Insurance
From The Report: Cote d'Ivoire 2022
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Although the country’s insurance sector is progressing each year and has a substantial direct and indirect impact on the economy and job creation, the penetration rate – measured as premium relative to GDP – remains low. The factors contributing to the low penetration rate include a lack of public awareness and education about the industry as a whole. However, new opportunities are expected to arise due to economic progress and diversification in Côte d’Ivoire and the larger Inter-African Conference on Insurance Markets area. In order to increase the level of trust in the system, insurance companies will need to reassure consumers by upholding their contractual commitments and expediting claims settlement.

This chapter contains an interview with Roland Ouedraogo, General Director, Sanlam Assurance Côte d’Ivoire.

Articles from this Chapter

Overview

Premium performance: Reforms aim to expand the country’s footprint in the industry and strengthen its regional standing
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Although Côte d’Ivoire’s insurance sector is progressing each year and has a substantial direct and indirect impact on the economy and job creation, the penetration rate – measured as premium relative to GDP – remains low. While combined life and non-life insurance sector premium nearly doubled from CFA270bn ($464.1m) in 2015 to CFA462.7bn ($795.4m) in 2021, the 2-3% insurance penetration rate is below that of South Africa, which leads the continent at 14%, and below the global average of…

Analysis

Outward bound: New opportunities for Ivorian players to expand in UEMOA
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Côte d’Ivoire’s importance as a regional centre for the insurance sector is growing, as an increasing number of pan-African players open offices and branches in Abidjan. The country has been a catalyst for the integration of public and private insurance stakeholders in the 14 member countries of the Inter-African Conference on Insurance Markets (Conférence Interafricaine des Marchés d’Assurances, CIMA). Even though large pan-African and international players dominate the insurance sector…

Interview

In safe hands: Roland Ouedraogo, General Director, Sanlam Assurance Côte d’Ivoire, on growth in the insurance market
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Interview:Roland Ouedraogo Where do you envision opportunities to expand the insurance penetration rate? OUEDRAOGO: The penetration rate – or more simply the share of insurance premium to GDP – is still considerably low in Côte d’Ivoire. It amounted to 1.1% in 2020 according to estimates by Atlas Magazine, compared to around 3% for the continent the same year. Real opportunities exist and must be exploited for this to improve. These include the penetration of mobile phones and mobile…