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The Insurance Industry in Mali, Key Trends and Opportunities to 2022

Published By :

GlobalData

Published Date : Jun 2018

Category :

Banking

No. of Pages : 144 Pages

The Insurance Industry in Mali, Key Trends and Opportunities to 2022

Summary

GlobalDatas "The Insurance Industry in Mali, Key Trends and Opportunities to 2022", report provides a detailed analysis of the market trends, drivers and challenges in the Malian insurance industry.

It provides key performance indicators such as written premium and claims during the review (2013-2017) and forecast periods (2017-2022).

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

The report brings together GlobalDatas 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.

This report provides in-depth market analysis, information and insights into the Malian insurance industry, including -
- The industry's growth prospects by segment and category
- A comprehensive overview of the Malian economy and demographics
- Details of the competitive landscape in the industry
- The various distribution channels in the industry
- Details of regulatory policy applicable to the industry
- Analysis of natural hazards in the industry

Key Highlights

- In 2017, the general insurance segment accounted for 77.5% of the industrys direct written premium, while life insurance accounted for 22.5%.
- In April 2016, registered capital requirements for direct insurers increased from XOF1.0 billion (US$1.6 million) to XOF5.0 billion (US$8.4 million).
- Effective from May 2018, the Conference Interafricaine des Marchs d'Assurances Code amended the reserve requirements for life insurers, ensuring that they are always in a position to fulfill their obligations.
- General insurance is driven by a large number of compulsory classes such as motor third-party liability (MTPL), airport operators liability, insurance on imports, decennial insurance and workers compensation.
- As of 2016, there were three life insurers and eight general insurers operating in Mali.

Scope

- This report provides a comprehensive analysis of the insurance industry in Mali.
- It provides historical values for the Malian insurance industry for the reports 2013-2017 review period, and projected figures for the 2017-2022 forecast period.
- It offers a detailed analysis of the key segments in the Malian insurance industry, with market forecasts to 2022.
- It covers an exhaustive list of parameters, including written premium and claims.
- It analyzes the various distribution channels in Mali.
- It profiles the top insurance companies in Mali, 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 Malian insurance industry and each segment and category within it.
- Understand the demand-side dynamics, key market trends and growth opportunities in the industry.
- Assess the competitive dynamics in the industry.
- Identify the growth opportunities and market dynamics in key segments.
- Gain insights into key regulations governing the industry and their impact on companies and the industry's future.
Table of Contents
1 KEY FACTS AND HIGHLIGHTS 2
2 EXECUTIVE SUMMARY 3
3 ECONOMY AND DEMOGRAPHICS 13
4 INDUSTRY OUTLOOK 20
4.1 Direct written premium 22
4.2 Insurance density 23
4.3 Paid claims 24
5 LIFE INSURANCE OUTLOOK 25
5.1 Segment Indicators 27
5.1.1 Direct written premium 27
5.1.2 Paid claims 28
5.1.3 Penetration 29
5.1.4 Assets and investments 30
6 GENERAL INSURANCE OUTLOOK 33
6.1 Segment Indicators 36
6.1.1 Direct written premium 36
6.1.2 Paid claims 37
6.1.3 Penetration 38
6.1.4 Loss ratio 39
6.1.5 Assets and investments 40
6.2 Property Insurance 43
6.2.1 Direct written premium 43
6.2.2 Penetration 45
6.2.3 Profitability 46
6.3 Motor Insurance 47
6.3.1 Direct written premium 47
6.3.2 Penetration 48
6.3.3 Profitability 49
6.4 Liability Insurance 50
6.4.1 Direct written premium 50
6.4.2 Penetration 51
6.4.3 Profitability 52
6.5 Marine, Aviation and Transit Insurance 53
6.5.1 Direct written premium 53
6.5.2 Penetration 55
6.5.3 Profitability 56
6.6 Personal Accident and Health Insurance 57
6.6.1 Direct written premium 57
6.6.2 Penetration 59
6.6.3 Profitability 60
6.7 Miscellaneous 61
6.7.1 Direct written premium 61
6.7.2 Penetration 63
6.7.3 Profitability 64
7 REINSURANCE OUTLOOK 65
7.1 Reinsurance Accepted 66
7.2 Premium Ceded 66
8 DISTRIBUTION CHANNEL OUTLOOK 69
9 NATURAL AND MAN-MADE HAZARDS 71
9.1 Flooding 71
9.2 Droughts 71
9.3 Sandstorms 72
9.4 Man-made disasters 72
9.5 Epidemics 72
9.6 Exposure 72
10 COMPETITIVE LANDSCAPE 74
10.1 Company Profiles 78
10.1.1 Saham Assurances - company overview 78
10.1.2 Les Assurances Bleues CNAR - company overview 78
10.1.3 Societe Nouvelle d'Assurance Vie - company overview 79
10.1.4 Allianz Mali Assurances - company overview 79
10.1.5 Assurances Lafia SA - company overview 79
11 GOVERNANCE, RISK AND COMPLIANCE 80
11.1 Legislation Overview and Historical Evolution 81
11.2 Latest Changes in Regulation 83
11.3 Legislation and Market Practice by Type of Insurance 86
11.3.1 Life insurance 88
11.3.2 Property insurance 91
11.3.3 Motor insurance 93
11.3.4 Liability insurance 94
11.3.5 Marine, aviation and transit insurance 94
11.3.6 Personal accident and health insurance 94
11.4 Compulsory Insurance 95
11.4.1 Motor third-party liability insurance 95
11.4.2 Professional indemnity insurance for insurance intermediaries 98
11.4.3 Workers compensation insurance 98
11.5 Supervision and Control 102
11.5.1 International Association of Insurance Supervisors 102
11.5.2 Commission Regional des Assurances 103
11.5.3 Direction Nationale du Trsor et de la Comptabilit Publique 103
11.6 Non-Admitted Insurance Regulations 104
11.6.1 Overview 104
11.6.2 Intermediaries 106
11.6.3 Market practices 106
11.6.4 Fines and Penalties 106
11.7 Company Registration and Operations 108
11.7.1 Type of insurance organization 109
11.7.2 Establishing a local company 109
11.7.3 Foreign ownership 111
11.7.4 Types of license 112
11.7.5 Capital requirements 113
11.7.6 Solvency margin 114
11.7.7 Reserve requirements 116
11.7.8 Investment regulations 117
11.7.9 Statutory return requirements 117
11.7.10 Fee structure 118
11.8 Taxation 119
11.8.1 Insurance premium or policy taxation 119
11.8.2 Withholding taxes on premium paid overseas 119
11.8.3 Corporate tax 119
11.8.4 VAT 120
11.8.5 Captives 120
11.9 Legal System 121
11.9.1 Introduction 121
11.9.2 Access to court 121
11.9.3 Alternative dispute resolution 122
12 DATABOOK 124
12.1 Life Insurance 124
12.1.1 Policies and premium 124
12.1.2 Claims and expenses 125
12.1.3 Assets and investments 125
12.2 General Insurance 126
12.2.1 Policies and premium 126
12.2.2 Claims and expenses 127
12.2.3 Assets and investments 128
12.2.4 Property insurance 129
12.2.5 Property insurance by category 130
12.2.6 Motor insurance 131
12.2.7 Motor insurance by category 132
12.2.8 Liability insurance 133
12.2.9 Marine, aviation and transit insurance 134
12.2.10 Marine, aviation and transit insurance by category 135
12.2.11 Personal accident and health insurance 136
12.2.12 Miscellaneous 137
13 DEFINITIONS AND METHODOLOGY 138
13.1 Definitions 138
13.2 Methodology 140
14 ABOUT GLOBALDATA 142
14.1 Contact GlobalData 142
14.2 About GlobalData 142
14.3 GlobalDatas Services 143
14.4 Disclaimer 144

List of Tables
Table 1: Malian Insurance Industry - Key Facts, 2017 2
Table 2: Malian Insurance Industry - Industry Shares of the Top Insurers, 2016 2
Table 3: Malian Insurance Industry - Direct Written Premium (XOF Billion and US$ Million), 2013-2017 22
Table 4: Malian Insurance Industry - Direct Written Premium (XOF Billion and US$ Million), 2017-2022 22
Table 5: Malian Insurance Industry - Density (XOF), 2013-2017 23
Table 6: Malian Insurance Industry - Density (XOF), 2017-2022 23
Table 7: Malian Insurance Industry - Paid Claims (XOF Billion and US$ Million), 2013-2017 24
Table 8: Malian Insurance Industry - Paid Claims (XOF Billion and US$ Million), 2017-2022 24
Table 9: Malian Life Insurance - Direct Written Premium (XOF Billion and US$ Million), 2013-2017 27
Table 10: Malian Life Insurance - Direct Written Premium (XOF Billion and US$ Million), 2017-2022 27
Table 11: Malian Life Insurance - Paid Claims (XOF Billion and US$ Million), 2013-2017 28
Table 12: Malian Life Insurance - Paid Claims (XOF Billion and US$ Million), 2017-2022 28
Table 13: Malian Life Insurance - Total Investment Income (XOF Million and US$ Million), 2013-2017 30
Table 14: Malian Life Insurance - Total Investment Income (XOF Million and US$ Million), 2017-2022 30
Table 15: Malian Life Insurance - Investment Portfolio (XOF Billion), 2013-2017 31
Table 16: Malian Life Insurance - Investment Portfolio (XOF Billion), 2017-2022 31
Table 17: Malian General Insurance - Direct Written Premium (XOF Billion and US$ Million), 2013-2017 36
Table 18: Malian General Insurance - Direct Written Premium (XOF Billion and US$ Million), 2017-2022 36
Table 19: Malian General Insurance - Paid Claims (XOF Billion and US$ Million), 2013-2017 37
Table 20: Malian General Insurance - Paid Claims (XOF Billion and US$ Million), 2017-2022 37
Table 21: Malian General Insurance - Total Investment Income (XOF Million and US$ Million), 2013-2017 40
Table 22: Malian General Insurance - Total Investment Income (XOF Million and US$ Million), 2017-2022 40
Table 23: Malian General Insurance - Investment Portfolio (XOF Billion), 2013-2017 41
Table 24: Malian General Insurance - Investment Portfolio (XOF Billion), 2017-2022 41
Table 25: Malian Property Insurance - Direct Written Premium (XOF Billion and US$ Million), 2013-2017 43
Table 26: Malian Property Insurance - Direct Written Premium (XOF Billion and US$ Million), 2017-2022 43
Table 27: Malian Property Insurance - Loss Ratio (%), 2013-2017 46
Table 28: Malian Property Insurance - Loss Ratio (%), 2017-2022 46
Table 29: Malian Motor Insurance - Direct Written Premium (XOF Billion and US$ Million), 2013-2017 47
Table 30: Malian Motor Insurance - Direct Written Premium (XOF Billion and US$ Million), 2017-2022 47
Table 31: Malian Motor Insurance - Loss Ratio (%), 2013-2017 49
Table 32: Malian Motor Insurance - Loss Ratio (%), 2017-2022 49
Table 33: Malian Liability Insurance - Direct Written Premium (XOF Billion and US$ Million), 2013-2017 50
Table 34: Malian Liability Insurance - Direct Written Premium (XOF Billion and US$ Million), 2017-2022 50
Table 35: Malian Liability Insurance - Loss Ratio (%), 2013-2017 52
Table 36: Malian Liability Insurance - Loss Ratio (%), 2017-2022 52
Table 37: Malian Marine, Aviation and Transit Insurance - Direct Written Premium (XOF Billion and US$ Million), 2013-2017 53
Table 38: Malian Marine, Aviation and Transit Insurance - Direct Written Premium (XOF Billion and US$ Million), 2017-2022 53
Table 39: Malian Marine, Aviation and Transit Insurance - Loss Ratio (%), 2013-2017 56
Table 40: Malian Marine, Aviation and Transit Insurance - Loss Ratio (%), 2017-2022 56
Table 41: Malian Personal Accident and Health Insurance - Direct Written Premium (XOF Billion and US$ Million), 2013-2017 57
Table 42: Malian Personal Accident and Health Insurance - Direct Written Premium (XOF Billion and US$ Million), 2017-2022 57
Table 43: Malian Personal Accident and Health Insurance - Loss Ratio (%), 2013-2017 60
Table 44: Malian Personal Accident and Health Insurance - Loss Ratio (%), 2017-2022 60
Table 45: Malian Miscellaneous - Direct Written Premium (XOF Billion and US$ Million), 2013-2017 61
Table 46: Malian Miscellaneous - Direct Written Premium (XOF Billion and US$ Million), 2017-2022 61
Table 47: Malian Miscellaneous - Loss Ratio (%), 2013-2017 64
Table 48: Malian Miscellaneous - Loss Ratio (%), 2017-2022 64
Table 49: Malian Reinsurance - Premium Accepted by Category (XOF Million), 2013-2017 66
Table 50: Malian Reinsurance - Premium Accepted by Category (XOF Million), 2017-2022 66
Table 51: Malian Reinsurance - Premium Ceded by Insurance Segment (XOF Billion), 2013-2017 67
Table 52: Malian Reinsurance - Premium Ceded by Insurance Segment (XOF Billion), 2017-2022 67
Table 53: Malian Insurance Industry - Market Shares of Leading Insurers (%), 2016 75
Table 54: Malian Insurance Industry - Market Shares of Leading Life Insurers (%), 2016 76
Table 55: Malian Insurance Industry - Market Shares of Leading General Insurers (%), 2016 77
Table 56: Saham Assurances - Key Facts 78
Table 57: Les Assurances Bleues CNAR - Key Facts 78
Table 58: Societe Nouvelle d'Assurance Vie - Key Facts 79
Table 59: Allianz Mali Assurances - Key Facts 79
Table 60: Assurances Lafia SA - Key Facts 79
Table 61: Mali - Insurance Regulatory Framework Key Features 80
Table 62: Mali - Life Insurance Regulatory Framework 88
Table 63: Mali - Property Insurance Regulatory Framework 91
Table 64: Mali - Motor Insurance Regulatory Framework 93
Table 65: Mali - Liability Insurance Regulatory Framework 94
Table 66: Mali - Insurance Premium Tax Rates 119
Table 67: Mali - Corporate Tax Rates for the Financial Year 2017 120
Table 68: Malian Life Insurance - Policies and Premium, 2013-2017 124
Table 69: Malian Life Insurance - Policies and Premium, 2017-2022 124
Table 70: Malian Life Insurance - Claims and Expenses, 2013-2017 125
Table 71: Malian Life Insurance - Claims and Expenses, 2017-2022 125
Table 72: Malian Life Insurance - Assets and Investments, 2013-2017 125
Table 73: Malian Life Insurance - Assets and Investments, 2017-2022 125
Table 74: Malian General Insurance - Policies and Premium, 2013-2017 126
Table 75: Malian General Insurance - Policies and Premium, 2017-2022 126
Table 76: Malian General Insurance - Claims and Expenses, 2013-2017 127
Table 77: Malian General Insurance - Claims and Expenses, 2017-2022 127
Table 78: Malian General Insurance - Assets and Investments, 2013-2017 128
Table 79: Malian General Insurance - Assets and Investments, 2017-2022 128
Table 80: Malian General Insurance - Property Insurance, 2013-2017 129
Table 81: Malian General Insurance - Property Insurance, 2017-2022 129
Table 82: Malian General Insurance - Property Insurance by Category, 2013-2017 130
Table 83: Malian General Insurance - Property Insurance by Category, 2017-2022 130
Table 84: Malian General Insurance - Motor Insurance, 2013-2017 131
Table 85: Malian General Insurance - Motor Insurance, 2017-2022 131
Table 86: Malian General Insurance - Motor Insurance by Category, 2013-2017 132
Table 87: Malian General Insurance - Motor Insurance by Category, 2017-2022 132
Table 88: Malian General Insurance - Liability Insurance, 2013-2017 133
Table 89: Malian General Insurance - Liability Insurance, 2017-2022 133
Table 90: Malian General Insurance - Marine, Aviation and Transit Insurance, 2013-2017 134
Table 91: Malian General Insurance - Marine, Aviation and Transit Insurance, 2017-2022 134
Table 92: Malian General Insurance - Marine Aviation and Transit Insurance by Category, 2013-2017 135
Table 93: Malian General Insurance - Marine Aviation and Transit Insurance by Category, 2017-2022 135
Table 94: Malian General Insurance - Personal Accident and Health Insurance, 2013-2017 136
Table 95: Malian General Insurance - Personal Accident and Health Insurance, 2017-2022 136
Table 96: Malian General Insurance - Miscellaneous, 2013-2017 137
Table 97: Malian General Insurance - Miscellaneous, 2017-2022 137
Table 98: Insurance Industry Definitions 138

List of Figures
Figure 1: Malian Real GDP (XOF Trillion), 2013-2022 14
Figure 2: Malian Exchange Rate (XOF per US$), 2013-2022 15
Figure 3: Malian Consumer Price Inflation (%), 2013-2022 16
Figure 4: Malian Current Account Balance as Percentage of GDP (%), 2013-2022 17
Figure 5: Malian Unemployment Rate, 2013-2022 18
Figure 6: Malian Population by Age Group, 2013-2022 19
Figure 7: Malian Insurance Industry - Direct Written Premium (XOF Billion), 2013-2022 22
Figure 8: Malian Insurance Industry - Density (XOF), 2013-2022 23
Figure 9: Malian Insurance Industry - Paid Claims (XOF Billion), 2013-2022 24
Figure 10: Malian Life Insurance - Direct Written Premium (XOF Billion), 2013-2022 27
Figure 11: Malian Life Insurance - Paid Claims (XOF Billion), 2013-2022 28
Figure 12: Malian Life Insurance - Penetration (%), 2013-2017 29
Figure 13: Malian Life Insurance - Penetration (%), 2017-2022 29
Figure 14: Malian Life Insurance - Total Investment Income (XOF Million), 2013-2022 30
Figure 15: Malian Life Insurance - Investment Portfolio (XOF Billion), 2013-2022 32
Figure 16: Malian Life Insurance - Investment Portfolio Dynamics (XOF Billion), 2013-2022 32
Figure 17: Malian General Insurance - Direct Written Premium (XOF Billion), 2013-2022 36
Figure 18: Malian General Insurance - Paid Claims (XOF Billion), 2013-2022 37
Figure 19: Malian General Insurance - Penetration (%), 2013-2017 38
Figure 20: Malian General Insurance - Penetration (%), 2017-2022 38
Figure 21: Malian General Insurance - Loss Ratio (%), 2013-2017 39
Figure 22: Malian General Insurance - Loss Ratio (%), 2017-2022 39
Figure 23: Malian General Insurance - Total Investment Income (XOF Million), 2013-2022 40
Figure 24: Malian General Insurance - Investment Portfolio (XOF Billion), 2013-2022 42
Figure 25: Malian General Insurance - Investment Portfolio Dynamics (XOF Billion), 2013-2022 42
Figure 26: Malian Property Insurance - Direct Written Premium (XOF Billion), 2013-2022 44
Figure 27: Malian Property Insurance - Penetration (%), 2013-2017 45
Figure 28: Malian Property Insurance - Penetration (%), 2017-2022 45
Figure 29: Malian Property Insurance - Earned Premium, Incurred Loss and Loss Ratio (XOF Billion and %), 2013-2022 46
Figure 30: Malian Motor Insurance - Direct Written Premium (XOF Billion), 2013-2022 47
Figure 31: Malian Motor Insurance - Penetration (%), 2013-2017 48
Figure 32: Malian Motor Insurance - Penetration (%), 2017-2022 48
Figure 33: Malian Motor Insurance - Earned Premium, Incurred Loss and Loss Ratio (XOF Billion and %), 2013-2022 49
Figure 34: Malian Liability Insurance - Direct Written Premium (XOF Billion), 2013-2022 50
Figure 35: Malian Liability Insurance - Penetration (%), 2013-2017 51
Figure 36: Malian Liability Insurance - Penetration (%), 2017-2022 51
Figure 37: Malian Liability Insurance - Earned Premium, Incurred Loss and Loss Ratio (XOF Billion and %), 2013-2022 52
Figure 38: Malian Marine, Aviation and Transit Insurance - Direct Written Premium (XOF Billion), 2013-2022 54
Figure 39: Malian Marine, Aviation and Transit Insurance - Penetration (%), 2013-2017 55
Figure 40: Malian Marine, Aviation and Transit Insurance - Penetration (%), 2017-2022 55
Figure 41: Malian Marine, Aviation and Transit Insurance - Earned Premium, Incurred Loss and Loss Ratio (XOF Billion and %), 2013-2022 56
Figure 42: Malian Personal Accident and Health Insurance - Direct Written Premium (XOF Billion), 2013-2022 58
Figure 43: Malian Personal Accident and Health Insurance - Penetration (%), 2013-2017 59
Figure 44: Malian Personal Accident and Health Insurance - Penetration (%), 2017-2022 59
Figure 45: Malian Personal Accident and Health Insurance - Earned Premium, Incurred Loss and Loss Ratio (XOF Billion and %), 2013-2022 60
Figure 46: Malian Miscellaneous - Direct Written Premium (XOF Billion), 2013-2022 62
Figure 47: Malian Miscellaneous - Penetration (%), 2013-2017 63
Figure 48: Malian Miscellaneous - Penetration (%), 2017-2022 63
Figure 49: Malian Miscellaneous - Earned Premium, Incurred Loss and Loss Ratio (XOF Billion and %), 2013-2022 64
Figure 50: Malian Reinsurance - Premium Accepted by Category (XOF Million), 2013-2022 66
Figure 51: Malian Reinsurance - Premium Ceded by Insurance Segment (XOF Billion), 2013-2022 67
Figure 52: Malian Life Insurance - Percentage of Reinsurance Ceded (%), 2013-2022 68
Figure 53: Malian General Insurance - Percentage of Reinsurance Ceded (%), 2013-2022 68
Figure 54: Malian Insurance Industry - Market Shares of Leading Insurers (%), 2016 75
Figure 55: Malian Insurance Industry - Market Shares of Leading Life Insurers (%), 2016 76
Figure 56: Malian Insurance Industry - Market Shares of Leading General Insurers (%), 2016 77
Figure 57: Mali - Insurance Supervision and Control at Various Levels 102
Figure 58: Mali - Insurance Regulatory Frameworks for Company Registration and Operation 108

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