Insurance
From The Report: Cote d’Ivoire 2019
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Insurance premium rose by almost 40% be¬tween 2013 and 2017 on the back of econom¬ic expansion, and while the main actors have remained the same, the last few years have seen an influx of foreign and local players to the market. Now, new regulations – particularly min¬imum capital requirements – that will begin to be enforced in 2019 are expected to significantly change the sec¬tor’s landscape, leading to market consolidation and improved services in a country where in¬surance penetration is at less than 2% of GDP. This will provide a strategic opportunity for insurers to both increase the confidence of consumers in products and give a much-needed boost to insurance inclusion. This chapter contains an interview with Mohamed Bah, Deputy Director, Sunu Group.

Articles from this Chapter

Overview

Premium market: A strong regional position has allowed the country to grow premium and encourage domestic expansion
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Côte d’Ivoire’s strong economic growth since 2012 has driven a sharp expansion in the insurance sector, with premium rising almost 40% between 2013 and 2017. While the main actors have remained the same, the last few years have seen an influx of foreign and local players entering the market. If the increased competition has sometimes resulted in lower prices, especially in terms of auto coverage, it also led companies to take risks, with some finding themselves unable to fulfil their commitments…

Analysis

Regional footprint: Recent moves have reinforced the country’s key standing in the industry within the regional bloc
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In April 2016 the Inter-African Conference of Insurance Markets (Conférence Interafricaine des Marchés d’ Assurances, CIMA), which oversees insurance regulation in 14 African countries, including Côte d’Ivoire, adopted a major reform aimed to protect the region’s reinsurance industry. Two years on, changes appear to be paying off for local companies, reinforcing Côte d’Ivoire’s regional position in the reinsurance industry. CIMA The reform of CIMA’s Article 308 imposed more stringent…

Analysis

Crop protection: As small-scale farmers face climate risk, the authorities spearhead a drive to expand rural coverage
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Agriculture accounts for almost one-fourth of GDP and more than 50% of the nation’s export revenue. The country is the world’s largest producer of cocoa beans and the biggest exporter of cashew nuts. It also grows a wide range of cash crops, such as rubber, palm, cotton and coffee as well as food crops. However, like many of their African counterparts, Ivorian farmers are facing growing risks linked to climate change resulting in significant production volatility. The vast majority of them,…

Interview

Ripe for development: Mohamed Bah, Deputy Director, Sunu Group, on using digital technology to broaden the market
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Interview :Mohamed Bah How is the local industry being impacted by regulations issued by the Inter-African Conference of Insurance Markets (Conférence Inter-africaine des Marchés d’Assurance, CIMA)? MOHAMED BAH: Several regulations are in place. First, a regulation on capital requires that insurers increase their capital to CFA3bn (€4.5m) by 2019 and CFA5bn (€7.5m) by 2021. In some CIMA countries this provision could have a significant impact on the profitability of insurance companies.…

Overview

Digital disruption: InsurTech taps premium growth potential in emerging markets – Cote d’Ivoire
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Two of the biggest trends in global insurance in recent years are premium growth in emerging markets and the rising importance of technology across the supply chain. The latter has come to be referred to as InsurTech, a potentially disruptive trend that heralds both threats to and opportunities for incumbents and newcomers alike. While technological solutions are being applied along the length of the insurance supply chain in advanced markets, their focus in emerging markets has primarily been on driving premium growth. Many lower and some middle-income countries have managed to skip the mass rollout of fixed-line telephony, as the prevalence…