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

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

Summary

GlobalData’s The Insurance Industry in Benin, Key Trends and Opportunities to 2022, report provides detailed analysis of the market trends, drivers and challenges in the Beninese insurance industry.

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

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

The report brings together GlobalData’s 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.

Inside this report, we look at the top themes, its predictions and identify winners and losers.

The report provides in-depth market analysis, information and insights into the Beninese insurance industry, including -

  • The Beninese insurance industry's growth prospects by segment and category
  • A comprehensive overview of the Beninese economy and demographics
  • Details of the competitive landscape in the Beninese insurance industry
  • The various distribution channels in the Beninese insurance industry
  • Details of regulatory policy applicable to the Beninese insurance industry
  • Analysis of natural hazards in the Beninese insurance industry.
Scope
  • This report provides a comprehensive analysis of the insurance industry in Benin
  • It provides historical values for the Beninese insurance industry for the report’s 2013-2017 review period, and projected figures for the 2017-2022 forecast period.
  • It offers a detailed analysis of the key segments in the Beninese 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 Benin.
  • It profiles the top insurance companies in Benin, 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 Beninese insurance industry and each segment and category within it.
  • Understand the demand-side dynamics, key market trends and growth opportunities in the Beninese insurance industry.
  • Assess the competitive dynamics in the Beninese insurance industry.
  • Identify the growth opportunities and market dynamics in key segments.
  • Gain insights into key regulations governing the Beninese insurance industry and their impact on companies and the industry's future.


1 KEY FACTS AND HIGHLIGHTS
2 EXECUTIVE SUMMARY
3 ECONOMY AND DEMOGRAPHICS
4 INDUSTRY OUTLOOK
4.1 Industry Indicators
4.1.1 Direct written premium
4.1.2 Insurance density
4.1.3 Paid claims
5 LIFE INSURANCE OUTLOOK
5.1 Segment Indicators
5.1.1 Direct written premium
5.1.2 Paid claims
5.1.3 Penetration
5.1.4 Assets and investments
6 GENERAL INSURANCE OUTLOOK
6.1 Segment Indicators
6.1.1 Direct written premium
6.1.2 Paid claims
6.1.3 Penetration
6.1.4 Loss ratio
6.1.5 Assets and investments
6.2 Property Insurance
6.2.1 Direct written premium
6.2.2 Penetration
6.2.3 Profitability
6.3 Motor Insurance
6.3.1 Direct written premium
6.3.2 Penetration
6.3.3 Profitability
6.4 Liability Insurance
6.4.1 Direct written premium
6.4.2 Penetration
6.4.3 Profitability
6.5 Marine, Aviation and Transit Insurance
6.5.1 Direct written premium
6.5.2 Penetration
6.5.3 Profitability
6.6 Personal Accident and Health Insurance
6.6.1 Direct written premium
6.6.2 Penetration
6.6.3 Profitability
6.7 Miscellaneous
6.7.1 Direct written premium
6.7.2 Penetration
6.7.3 Profitability
7 REINSURANCE OUTLOOK
7.1 Reinsurance Accepted
7.2 Premium Ceded
8 DISTRIBUTION CHANNEL OUTLOOK
9 NATURAL AND MAN-MADE HAZARDS
9.1 Flooding
9.2 Harmattan winds
9.3 Droughts
9.4 Epidemics
9.5 Exposure
10 COMPETITIVE LANDSCAPE
10.1 Company Profiles
10.1.1 L'Africaine des Assurances - company overview
10.1.2 Nouvelle Societe Interafricaine d'Assurances - company overview
10.1.3 Sunu Assurances Vie Benin - company overview
10.1.4 La Federale d'Assurances SA - company overview
10.1.5 Saham Assurance vie - company overview
11 GOVERNANCE, RISK AND COMPLIANCE
11.1 Legislation Overview and Historical Evolution
11.2 Latest Changes in Regulation
11.3 Legislation and Market Practice by Type of Insurance
11.3.1 Life insurance
11.3.2 Property insurance
11.3.3 Motor insurance
11.3.4 Liability insurance
11.3.5 Marine, aviation and transit insurance
11.3.6 Personal accident and health insurance
11.4 Compulsory Insurance
11.4.1 Motor third-party liability insurance
11.4.2 Professional indemnity insurance for insurance intermediaries
11.4.3 Workmen’s compensation
11.5 Supervision and Control
11.5.1 International Association of Insurance Supervisors
11.5.2 Commission Regional des Assurances
11.5.3 Direction du Contrôle des Assurances
11.6 Non-Admitted Insurance Regulations
11.6.1 Overview
11.6.2 Intermediaries
11.6.3 Market practices
11.6.4 Fines and Penalties
11.7 Company Registration and Operations
11.7.1 Type of insurance organization
11.7.2 Establishing a local company
11.7.3 Foreign ownership
11.7.4 Types of license
11.7.5 Capital requirements
11.7.6 Solvency margin
11.7.7 Reserve requirements
11.7.8 Investment regulations
11.7.9 Statutory return requirements
11.7.10 Fee structure
11.8 Taxation
11.8.1 Insurance premium or policy taxation
11.8.2 Withholding taxes on premium paid overseas
11.8.3 Corporate tax
11.8.4 VAT
11.8.5 Captives
11.9 Legal System
11.9.1 Introduction
11.9.2 Access to court
11.9.3 Alternative dispute resolution
12 DATABOOK
12.1 Life Insurance
12.1.1 Policies and premium
12.1.2 Claims and expenses
12.1.3 Assets and investments
12.2 General Insurance
12.2.1 Policies and premium
12.2.2 Claims and expenses
12.2.3 Assets and investments
12.2.4 Property insurance
12.2.5 Property insurance by category
12.2.6 Motor insurance
12.2.7 Motor insurance by category
12.2.8 Liability insurance
12.2.9 Marine, aviation and transit insurance
12.2.10 Marine, aviation and transit insurance by category
12.2.11 Personal accident and health insurance
12.2.12 Miscellaneous
13 DEFINITIONS AND METHODOLOGY
13.1 Definitions
13.2 Methodology
14 ABOUT GLOBALDATA
14.1 Contact GlobalData
14.2 About GlobalData
14.3 GlobalData’s Services
14.4 Disclaimer
List of Tables
Table 1: Beninese Insurance Industry - Key Facts,
Table 2: Beninese Insurance Industry - Industry Shares of the Top Insurers,
Table 3: Beninese Insurance Industry - Direct Written Premium (XOF Billion and US$ Million), 2013-
Table 4: Beninese Insurance Industry - Direct Written Premium (XOF Billion and US$ Million), 2017-
Table 5: Beninese Insurance Industry - Density (XOF), 2013-
Table 6: Beninese Insurance Industry - Density (XOF), 2017-
Table 7: Beninese Insurance Industry - Paid Claims (XOF Billion and US$ Million), 2013-
Table 8: Beninese Insurance Industry - Paid Claims (XOF Billion and US$ Million), 2017-
Table 9: Beninese Life Insurance - Direct Written Premium (XOF Billion and US$ Million), 2013-
Table 10: Beninese Life Insurance - Direct Written Premium (XOF Billion and US$ Million), 2017-
Table 11: Beninese Life Insurance - Paid Claims (XOF Billion and US$ Million), 2013-
Table 12: Beninese Life Insurance - Paid Claims (XOF Billion and US$ Million), 2017-
Table 13: Beninese Life Insurance - Total Investment Income (XOF Billion and US$ Million), 2013-
Table 14: Beninese Life Insurance - Total Investment Income (XOF Billion and US$ Million), 2017-
Table 15: Beninese Life Insurance - Investment Portfolio (XOF Billion), 2013-
Table 16: Beninese Life Insurance - Investment Portfolio (XOF Billion), 2017-
Table 17: Beninese General Insurance - Direct Written Premium (XOF Billion and US$ Million), 2013-
Table 18: Beninese General Insurance - Direct Written Premium (XOF Billion and US$ Million), 2017-
Table 19: Beninese General Insurance - Paid Claims (XOF Billion and US$ Million), 2013-
Table 20: Beninese General Insurance - Paid Claims (XOF Billion and US$ Million), 2017-
Table 21: Beninese General Insurance - Total Investment Income (XOF Billion and US$ Million), 2013-
Table 22: Beninese General Insurance - Total Investment Income (XOF Billion and US$ Million), 2017-
Table 23: Beninese General Insurance - Investment Portfolio (XOF Billion), 2013-
Table 24: Beninese General Insurance - Investment Portfolio (XOF Billion), 2017-
Table 25: Beninese Property Insurance - Direct Written Premium (XOF Billion and US$ Million), 2013-
Table 26: Beninese Property Insurance - Direct Written Premium (XOF Billion and US$ Million), 2017-
Table 27: Beninese Property Insurance - Loss Ratio (%), 2013-
Table 28: Beninese Property Insurance - Loss Ratio (%), 2017-
Table 29: Beninese Motor Insurance - Direct Written Premium (XOF Billion and US$ Million), 2013-
Table 30: Beninese Motor Insurance - Direct Written Premium (XOF Billion and US$ Million), 2017-
Table 31: Beninese Motor Insurance - Loss Ratio (%), 2013-
Table 32: Beninese Motor Insurance - Loss Ratio (%), 2017-
Table 33: Beninese Liability Insurance - Direct Written Premium (XOF Billion and US$ Million), 2013-
Table 34: Beninese Liability Insurance - Direct Written Premium (XOF Billion and US$ Million), 2017-
Table 35: Beninese Liability Insurance - Loss Ratio (%), 2013-
Table 36: Beninese Liability Insurance - Loss Ratio (%), 2017-
Table 37: Beninese Marine, Aviation and Transit Insurance - Direct Written Premium (XOF Billion and US$ Million), 2013-
Table 38: Beninese Marine, Aviation and Transit Insurance - Direct Written Premium (XOF Billion and US$ Million), 2017-
Table 39: Beninese Marine, Aviation and Transit Insurance - Loss Ratio (%), 2013-
Table 40: Beninese Marine, Aviation and Transit Insurance - Loss Ratio (%), 2017-
Table 41: Beninese Personal Accident and Health Insurance - Direct Written Premium (XOF Billion and US$ Million), 2013-
Table 42: Beninese Personal Accident and Health Insurance - Direct Written Premium (XOF Billion and US$ Million), 2017-
Table 43: Beninese Personal Accident and Health Insurance - Loss Ratio (%), 2013-
Table 44: Beninese Personal Accident and Health Insurance - Loss Ratio (%), 2017-
Table 45: Beninese Miscellaneous - Direct Written Premium (XOF Billion and US$ Million), 2013-
Table 46: Beninese Miscellaneous - Direct Written Premium (XOF Billion and US$ Million), 2017-
Table 47: Beninese Miscellaneous - Loss Ratio (%), 2013-
Table 48: Beninese Miscellaneous - Loss Ratio (%), 2017-
Table 49: Beninese Reinsurance - Premium Accepted (XOF Million) by Reinsurance Type, 2013-
Table 50: Beninese Reinsurance - Premium Accepted (XOF Million) by Reinsurance Type, 2017-
Table 51: Beninese Reinsurance - Premium Ceded by Insurance Segment (XOF Billion), 2013-
Table 52: Beninese Reinsurance - Premium Ceded by Insurance Segment (XOF Billion), 2017-
Table 53: Beninese Insurance Industry - Market Share of Leading Insurers (%),
Table 54: Beninese Life Insurance Segment - Market Share of Leading Insurers (%),
Table 55: Beninese General Insurance Segment - Market Share of Leading Insurers (%),
Table 56: L'Africaine des Assurances - Key Facts
Table 57: Nouvelle Societe Interafricaine d'Assurances - Key Facts
Table 58: Sunu Assurances Vie Benin - Key Facts
Table 59: La Federale d'Assurances S.A. - Key Facts
Table 60: Saham Assurance vie - Key Facts
Table 61: Benin - Insurance Regulatory Framework Key Features
Table 62: Benin - Intermediary Remuneration Rates
Table 63: Benin - Life Insurance Regulatory Framework
Table 64: Benin - Property Insurance Regulatory Framework
Table 65: Benin- Motor Insurance Regulatory Framework
Table 66: Benin - Liability Insurance Regulatory Framework
Table 67: Benin - Insurance Premium Tax Rates
Table 68: Benin - Corporate Tax Rates for the Financial Year
Table 69: Beninese Life Insurance - Policies and Premium, 2013-
Table 70: Beninese Life Insurance - Policies and Premium, 2017-
Table 71: Beninese Life Insurance - Claims and Expenses, 2013-
Table 72: Beninese Life Insurance - Claims and Expenses, 2017-
Table 73: Beninese Life Insurance - Assets and Investments, 2013-
Table 74: Beninese Life Insurance - Assets and Investments, 2017-
Table 75: Beninese General Insurance - Policies and Premium, 2013-
Table 76: Beninese General Insurance - Policies and Premium, 2017-
Table 77: Beninese General Insurance - Claims and Expenses, 2013-
Table 78: Beninese General Insurance - Claims and Expenses, 2017-
Table 79: Beninese General Insurance - Assets and Investments, 2013-
Table 80: Beninese General Insurance - Assets and Investments, 2017-
Table 81: Beninese General Insurance - Property Insurance, 2013-
Table 82: Beninese General Insurance - Property Insurance, 2017-
Table 83: Beninese General Insurance - Property Insurance by Category, 2013-
Table 84: Beninese General Insurance - Property Insurance by Category, 2017-
Table 85: Beninese General Insurance - Motor Insurance, 2013-
Table 86: Beninese General Insurance - Motor Insurance, 2017-
Table 87: Beninese General Insurance - Motor Insurance by Category, 2013-
Table 88: Beninese General Insurance - Motor Insurance by Category, 2017-
Table 89: Beninese General Insurance - Liability Insurance, 2013-
Table 90: Beninese General Insurance - Liability Insurance, 2017-
Table 91: Beninese General Insurance - Marine, Aviation and Transit Insurance, 2013-
Table 92: Beninese General Insurance - Marine, Aviation and Transit Insurance, 2017-
Table 93: Beninese General Insurance - Marine Aviation and Transit Insurance by Category, 2013-
Table 94: Beninese General Insurance - Marine Aviation and Transit Insurance by Category, 2017-
Table 95: Beninese General Insurance - Personal Accident and Health Insurance, 2013-
Table 96: Beninese General Insurance - Personal Accident and Health Insurance, 2017-
Table 97: Beninese General Insurance - Miscellaneous, 2013-
Table 98: Beninese General Insurance - Miscellaneous, 2017-
Table 99: Insurance Industry Definitions
List of Figures
Figure 1: Beninese Real GDP (XOF Trillion), 2013-
Figure 2: Beninese Exchange Rate (XOF per US$), 2013-
Figure 3: Beninese Consumer Price Inflation (%), 2013-
Figure 4: Beninese Current Account Balance as Percentage of GDP (%), 2013-
Figure 5: Beninese Unemployment Rate, 2013-
Figure 6: Beninese Population by Age Group, 2013-
Figure 7: Beninese Insurance Industry - Direct Written Premium (XOF Billion), 2013-
Figure 8: Beninese Insurance Industry - Density (XOF), 2013-
Figure 9: Beninese Insurance Industry - Paid Claims (XOF Billion), 2013-
Figure 10: Beninese Life Insurance - Direct Written Premium (XOF Billion), 2013-
Figure 11: Beninese Life Insurance - Paid Claims (XOF Billion), 2013-
Figure 12: Beninese Life Insurance - Penetration (%), 2013-
Figure 13: Beninese Life Insurance - Penetration (%), 2017-
Figure 14: Beninese Life Insurance - Total Investment Income (XOF Billion), 2013-
Figure 15: Beninese Life Insurance - Investment Portfolio (XOF Billion), 2013-
Figure 16: Beninese Life Insurance - Investment Portfolio Dynamics (XOF Billion), 2013-
Figure 17: Beninese General Insurance - Direct Written Premium (XOF Billion), 2013-
Figure 18: Beninese General Insurance - Paid Claims (XOF Billion), 2013-
Figure 19: Beninese General Insurance - Penetration (%), 2013-
Figure 20: Beninese General Insurance - Penetration (%), 2017-
Figure 21: Beninese General Insurance - Loss Ratio (%), 2013-
Figure 22: Beninese General Insurance - Loss Ratio (%), 2017-
Figure 23: Beninese General Insurance - Total Investment Income (XOF Billion), 2013-
Figure 24: Beninese General Insurance - Investment Portfolio (XOF Billion), 2013-
Figure 25: Beninese General Insurance - Investment Portfolio Dynamics (XOF Billion), 2013-
Figure 26: Beninese Property Insurance - Direct Written Premium (XOF Billion), 2013-
Figure 27: Beninese Property Insurance - Penetration (%), 2013-
Figure 28: Beninese Property Insurance - Penetration (%), 2017-
Figure 29: Beninese Property Insurance - Earned Premium, Incurred Loss and Loss Ratio (XOF Billion and %), 2013-
Figure 30: Beninese Motor Insurance - Direct Written Premium (XOF Billion), 2013-
Figure 31: Beninese Motor Insurance - Penetration (%), 2013-
Figure 32: Beninese Motor Insurance - Penetration (%), 2017-
Figure 33: Beninese Motor Insurance - Earned Premium, Incurred Loss and Loss Ratio (XOF Billion and %), 2013-
Figure 34: Beninese Liability Insurance - Direct Written Premium (XOF Billion), 2013-
Figure 35: Beninese Liability Insurance - Penetration (%), 2013-
Figure 36: Beninese Liability Insurance - Penetration (%), 2017-
Figure 37: Beninese Liability Insurance - Earned Premium, Incurred Loss and Loss Ratio (XOF Billion and %), 2013-
Figure 38: Beninese Marine, Aviation and Transit Insurance - Direct Written Premium (XOF Billion), 2013-
Figure 39: Beninese Marine, Aviation and Transit Insurance - Penetration (%), 2013-
Figure 40: Beninese Marine, Aviation and Transit Insurance - Penetration (%), 2017-
Figure 41: Beninese Marine, Aviation and Transit Insurance - Earned Premium, Incurred Loss and Loss Ratio (XOF Billion and %), 2013-
Figure 42: Beninese Personal Accident and Health Insurance - Direct Written Premium (XOF Billion), 2013-
Figure 43: Beninese Personal Accident and Health Insurance - Penetration (%), 2013-
Figure 44: Beninese Personal Accident and Health Insurance - Penetration (%), 2017-
Figure 45: Beninese Personal Accident and Health Insurance - Earned Premium, Incurred Loss and Loss Ratio (XOF Billion and %), 2013-
Figure 46: Beninese Miscellaneous - Direct Written Premium (XOF Billion), 2013-
Figure 47: Beninese Miscellaneous - Penetration (%), 2013-
Figure 48: Beninese Miscellaneous - Penetration (%), 2017-
Figure 49: Beninese Miscellaneous - Earned Premium, Incurred Loss and Loss Ratio (XOF Billion and %), 2013-
Figure 50: Beninese Reinsurance - Premium Accepted (XOF Million) by Reinsurance Type, 2013-
Figure 51: Beninese Reinsurance - Premium Ceded by Insurance Segment (XOF Billion), 2013-
Figure 52: Beninese General Insurance - Percentage of Reinsurance Ceded (%), 2013-
Figure 53: Beninese Insurance Industry - Market Share of Leading Insurers (%),
Figure 54: Beninese Life Insurance Segment - Market Share of Leading Insurers (%),
Figure 55: Beninese General Insurance Segment - Market Share of Leading Insurers (%),
Figure 56: Benin - Insurance Supervision and Control at Various Levels
Figure 57: Benin - Insurance Regulatory Frameworks for Company Registration and Operation

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