In 2023, the Ivorian insurance market achieved a turnover of nearly 600 billion CFA francs, an increase of 15.1%. This performance is mainly attributable to the Non-Life branch, which stands out with a turnover of more than 349 billion CFA francs, recording remarkable growth of 17.3% compared to the previous year.
The Non-Life branch is mainly supported by a top 3 products, namely automobile insurance, health insurance and fire & other property damage insurance, which account for a proportion of 78.5% of turnover. of this branch.
The digitalization of automobile insurance certificates, initiated in 2022, had a significant impact on subscriptions, boosting the turnover of automobile insurance reaching more than 110 billion CFA francs in 2023 compared to 87 billion F CFA in 2022 and 78 billion F CFA in 2021.
Regarding the Life branch, the market recorded a turnover of 250 billion CFA francs, an increase of 12.1% compared to the previous year, mainly driven by savings contracts, mixed contracts, and death insurance contracts.
These top 3 account for more than 87.7% of turnover, a dynamic maintained over the last 5 years.
Furthermore, the sector records paid services totaling 294 billion CFA francs, marking an increase of 10.8% compared to 265 billion CFA francs the previous year.
At the level of the Non-Life branch, the services paid reached 147 billion FCFA, recording growth of 14.4%.
This expansion is attributed to rigorous monitoring of the periodic order for the settlement of inter-company appeals, favoring the settlement of pending claims and to the impact of inflation on the cost of vehicle spare parts.
As for the Life branch, the services paid recorded growth of 7.4%, bringing the total to 147 billion CFA francs in 2023, compared to 137 billion CFA francs in 2022.
This increase mainly results from the transfer of escheated funds prescribed to the Caisse des Dépôts et Consignations de Côte d’Ivoire (CDC-CI), the payment of overdue capital, early retirement, and redemptions on insurance contracts. ‘saving.
In conclusion, these provisional figures suggest a promising future for insurance in Côte d’Ivoire, a market which consolidates its leadership in the CIMA zone.
2024-01-26 15:57:02
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