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The Insurance Industry in Burkina Faso, Key Trends and Opportunities to 2021

Published By :

Timetric

Published Date : Nov 2017

Category :

Insurance

No. of Pages : 140 Pages

Synopsis
Timetrics 'The Insurance Industry in Burkina Faso, Key Trends and Opportunities to 2021' report provides detailed analysis of the market trends, drivers and challenges in the Burkinab 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 period (20122016) and forecast period (20162021).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Burkinab economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together Timetrics 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
Timetrics 'The Insurance Industry in Burkina Faso, Key Trends and Opportunities to 2021' report provides in-depth market analysis, information and insights into the Burkinab insurance industry, including:

The Burkinab insurance industry's growth prospects by segment and category

A comprehensive overview of Burkinab economy and demographics

The detailed competitive landscape in the Burkinab insurance industry

The various distribution channels in the Burkinab insurance industry

Detailed regulatory policies of the Burkinab insurance industry

Analysis of natural hazards in Burkinab insurance industry

Scope
This report provides a comprehensive analysis of the insurance industry in Burkina Faso:

It provides historical values for the Burkinab insurance industry for the reports 20122016 review period, and projected figures for the 20162021 forecast period.

It offers a detailed analysis of the key segments in the Burkinab insurance industry, along with market forecasts until 2021.

It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, combined ratio, total assets, total investment income and retentions.

It analyzes the various distribution channels in Burkina Faso.

It profiles the top insurance companies in Burkina Faso and outlines the key regulations affecting them.

Reasons To Buy
Make strategic business decisions using in-depth historic and forecast market data related to the Burkinab insurance industry and each segment and category within it.

Understand the demand-side dynamics, key market trends and growth opportunities in the Burkinab insurance industry.

Assess the competitive dynamics in the Burkinab insurance industry.

Identify the growth opportunities and market dynamics in key segments.

Gain insights into key regulations governing the Burkinab insurance industry and their impact on companies and the industry's future.

Key Highlights
In April 2017, Sunu Assurances and United Bank for Africa signed a bancassurance agreement and launched two new bancassurance products: Ca Gagne, a 15 year savings buy back product; and Beogo, which is pension and death cover.

In June 2017, the government of Burkina Faso secured a loan worth XOF36.3 billion (US$61.8 million) from the West African Development Bank and Ecowas Bank

In May 2016, the Old Mutual Emerging Markets (OMEM) signed a strategic agreement with Ecobank Transnational Incorporated (ETI) to distribute short-term insurance solutions, savings and life insurance through Ecobank branches in Burkina Faso.

During 20102015, 5,046 people were killed and 73,536 people were injured in road accidents in Burkina Faso.
Table of Contents
1 Key Facts and Highlights
2 Executive Summary
3 Economy and Demographics
4 Industry Outlook
4.1 Regional Comparison
4.2 Industry Indicators
4.2.1 Gross written premium
4.2.2 Claims
4.2.3 Investments
5 Life Insurance Outlook
5.1 Individual Life Insurance
5.1.1 Gross written premium
5.1.2 Penetration
5.2 Group Life Insurance
5.2.1 Gross written premium
5.2.2 Penetration
6 Non-Life Insurance Outlook
6.1 Property Insurance
6.1.1 Gross written premium
6.1.2 Penetration
6.1.3 Profitability
6.2 Motor Insurance
6.2.1 Gross written premium
6.2.2 Penetration
6.2.3 Profitability
6.3 Liability Insurance
6.3.1 Gross written premium
6.3.2 Penetration
6.3.3 Profitability
6.4 Marine, Aviation and Transit Insurance
6.4.1 Gross written premium
6.4.2 Penetration
6.4.3 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 Reinsurance Accepted
8.2 Premium Ceded
9 Distribution Channel Outlook
10 Natural and Man-Made Hazards
10.1 Flooding
10.2 Droughts
10.3 Man-made Hazards
10.4 Exposure
11 Competitive Landscape
11.1 Company Profiles
11.1.1 Union des Assurances du Burkina-company overview
11.1.2 Societe Nationale d'Assurances et de Reassurances Vie-company overview
11.1.3 Allianz Burkina Assurances Vie-company overview
11.1.4 Generale des Assurances-company overview
11.1.5 Sunu Assurances 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 Workers compensation
12.5 Supervision and Control
12.5.1 International Association of Insurance Supervisors
12.5.2 Commission Regional des Assurances
12.5.3 Directions Nationales des Assurances
12.6 Non-Admitted Insurance Regulations
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
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 category
13.1.6 Group life insurance
13.1.7 Group life insurance by category
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 category
13.2.6 Motor insurance
13.2.7 Motor insurance by category
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 Timetrics Services
15.4 Disclaimer

List of Tables
Table 1: Burkinab Insurance Industry-Key Facts, 2016
Table 2: Burkinab Life Insurance Segment-Segment Shares of the Top Insurers, 2015
Table 3: Burkinab Non-Life Insurance Segment-Segment Shares of the Top Insurers, 2015
Table 4: Burkinab Government Credit Ratings
Table 5: Burkinab Insurance Industry-Gross Written Premium by Segment (XOF Billion), 20122016
Table 6: Burkinab Insurance Industry-Gross Written Premium by Segment (XOF Billion), 20162021
Table 7: Burkinab Insurance Industry-Density (Direct Written Premium Per Capita) by Segment (XOF), 20122016
Table 8: Burkinab Insurance Industry-Density (Direct Written Premium Per Capita) by Segment (XOF), 20162021
Table 9: Burkinab Insurance Industry-Paid Claims by Segment(XOF Billion), 20122016
Table 10: Burkinab Insurance Industry-Paid Claims by Segment(XOF Billion), 20162021
Table 11: Burkinab Insurance Industry-Total Investment Income by Segment (XOF Billion), 20122016
Table 12: Burkinab Insurance Industry-Total Investment Income by Segment (XOF Billion), 20162021
Table 13: Burkinab Insurance Industry-Life Insurance Investment Portfolio (XOF Billion), 20122016
Table 14: Burkinab Insurance Industry-Life Insurance Investment Portfolio (XOF Billion), 20162021
Table 15: Burkinab Insurance Industry-Non-Life Insurance Investment Portfolio (XOF Billion), 20122016
Table 16: Burkinab Insurance Industry-Non-Life Insurance Investment Portfolio (XOF Billion), 20162021
Table 17: Burkinab Insurance Industry-Personal Accident and Health Insurance Investment Portfolio (XOF Billion), 20122016
Table 18: Burkinab Insurance Industry-Personal Accident and Health Insurance Investment Portfolio (XOF Billion), 20162021
Table 19: Burkinab Individual Life Insurance-Gross Written Premium (XOF Billion and US$ Million), 20122016
Table 20: Burkinab Individual Life Insurance-Gross Written Premium (XOF Billion and US$ Million), 20162021
Table 21: Burkinab Group Life Insurance-Gross Written Premium (XOF Billion and US$ Million), 20122016
Table 22: Burkinab Group Life Insurance-Gross Written Premium (XOF Billion and US$ Million), 20162021
Table 23: Burkinab Property Insurance-Gross Written Premium (XOF Billion and US$ Million), 20122016
Table 24: Burkinab Property Insurance-Gross Written Premium (XOF Billion and US$ Million), 20162021
Table 25: Burkinab Property Insurance-Loss Ratio (%), 20122016
Table 26: Burkinab Property Insurance-Loss Ratio(%), 20162021
Table 27: Burkinab Motor Insurance-Gross Written Premium (XOF Billion and US$ Million), 20122016
Table 28: Burkinab Motor Insurance-Gross Written Premium (XOF Billion and US$ Million), 20162021
Table 29: Burkinab Motor Insurance-Loss Ratio (%), 20122016
Table 30: Burkinab Motor Insurance-Loss Ratio(%), 20162021
Table 31: Burkinab Liability Insurance-Gross Written Premium (XOF Million and US$ Million), 20122016
Table 32: Burkinab Liability Insurance-Gross Written Premium (XOF Million and US$ Million), 20162021
Table 33: Burkinab Liability Insurance-Loss Ratio (%), 20122016
Table 34: Burkinab Liability Insurance-Loss Ratio(%), 20162021
Table 35: Burkinab Marine, Aviation and Transit Insurance-Gross Written Premium (XOF Billion and US$ Million), 20122016
Table 36: Burkinab Marine, Aviation and Transit Insurance-Gross Written Premium (XOF Billion and US$ Million), 20162021
Table 37: Burkinab Marine, Aviation and Transit Insurance-Loss Ratio (%), 20122016
Table 38: Burkinab Marine, Aviation and Transit Insurance-Loss Ratio(%), 20162021
Table 39: Burkinab Personal Accident and Health Insurance-Gross Written Premium (XOF Billion and US$ Million), 20122016
Table 40: Burkinab Personal Accident and Health Insurance-Gross Written Premium (XOF Billion and US$ Million), 20162021
Table 41: Burkinab Personal Accident and Health Insurance-Paid Claims (XOF Billion and US$ Million), 20122016
Table 42: Burkinab Personal Accident and Health Insurance-Paid Claims (XOF Billion and US$ Million), 20162021
Table 43: Burkinab Personal Accident and Health Insurance-Loss Ratio (%), 20122016
Table 44: Burkinab Personal Accident and Health Insurance-Loss Ratio(%), 20162021
Table 45: Burkinab Reinsurance-Total Premium Accepted (XOF Million), 20122016
Table 46: Burkinab Reinsurance-Total Premium Accepted (XOF Million), 20162021
Table 47: Burkinab Reinsurance-Premium Ceded by Insurance Segment (XOF Million), 20122016
Table 48: Burkinab Reinsurance-Premium Ceded by Insurance Segment (XOF Million), 20162021
Table 49: Burkinab Life Insurance Segment-Market Shares of Leading Insurers (%), 2015
Table 50: Burkinab Non-Life Insurance Segment-Market Shares of Leading Insurers (%), 2015
Table 51: Union des Assurances du Burkina-Key Facts
Table 52: Societe Nationale d'Assurances et de Reassurances Vie-Key Facts
Table 53: Allianz Burkina Assurances Vie-Key Facts
Table 54: Generale des Assurances-Key Facts
Table 55: Sunu Assurances-Key Facts
Table 56: Burkina Faso-Insurance Regulatory Framework Key Features
Table 57: Burkina Faso-Intermediary Remuneration Rates
Table 58: Burkina Faso-Life Insurance Regulatory Framework
Table 59: Burkina Faso-Property Insurance Regulatory Framework
Table 60: Burkina Faso-Motor Insurance Regulatory Framework
Table 61: Burkina Faso-Liability Insurance Regulatory Framework
Table 62: Burkina Faso-Insurance Premium Tax Rates
Table 63: Burkina Faso-Corporate Tax Rates for the Financial Year 2017
Table 64: Burkinab Life Insurance-Policies and Premium, 20122016
Table 65: Burkinab Life Insurance-Policies and Premium, 20162021
Table 66: Burkinab Life Insurance-Claims and Expenses, 20122016
Table 67: Burkinab Life Insurance-Claims and Expenses, 20162021
Table 68: Burkinab Life Insurance-Assets and Investments, 20122016
Table 69: Burkinab Life Insurance-Assets and Investments, 20162021
Table 70: Burkinab Life Insurance-Individual Life Insurance, 20122016
Table 71: Burkinab Life Insurance-Individual Life Insurance, 20162021
Table 72: Burkinab Life Insurance-Individual Life Insurance by Category, 20122016
Table 73: Burkinab Life Insurance-Individual Life Insurance by Category, 20162021
Table 74: Burkinab Life Insurance-Group Life Insurance, 20122016
Table 75: Burkinab Life Insurance-Group Life Insurance, 20162021
Table 76: Burkinab Life Insurance-Group Life Insurance by Category, 20122016
Table 77: Burkinab Life Insurance-Group Life Insurance by Category, 20162021
Table 78: Burkinab Non-Life Insurance-Policies and Premium, 20122016
Table 79: Burkinab Non-Life Insurance-Policies and Premium, 20162021
Table 80: Burkinab Non-Life Insurance-Claims and Expenses, 20122016
Table 81: Burkinab Non-Life Insurance-Claims and Expenses, 20162021
Table 82: Burkinab Non-Life Insurance-Assets and Investments, 20122016
Table 83: Burkinab Non-Life Insurance-Assets and Investments, 20162021
Table 84: Burkinab Non-Life Insurance-Property Insurance, 20122016
Table 85: Burkinab Non-Life Insurance-Property Insurance, 20162021
Table 86: Burkinab Non-Life Insurance-Property Insurance by Category, 20122016
Table 87: Burkinab Non-Life Insurance-Property Insurance by Category, 20162021
Table 88: Burkinab Non-Life Insurance-Motor Insurance, 20122016
Table 89: Burkinab Non-Life Insurance-Motor Insurance, 20162021
Table 90: Burkinab Non-Life Insurance-Motor Insurance by Category, 20122016
Table 91: Burkinab Non-Life Insurance-Motor Insurance by Category, 20162021
Table 92: Burkinab Non-Life Insurance-Liability Insurance, 20122016
Table 93: Burkinab Non-Life Insurance-Liability Insurance, 20162021
Table 94: Burkinab Non-Life Insurance-Marine, Aviation and Transit Insurance, 20122016
Table 95: Burkinab Non-Life Insurance-Marine, Aviation and Transit Insurance, 20162021
Table 96: Burkinab Personal Accident and Health Insurance-Policies and Premium, 20122016
Table 97: Burkinab Personal Accident and Health Insurance-Policies and Premium, 20162021
Table 98: Burkinab Personal Accident and Health Insurance-Claims and Expenses, 20122016
Table 99: Burkinab Personal Accident and Health Insurance-Claims and Expenses, 20162021
Table 100: Burkinab Personal Accident and Health Insurance-Assets and Investments, 20122016
Table 101: Burkinab Personal Accident and Health Insurance-Assets and Investments, 20162021
Table 102: Insurance Industry Definitions

List of Figures
Figure 1: Burkinab Real GDP (XOF Billion), 20122021
Figure 2: Burkinab Consumer Price Inflation (%), 20122021
Figure 3: Burkinab Current Account Balance as Percentage of GDP (%), 20122021
Figure 4: Burkinab Unemployment Rate, 20122021
Figure 5: Burkinab Population by Age Group, 19902025
Figure 6: Burkinab Life Insurance Penetration-Regional Comparison (%), 2015
Figure 7: Burkinab Non-Life Insurance Penetration-Regional Comparison (%), 2015
Figure 8: Burkinab Personal Accident and Health Insurance Penetration-Regional Comparison (%), 2015
Figure 9: Burkinab Insurance Segment Direct Written Premium Shares-Regional Comparison (%), 2015
Figure 10: Burkinab Insurance Industry-Gross Written Premium by Segment, 20122021
Figure 11: Burkinab Insurance Industry-Density (Direct Written Premium Per Capita) by Segment (XOF), 20122021
Figure 12: Burkinab Insurance Industry-Paid Claims by Segment(XOF Billion), 20122021
Figure 13: Burkinab Insurance Industry-Total Investment Income by Segment (XOF Billion), 20122021
Figure 14: Burkinab Insurance Industry-Life Insurance Investment Portfolio (XOF Billion), 20122021
Figure 15: Burkinab Insurance Industry-Life Insurance Investment Portfolio Dynamics by Category (XOF Billion), 20122021
Figure 16: Burkinab Insurance Industry-Non-Life Insurance Investment Portfolio (XOF Billion), 20122021
Figure 17: Burkinab Insurance Industry-Non-Life Insurance Investment Portfolio Dynamics by Category (XOF Billion), 20122021
Figure 18: Burkinab Insurance Industry-Personal Accident and Health Insurance Investment Portfolio (XOF Billion), 20122021
Figure 19: Burkinab Insurance Industry-Personal Accident and Health Insurance Investment Portfolio Dynamics by Category (XOF Billion), 20122021
Figure 20: Burkinab Individual Life Insurance-Gross Written Premium (XOF Billion), 20122021
Figure 21: Burkinab Individual Life Insurance-Penetration (%), 20122016
Figure 22: Burkinab Individual Life Insurance-Penetration (%), 20162021
Figure 23: Burkinab Group Life Insurance-Gross Written Premium (XOF Billion), 20122021
Figure 24: Burkinab Group Life Insurance-Penetration (%), 20122016
Figure 25: Burkinab Group Life Insurance-Penetration (%), 20162021
Figure 26: Burkinab Property Insurance-Gross Written Premium (XOF Billion), 20122021
Figure 27: Burkinab Property Insurance-Penetration (%), 20122016
Figure 28: Burkinab Property Insurance-Penetration (%), 20162021
Figure 29: Burkinab Property Insurance-Earned Premium, Incurred Loss and Loss Ratio (XOF Billion and %), 20122021
Figure 30: Burkinab Motor Insurance-Gross Written Premium (XOF Billion), 20122021
Figure 31: Burkinab Motor Insurance-Penetration (%), 20122016
Figure 32: Burkinab Motor Insurance-Penetration (%), 20162021
Figure 33: Burkinab Motor Insurance-Earned Premium, Incurred Loss and Loss Ratio (XOF Billion and %), 20122021
Figure 34: Burkinab Liability Insurance-Gross Written Premium (XOF Million), 20122021
Figure 35: Burkinab Liability Insurance-Penetration (%), 20122016
Figure 36: Burkinab Liability Insurance-Penetration (%), 20162021
Figure 37: Burkinab Liability Insurance-Earned Premium, Incurred Loss and Loss Ratio (XOF Million and %), 20122021
Figure 38: Burkinab Marine, Aviation and Transit Insurance-Gross Written Premium (XOF Billion), 20122021
Figure 39: Burkinab Marine, Aviation and Transit Insurance-Penetration (%), 20122016
Figure 40: Burkinab Marine, Aviation and Transit Insurance-Penetration (%), 20162021
Figure 41: Burkinab Marine, Aviation and Transit Insurance-Earned Premium, Incurred Loss and Loss Ratio (XOF Billion and %), 20122021
Figure 42: Burkinab Personal Accident and Health Insurance-Gross Written Premium (XOF Billion), 20122021
Figure 43: Burkinab Personal Accident and Health Insurance-Penetration (%), 20122016
Figure 44: Burkinab Personal Accident and Health Insurance-Penetration (%), 20162021
Figure 45: Burkinab Personal Accident and Health Insurance-Paid Claims (XOF Billion), 20122021
Figure 46: Burkinab Personal Accident and Health Insurance-Earned Premium, Incurred Loss and Loss Ratio (XOF Billion and %), 20122021
Figure 47: Burkinab Reinsurance-Total Premium Accepted by Category (XOF Million), 20122021
Figure 48: Burkinab Reinsurance-Premium Ceded by Insurance Segment (XOF Million), 20122021
Figure 49: Burkinab Life Insurance-Percentage of Reinsurance Ceded (%), 20122021
Figure 50: Burkinab Non-Life Insurance-Percentage of Reinsurance Ceded (%), 20122021
Figure 51: Burkinab Personal Accident and Health Insurance-Percentage of Reinsurance Ceded (%), 20122021
Figure 52: Burkinab-Frequency of Hazards by Type, 19902014
Figure 53: Burkinab Life Insurance Segment-Market Shares of Leading Insurers (%), 2015
Figure 54: Burkinab Non-Life Insurance Segment-Market Shares of Leading Insurers (%), 2015
Figure 55: Burkina Faso-Insurance Supervision and Control at Various Levels
Figure 56: Burkina Faso-Insurance Regulatory Frameworks for Company Registration and Operation

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