insights into key regulations governing Senegalese insurance industry and their impact on companies and the industry's future.
Key Highlights
• According to the International Monetary Fund (IMF), the country's economic growth rose to 6.5% in 2015. • Life segment growth was driven by group life insurance, which accounted for 69.8% of the life gross written premium in 2015. • Motor third-party liability, cargo and worker's compensation insurance are mandatory in the country. • According to the International Finance Corporation, more than 65% of the Senegalese population did not have access to health insurance in 2014.
Table of Contents
1 KEY FACTS AND HIGHLIGHTS 2 EXECUTIVE SUMMARY 3 ECONOMY AND DEMOGRAPHY 4 INDUSTRY OUTLOOK 4.1 Regional Comparison 4.2 Industry Indicators 4.2.1 Gross written premium 4.2.2 Claims 4.2.3 Assets and investments 5 LIFE INSURANCE OUTLOOK 5.1 Individual Life Insurance 5.1.1 Gross written premium 5.2 Group Life Insurance 5.2.1 Gross written premium 6 NON-LIFE INSURANCE OUTLOOK 6.1 Property Insurance 6.1.1 Gross written premium 6.1.2 Profitability 6.2 Motor Insurance 6.2.1 Gross written premium 6.2.2 Profitability 6.3 Liability Insurance 6.3.1 Gross written premium 6.3.2 Profitability 6.4 Marine, Aviation and Transit Insurance 6.4.1 Gross written premium 6.4.2 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 Premium Ceded 9 DISTRIBUTION CHANNEL OUTLOOK 10 NATURAL HAZARDS 10.1 Flooding 10.2 Droughts 10.3 Epidemics 10.4 Exposure 11 COMPETITIVE LANDSCAPE 11.1 Company Profiles 11.1.1 Sonam Assurances Group - company overview 11.1.2 Allianz Senegal Assurances Vie - company overview 11.1.3 Axa Assurances SA - company overview 11.1.4 NSIA Senegal Assurances - company overview 11.1.5 SAHAM Assurances SA - 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 Workmen's compensation 12.5 Supervision and Control 12.5.1 International Association of Insurance Supervisors 12.5.2 Commission Regional des Assurances (CRCA) 12.5.3 Directions des Assurances (DA) 12.6 Non-Admitted Insurance Regulation 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 (ADR) 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 product 13.1.6 Group life insurance 13.1.7 Group life insurance by product 13.1.8 Non-linked policies 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 product 13.2.6 Motor insurance 13.2.7 Motor insurance by product 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 Figures
Table 1: Senegalese Insurance Industry - Key Facts, 2015 Table 2: Senegalese Insurance Industry - Leading Insurers, 2014 Table 3: Senegalese Government Credit Ratings Table 4: Senegalese Insurance Industry - Gross Written Premium by Segment (XOF Billion), 2011-2015 Table 5: Senegalese Insurance Industry - Gross Written Premium by Segment (XOF Billion), 2015-2020 Table 6: Senegalese Insurance Industry - Density Segment (XOF), 2011-2015 Table 7: Senegalese Insurance Industry - Density by Segment (XOF), 2015-2020 Table 8: Senegalese Insurance Industry - Paid Claims by Segment (XOF Billion), 2011-2015 Table 9: Senegalese Insurance Industry - Paid Claims by Segment (XOF Billion), 2015-2020 Table 10: Senegalese Insurance Industry - Total Investment Income by Segment (XOF Billion), 2011-2015 Table 11: Senegalese Insurance Industry - Total Investment Income by Segment (XOF Billion), 2015-2020 Table 12: Senegalese Insurance Industry - Life Insurance Investment Portfolio (XOF Billion), 2011-2015 Table 13: Senegalese Insurance Industry - Life Insurance Investment Portfolio (XOF Billion), 2015-2020 Table 14: Senegalese Insurance Industry - Non-Life Insurance Investment Portfolio (XOF Billion), 2011-2015 Table 15: Senegalese Insurance Industry - Non-Life Insurance Investment Portfolio (XOF Billion), 2015-2020 Table 16: Senegalese Insurance Industry - Personal Accident and Health Insurance Investment Portfolio (XOF Billion), 2011-2015 Table 17: Senegalese Insurance Industry - Personal Accident and Health Insurance Investment Portfolio (XOF Billion), 2015-2020 Table 18: Senegalese Individual Life Insurance - Gross Written Premium (XOF Billion and US$ Million), 2011-2015 Table 19: Senegalese Individual Life Insurance - Gross Written Premium (XOF Billion and US$ Million), 2015-2020 Table 20: Senegalese Group Life Insurance - Gross Written Premium (XOF Billion and US$ Million), 2011-2015 Table 21: Senegalese Group Life Insurance - Gross Written Premium (XOF Billion and US$ Million), 2015-2020 Table 22: Senegalese Property Insurance - Gross Written Premium (XOF Billion and US$ Million), 2011-2015 Table 23: Senegalese Property Insurance - Gross Written Premium (XOF Billion and US$ Billion), 2015-2020 Table 24: Senegalese Property Insurance - Loss Ratio (%), 2011-2015 Table 25: Senegalese Property Insurance - Loss Ratio (%), 2015-2020 Table 26: Senegalese Motor Insurance - Gross Written Premium (XOF Billion and US$ Million), 2011-2015 Table 27: Senegalese Motor Insurance - Gross Written Premium (XOF Billion and US$ Million), 2015-2020 Table 28: Senegalese Motor Insurance - Loss Ratio (%), 2011-2015 Table 29: Senegalese Motor Insurance - Loss Ratio (%), 2015-2020 Table 30: Senegalese Liability Insurance - Gross Written Premium (XOF Billion and US$ Million), 2011-2015 Table 31: Senegalese Liability Insurance - Gross Written Premium (XOF Billion and US$ Million), 2015-2020 Table 32: Senegalese Liability Insurance - Loss Ratio (%), 2011-2015 Table 33: Senegalese Liability Insurance - Loss Ratio (%), 2015-2020 Table 34: Senegalese Marine, Aviation and Transit Insurance - Gross Written Premium (XOF Billion and US$ Million), 2011-2015 Table 35: Senegalese Marine, Aviation and Transit Insurance - Gross Written Premium (XOF Billion and US$ Million), 2015-2020 Table 36: Senegalese Marine, Aviation and Transit Insurance - Loss Ratio (%), 2011-2015 Table 37: Senegalese Marine, Aviation and Transit Insurance - Loss Ratio (%), 2015-2020 Table 38: Senegalese Personal Accident and Health Insurance - Gross Written Premium (XOF Billion and US$ Million), 2011-2015 Table 39: Senegalese Personal Accident and Health Insurance - Gross Written Premium (XOF Billion and US$ Million), 2015-2020 Table 40: Senegalese Personal Accident and Health Insurance - Paid Claims (XOF Billion and US$ Million), 2011-2015 Table 41: Senegalese Personal Accident and Health Insurance - Paid Claims (XOF Billion and US$ Million), 2015-2020 Table 42: Senegalese Personal Accident and Health Insurance - Loss Ratio (%), 2011-2015 Table 43: Senegalese Personal Accident and Health Insurance - Loss Ratio (%), 2015-2020 Table 44: Senegalese Reinsurance - Premium Ceded by Insurance Segment (XOF Billion), 2011-2015 Table 45: Senegalese Reinsurance - Premium Ceded by Insurance Segment (XOF Billion), 2015-2020 Table 46: Senegalese Insurance Industry - Leading Life Insurers, 2014 Table 47: Senegalese Insurance Industry - Leading Non-Life Insurers, 2014 Table 48: Sonam Assurances Group - Key Facts Table 49: Allianz Senegal Assurances Vie - Key Facts Table 50: Axa Assurances SA - Key Facts Table 51: Nsia Senegal Assurances - Key Facts Table 52: SAHAM Assurances SA - Key Facts Table 53: Senegal - Insurance Regulatory Framework Key Features Table 54: Senegal - Insurance Intermediary Remuneration Table 55: Senegal - Life Insurance Regulatory Framework Table 56: Senegal - Property Insurance Regulatory Framework Table 57: Senegal - Motor Insurance Regulatory Framework Table 58: Senegal - Liability Insurance Regulatory Framework Table 59: Senegal - Taxes on Insurance Premiums Table 60: Senegal - Corporate Tax Rates for the Financial Year 2016 Table 61: Senegalese Life Insurance - Policies and Premium, 2011-2015 Table 62: Senegalese Life Insurance - Policies and Premium, 2015-2020 Table 63: Senegalese Life Insurance - Claims and Expenses, 2011-2015 Table 64: Senegalese Life Insurance - Claims and Expenses, 2015-2020 Table 65: Senegalese Life Insurance - Assets and Investments, 2011-2015 Table 66: Senegalese Life Insurance - Assets and Investments, 2015-2020 Table 67: Senegalese Life Insurance - Individual Life Insurance, 2011-2015 Table 68: Senegalese Life Insurance - Individual Life Insurance, 2015-2020 Table 69: Senegalese Life Insurance - Individual Life Insurance by Product, 2011-2015 Table 70: Senegalese Life Insurance - Individual Life Insurance by Product, 2015-2020 Table 71: Senegalese Life Insurance - Group Life Insurance, 2011-2015 Table 72: Senegalese Life Insurance - Group Life Insurance, 2015-2020 Table 73: Senegalese Life Insurance - Group Life Insurance by Product, 2011-2015 Table 74: Senegalese Life Insurance - Group Life Insurance by Product, 2015-2020 Table 75: Senegalese Life Insurance - Linked vs. Non-Linked Policies, 2011-2015 Table 76: Senegalese Life Insurance - Linked vs. Non-Linked Policies, 2015-2020 Table 77: Senegalese Non-Life Insurance - Policies and Premium, 2011-2015 Table 78: Senegalese Non-Life Insurance - Policies and Premium, 2015-2020 Table 79: Senegalese Non-Life Insurance - Claims and Expenses, 2011-2015 Table 80: Senegalese Non-Life Insurance - Claims and Expenses, 2015-2020 Table 81: Senegalese Non-Life Insurance - Assets and Investments, 2011-2015 Table 82: Senegalese Non-Life Insurance - Assets and Investments, 2015-2020 Table 83: Senegalese Non-Life Insurance - Property Insurance, 2011-2015 Table 84: Senegalese Non-Life Insurance - Property Insurance, 2015-2020 Table 85: Senegalese Non-Life Insurance - Property Insurance by Product, 2011-2015 Table 86: Senegalese Non-Life Insurance - Property Insurance by Product, 2015-2020 Table 87: Senegalese Non-Life Insurance - Motor Insurance, 2011-2015 Table 88: Senegalese Non-Life Insurance - Motor Insurance, 2015-2020 Table 89: Senegalese Non-Life Insurance - Motor Insurance by Product, 2011-2015 Table 90: Senegalese Non-Life Insurance - Motor Insurance by Product, 2015-2020 Table 91: Senegalese Non-Life Insurance - Liability Insurance, 2011-2015 Table 92: Senegalese Non-Life Insurance - Liability Insurance, 2015-2020 Table 93: Senegalese Non-Life Insurance - Marine, Aviation and Transit Insurance, 2011-2015 Table 94: Senegalese Non-Life Insurance - Marine, Aviation and Transit Insurance, 2015-2020 Table 95: Senegalese Personal Accident and Health Insurance - Policies and Premium, 2011-2015 Table 96: Senegalese Personal Accident and Health Insurance - Policies and Premium, 2015-2020 Table 97: Senegalese Personal Accident and Health Insurance - Claims and Expenses, 2011-2015 Table 98: Senegalese Personal Accident and Health Insurance - Claims and Expenses, 2015-2020 Table 99: Senegalese Personal Accident and Health Insurance - Assets and Investments, 2011-2015 Table 100: Senegalese Personal Accident and Health Insurance - Assets and Investments, 2015-2020 Table 101: Insurance Industry Definitions
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