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Ivorian Insurance Sector Records Average Growth of 9% and Turnover of FCfa 527 Billion in 2022

The Ivorian insurance market has recorded an average growth of 9% over the past five years. In addition, the sector’s turnover amounted to FCfa 527 billion in 2022, up 14% compared to the amount of FCfa 464 billion recorded in 2021.

In addition, the services paid amounted to 258 billion FCfa for the year 2022, against 241 billion FCfa in 2021. An increase of 7%.

These figures were delivered on July 10 by the Minister of Economy and Finance, Adama Coulibaly. It was during a medal ceremony for personalities in the insurance sector, organized at the Pullman hotel in Plateau, by the Association of Insurance Companies of Côte d’Ivoire (Asaci).

It was in the presence of the Minister of Health, Public Hygiene and Universal Health Coverage, Pierre Dimba.

For the Minister of Economy and Finance, these performances are to be credited to market players who, through their hard work, resolutely support the growth of the national economy. “I want to encourage you to maintain this healthy competition,” he said.

However, he noted, these good results contrast, with the penetration rate of 1.7% over the same period which is still low.

Added to this is the recurring issue of the diligent settlement of claims, whose statistics, despite the 7% increase that I have just mentioned, are still below our expectations.

“As such, dear members of Asaci, your very appreciable performance should not make you overshadow the efforts to be made in increasing the penetration rate and accelerating the rate of claims settlements. It is about building trust with the people and the harmonious development of the insurance sector,” he said.

Regarding the award ceremony, Adama Coulibaly expressed his satisfaction to the various recipients and sent them, on behalf of the Head of State and the Grand Chancellor of the National Order, his warm congratulations for their performances which earned them to be honored by the State of Côte d’Ivoire.

“The distinctions that have been awarded to you embody much more than a simple honorary recognition. They are the symbol of gratitude for the fruits of your labor put at the service of your sector of activity and therefore of your country. You can be proud of your respective professional paths which must be real sources of inspiration and motivation for your peers.”

He also appealed to all members of Asaci to follow in the footsteps of the recipients of the day, constantly aiming for excellence, in order to continue to write the most beautiful pages of insurance in Côte d’Ivoire.

On behalf of the recipients, Saliou Bakayoko, former president of Asaci, expressed his gratitude to the President of the Republic and to the Grand Chancellery for this distinction.

“The hardest part begins. Indeed, the choice of the Republic to distinguish us among so many others, now positions us as models and references of our professional environment and our social environment in general. And we have the obligation to perpetuate these models and references to remain worthy of the confidence of the Republic and in particular of our minister”, he hammered.

For his part, Mamadou Koné, president of Asaci, indicated that through these various distinctions, the whole corporation is honored.

He further pointed out that the insurance industry in Cote d’Ivoire is growing. Which growth is tied to that of the national economy.

2023-07-14 01:09:09
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