The Insurance Industry in Senegal, Key Trends and Opportunities to 2017

LONDON - April 10, 2013 - PRLog -- “The Insurance Industry in Senegal, Key Trends and Opportunities to 2017” new market research report to its store. The report provides in depth market analysis, information and insights into the insurance industry in Senegal, including:

- The Senegalese insurance industry’s growth prospects by insurance segments and categories

- The competitive landscape in the Senegalese insurance industry

- The current trends and drivers of the Senegalese insurance industry

- The challenges facing the Senegalese insurance industry

- The regulatory framework of the Senegalese insurance industry

Summary

Senegal has a small insurance industry, which represented just 1.4% of the country’s GDP in 2011, lower than the African average of 4.8%. The Senegalese insurance industry is the third-largest among the Conférence Interafricaine des Marchés d'Assurances (CIMA) member states in terms of gross written premium. There were only 19 insurance and two reinsurance companies operating in Senegal in 2011: 13 in the non-life segment and six in the life segment. The global financial crisis had an indirect effect on the Senegalese insurance industry as the country’s economy is largely dependent on exports, in particular of cotton and peanuts. Growth in the construction industry, government initiatives towards private spending, rising automobile sales, and an increasing tendency towards savings supported the growth of the Senegalese insurance industry during the review period.

Scope

This report provides a comprehensive analysis of the insurance industry in Senegal:

- It provides historical values for the Senegalese insurance industry for the report’s 2008–2012 review period and forecast figures for the 2012–2017 forecast period

- It offers a detailed analysis of the key segments and categories in the Senegalese insurance industry, along with industry forecasts until 2017

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

- It outlines the key regulations affecting the insurance industry

Reasons To Buy

- Make strategic business decisions using in depth historic and forecast industry data related to the Senegalese insurance industry and each segment within it

- Understand the demand-side dynamics, key market trends and growth opportunities within the Senegalese insurance industry

- Assess the competitive dynamics in the Senegalese insurance industry

- Identify the growth opportunities and market dynamics within key segments

- Gain insights into key regulations governing the Senegalese insurance industry and its impact on companies and the industry's future

Key Highlights

- Senegal has a small insurance industry.

- Rising awareness of savings among the Senegalese population encouraged them towards life insurance savings products, which supported the insurance industry’s growth during the review period.

- Developments such as the new airport in Diass, and the construction 467 miles of railway to link mines in the south-east of the country to Dakar are expected to support the insurance industry over the forecast period.

- Rising healthcare costs and inadequate public healthcare services supported the growth of private health insurance in Senegal during the review period.

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