From The Report: Cote d'Ivoire 2020
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Premium has risen steadily over recent years, although the level of insurance penetration remains relatively low, at roughly 2% of GDP in 2018, leaving ample room for expansion. Côte d’Ivoire has the largest market share of all 14 members of the Inter-African Conference on Insurance Markets, making the economic capital Abidjan an attractive jumping-off point for businesses looking to expand in the region. Yet, the industry is not without its challenges. New arrivals have contributed to oversupply, resulting in lower-than-average tariffs for insurance products such as auto coverage. This has led to a system whereby some insurers lower their prices to compete and then are unable to fulfil their commitments to customers. Such moves have resulted in a weak financial position for several industry companies and, in some cases, has negatively affected the perception of insurance at a time when the Covid-19 pandemic has weakened global financial markets.