The Senegalese insurance sector continues to progress and with the best growth in the CIMA zone, despite the support of the supervisory authority because no significant support from the authority has been noted.

However, the years to come promise very good prospects. Indeed, with the forthcoming exploitation of oil and gas whose gas reserves are estimated at 450 billion cubic meters and 1.500 billion barrels for oil, the Senegalese insurance sector intends to play its part to better take advantage of the opportunities offered and to stimulate a new dynamic of development in the sector.

In this wake, a pool for underwriting and managing oil and gas risks was set up at the end of a Constitutive General Assembly that the Association of Insurance Companies of Senegal (ASS) held on Thursday August 29 in Dakar.

The insurance sector thus continues to consolidate its achievements over the years, especially in its P&C and Life compartments, whose turnover increased by 9% and 7.8% respectively in 2018.

The IARD (Fire, Accidents, Miscellaneous Risks) business area of the insurance sector recorded a turnover of 113.769 billion, up 9% compared to the 2017 financial year.

With regard to life insurance, the turnover reached 61.551 billion FCFA in 2018 against 53.304 billion FCFA in 2017.

The insurance market includes 28 companies, 19 of which specialize in damage insurance and 9 in life insurance.