The insurance market in Senegal saw significant growth with a turnover reaching FCFA290bn ($504m) in 2024, revealed Mr Papa Amadou Diagne, executive secretary of the Financial Services Quality Observatory (OQSF).
"The Senegalese insurance market has continued its growth momentum in its turnover, which rose from FCA249bn in 2022 to FCFA274bn in 2023, then to FCFA290bn in 2024," reported Senegalese Press Agency, quoting Mr Diagne.
This growth in the past three years has pushed Senegal from the fourth position to among the top three in terms of revenue among members of the West African Economic and Monetary Union (WAEMU), reported the news site seneweb.com.
However, the country’s insurance penetration rate remains low, at around 1.46% in 2023 compared to the African average of 3% and the global average of 8%,
Mr Diagne said that to increase insurance business, there is still much to be done. He added, “Fortunately, the country's authorities attach great importance to this sector, as it plays a key role in capitalisation and savings. Insurance companies must also make efforts regarding claims management."
Mr Momar Diop, president of the OQSF Advisory Council, called for improvements to the quality of products and services as well as better communication with policyholders.