Publication of benin insurance figures
The insurance market in Benin recorded in 2016 a turnover of 50.3 billion FCFA, an increase of 7.7% compared to 2015. This is what the document '' Market Figures reveals Insurance '' (CMA) produced by the Directorate General of Economic Affairs (Dgae). The insurance sector in Benin continues its evolutionary growth over the years. As proof, the market experienced in 2016 a turnover of 50.3 billion FCFA, an increase of 7.7% compared to the fiscal year 2015. This figure is achieved by all fourteen companies of '' insurance that enliven the market in the proportion of 65% for '' damage '' insurance and 35% for '' Life and capitalization '' insurance.
The Life and Capitalization branch recorded a significant increase of 24.6% thanks to the dynamism of the said companies and the consolidation of the data of the new company approved in this branch while the '' damage '' insurance only increased by 0.5% in 2016. The document '' Insurance Market Figures '' (CMA) published by the Directorate General of Economic Affairs (Dgae), emphasizes that in terms of contribution to the national economy, management Insurance activity in Benin in 2016 posted a penetration rate of 0.90%, down from the 2015 index of 0.93%. The resulting premium density stands at 4,692 francs per inhabitant compared to 4,507 francs per inhabitant a year earlier, an increase of 4.1%. The total cash flow made available by insurance companies through the resources injected into the national economy in the form of wages, taxes, claims and other accrued capital, as well as bank deposits to 64.0 billion for the year under review, compared to 63.97 billion in 2015. It represents 1.14% of GDP in 2016 against 1.28% in 2015. In 2016, the figures for the first fiscal year of CIF Vie, approved to practice micro life insurance operations in Benin, were taken into account. Also, the year was marked by the merger by absorption of the company A vie assurance by SUNU Assurance Vie. This explains the spectacular progress recorded in 2016 on SUNU Life Insurance data. The number of insurance companies operating on the market in 2016 thus remained at fourteen.