According to the conjuncture report published by the General Directorate of the Economy and Fiscal Policy (DGEPF), the national insurance market recorded a poor performance in the first half of 2020, posting lower overall turnover. 5.8% to stand at 61.3 billion FCFA.
In the first half of 2020, the activities of the insurance sector were hampered by the slowdown in investment, the cash flow difficulties of companies, the effects of the international health crisis and the containment measures implemented. As a result, overall turnover fell 5.8% to 61.3 billion FCFA.
According to operators in the sector, at the end of June 2020, the total commissions paid to intermediaries fell by 35% to 5.2 billion FCFA under the effect of the contraction in the volume of new contracts. At the same time, commissions paid on behalf of Non-Life and Life activities decreased by 39% to 3.8 billion and 19% to 1.4 billion FCFA respectively.
At the same time, the rate of payment of paid claims charges has slowed down by 8.8% for a total amount of FCFA 17.7 billion. The amounts of claims settled for the Non-Life and Life accounts fell respectively by 6.8% to 12 billion and from 12.7% to 5.7 billion in the first half of 2020, knowing that the Non-Life branch represents nearly 68% of claims settled in the sector.
According to DGEPF data, in terms of market share, the OGAR, SAHAM and ASSINCO groups represent 64% of the sector’s turnover over the period under review.
