Togo: Health-accident and car insurances contributed about 70% of monies paid to insured individuals

Finance
Thursday, 24 May 2018 16:48
Togo: Health-accident and car insurances contributed about 70% of monies paid to insured individuals

In Togo, 70% of monies paid to users subscribed to insurance policies, yearly, come from health-accident insurances and car insurances.

Car insurances provide 33% of this value while 36.6% fall under health and accident insurances.

Meanwhile, penetration rate of insurance in the country is quite low, contributing less than 1.5% of GDP. According to the cabinet director of Togolese ministry of finances, Kossi Tofio, who revealed the information, monies paid by insured individuals under their subscribed policies are also very little.

Actually, this trend is not specific to Togo only but is recorded in most member States of the Inter-African Conference of The Insurance Markets (CIMA).  

Quite a paradox considering that this market is disputed by 13 firms, including six life insurers, and seven non-life insurers. In 2016, the market helped collect CFA53 billion of insurance premiums.

Séna Akoda

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