Insurance
From The Report: Cote d'Ivoire 2018
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The insurance sector has enjoyed a dynamic half-decade. Strong and sustained economic growth since 2012 has made the industry increasingly attractive, prompting the arrival of multiple new competitors aiming to establish a foothold in West Africa’s biggest insurance market. From its low base, insurance penetration should continue to increase, thereby encouraging overall expansion. With stricter regional insurance rules forcing insurers to strengthen their financial positions, non-compliance by providers should be reduced, easing efforts to expand insurance penetration to new pockets of the population.

This chapter contains an interview with Roger Eugène Boa Johnson, President, Association of Insurance Companies of Côte d’Ivoire.

Articles from this Chapter

Overview

Gaining ground: Healthy premium growth, new products and regulatory reform look set to drive sector expansion
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The insurance sector in Côte d’Ivoire has enjoyed a dynamic half-decade. Strong and sustained economic growth since 2012 has made the industry increasingly attractive, prompting the arrival of multiple new competitors aiming to establish a foothold in West Africa’s biggest insurance market. Premiums have grown steadily, keeping pace with GDP growth and driving increases in insurance penetration. While the main sector players have remained relatively constant in both the life and non-life…

Interview

Weaving partnerships: Roger Eugène Boa Johnson, President, Association of Insurance Companies of Côte d’Ivoire, on ensuring sustainable growth throughout the sector
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Interview:Roger Eugène Boa Johnson How can the authorities ensure the sustainable development of the insurance sector? ROGER EUGÈNE BOA JOHNSON: After the application of Article 13 – which was responsible for implementing a “pay-before-cover” policy in 2011 – the treasury of insurance companies in Côte d’Ivoire has substantially improved. Indeed, this has brought much-needed structure and stability to the sector. As a result, Côte d’Ivoire’s CFA304bn (€456m) insurance…

Analysis

Premium gains: Continued economic expansion is driving sector growth
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As the Ivorian economy has powered ahead in the past half-decade, insurance premiums have kept pace, regularly posting double-digit annual gains. According to the Association of Insurance Companies of Côte d’Ivoire (Association des Sociétés d’Assurances de Côte d’ Ivoire, ASA-CI), 2016 was no different with the total value of premiums growing by 9.1% to reach CFA304.4bn (€456.6m), equalling inflation-adjusted rises of 8.4% and 11.5% for the life and non-life segments, respectively.…

Analysis

Risk regulation: Revised capital requirements aim to ensure companies maintain solid fundamentals
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Regulators have faced challenges ensuring that all sector players are financially sound, as insurance markets across the Inter-African Conference of Insurance Markets (Conférence Inter-africaine des Marchés d’ Assurances, CIMA) have seen an influx of new competitors. To provide continuous high-quality services to their clients and to avoid undermining the stability of the system, CIMA, which oversees insurance regulation in Côte d’Ivoire and 13 other regional markets, decided in April…

Analysis

New measures: Reforms to pension programmes have mixed results
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Recent years have seen comprehensive reforms enacted in both public and private-sector pension systems in Côte d’Ivoire, culminating with the establishment of a new regime and institutions. Changes to the overall system included a gradual phasing up of the retirement age from 55 to 60 between 2012 and 2016, moving the base calculation of pension payments from 10 of the employee’s highest grossing years of income to 15; and pegging the evolution of those remittances to the increase in…