Insurers generated CFA60 billion of revenues in 2019

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

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