Ivorian Insurance Market Sees 15.1% Turnover Growth In 2023

The latest figures for the Ivorian insurance market in 2023, as reported by Côte d'Ivoire's Association of Insurance Companies (ASACI), show promising growth. The market's turnover reached 600 billion FCFA (equivalent to 1 billion USD), marking a substantial 15.1% increase from the previous year. Non-life insurance continues to drive the market, with 349 billion FCFA (approximately 587.2 million USD) in written premiums, constituting 58.3% of the overall 2023 portfolio. Notably, motor insurance experienced significant growth, with a 26.4% increase in turnover, reaching 110 billion FCFA (or 185.1 million USD). This growth can be attributed to the push towards digitization of the motor insurance certificate.

Life underwritings also contributed significantly, amounting to 250 billion FCFA (approximately 420.6 million USD), representing a market share of 41.7%. Furthermore, benefits paid by Ivorian insurers at the end of 2023 totaled 294 billion FCFA (equivalent to 494.7 million USD), showing an increase from 2022 figures.

These provisional figures indicate a positive trajectory for the Ivorian insurance market, reflecting the evolving landscape and increasing consumer participation in the non-life and life insurance sectors. Discover the latest provisional figures from 2023 showcasing the Ivorian insurance market's growth, dominated by non-life insurance with a significant increase in motor insurance turnover. Find out more about the market's performance and trends.

SOURCE: Atlas-mag.net