PRESENTATION OF THE SENEGALESE INSURANCES MARKET

MINISTRY OF ECONOMY AND FINANCE

NATIONAL DIRECTORATE OF INSURANCE

The Department of Insurance ensures the control and the supervision of the insurance sector in Senegal under CIMA checking . It is composed of high level control commissioners; doing a remarkable work in compliance with the insurance basis.

SENEGALESE INSURANCES MARKET

COMPOSITION OF SENEGALESE INSURANCES MARKET

The Senegalese market of insurances is composed of nine (19) insurance companies, 14 IARD and 05 LIFE.

Besides, it’s worth mentioning the existence of specialized companies.

• The National Credit Insurance Corporation –SONAC-

• The National Agricultural Insurance Company –CNASS-

There are also two professional reinsurance companies that are:

• SEN RE company Ltd

• BEST RE.

SEN RE company is designed as an instrument of economic policy of the Senegalese government and it integrates perfectly the insurances market regulatory in Senegal.

En outre, 42 courtiers d’assurance assurent la distribution de l’assurance au Sénégal.

THE FEDERATION OF SENEGALESE INSURANCES COMPANIES-FSSA-

The FSSA The FSSA is a professional organization bringing together all the market players involved in safeguarding the interests of the insurance business. Any company licensed to market is an ex officio member.

MARKET STRUCTURE

• Le POOL TPV

• The Center for Development and Insurance Training- CPFA

• The Motor Guarantee Fund – FGA

• The New Road Safety in Sengal. NPRS

• Le Bureau National de la Carte Brune CEDEAO

• The Pool Coinsurance Maritime Faculties

In a decade The Senegalese market has undergone a remarkable progress following the passage of CIMA with the key the withdrawal of some approvals. From the year 2001 to the year 2010 the market turnover moved from 41 BILLIONS to 81 BILLIONS. This development was punctuated by very satisfactory results in the whole. Insurances obtained positive technical results clearly reinforced by substantial financial one.