Insurers generated CFA60 billion of revenues in 2019

Finance

Thursday, 05 November 2020 17:14

Insurers generated CFA60 billion of revenues in 2019

(Togo First) - In the past four years, the Togolese insurance market recorded a 25% increase in generated revenues. From CFA48 billion in 2015, they rose to CFA60 billion (after standing at CFA58 billion two years before).

Considering that very few people are insured in Togo (20%-30% of the population according to the national insurance office), there is still much room for improvement in the sector.

The Togolese insurance market is dominated by foreign companies. Indeed, out of 12 firms operating in the industry, only four are Togolese. The latter include GTA Assurance-Vie, GTA C2A - IARDT (recently acquired by Banque Centrale Populaire, a Moroccan conglomerate), Fidelia Assurance, and La Citoyenne Vie.

In the life insurance segment, GTA has the biggest turnover (CFA11.7 billion) and thus comes ahead of Senegalese Sunu Vie (CFA7.4 billion), and Ivorian NSIA Vie (CFA3.5 billion).

In the non-life segment, the Moroccan group Saham has the largest share of the market (with a turnover of CFA10.5 billion in 2019). It is followed by GTA IARDT (6.7 billion), and Sunu (6.3 billion).

Séna Akoda

REFORMS OVERVIEW

STARTING A BUSINESS (more info)

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ENFORCING CONTRACTS (more info)

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CONTRACT EXECUTION (more info)

Creation of special chambers of commerce for small debts • Creation of chambers of commerce at the Court of Appeal • Civil and commercial cases now handled by distinct clerks • Establishment of commercial courts in Lomé and Kara • Lawyers and bailiffs now have access to the FORSETI COMMERCIAL platform • A maximum period of 100 days was fixed to settle a commercial dispute .

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In comparison to previous years, Togo has significantly improved its ranking on the “Trading across borders” index by adopting multiple reforms that focus mainly on the digitalization and reduction in delays, for import and export procedures related to import and export.

CONSTRUCTION PERMIT (more info)

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PAYING TAXES AND DUTIES (more info)

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