AISL Executive Summary
Senegal obtient un score AISL ajusté de 54.4/100 (modérément restrictif). Le marché de l'assurance y pesait 504 millions $ en 2024, pour une pénétration de 1.5% du PIB, en croissance de 7.5% sur un an. Une cession obligatoire s'applique aux réassureurs étrangers (SEN-Re + CICA-RE 20% + Africa Re 5%).
Summary written from verified AISL data, not an opinion, a starting point for analysis.
Economy
Capital
Dakar
Population
18.5 M
GDP
$37.1 B
Currency
XOF
Insurance market
Market size
$504 M
Penetration
1.5%
Density / capita
Not documented
Market growth
7.5%
Regulatory framework
Regulatory openness
Moderate RestrictionsCompulsory cession
Yes
SEN-Re + CICA-RE 20% + Africa Re 5%
Active friction mechanisms
1 / 7
Reference year
2024
AISL Score
Base score
57.8
Adjusted score (friction)
54.4
Regulatory access
43/100
Methodology breakdown
AISL recommendation: WATCH / DEVELOP
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Similar markets
Structurally close profiles to Senegal, computed on market size, growth, sector structure, environment and founder judgment.
Market (2024)
Total premiums, 2017–2024
Vie : 35%
$133.7M
Non-vie : 65%
$244.4M
Total : $378.1M
Total premiums
$504.2M
Penetration
1.5%
Density / capita
Not documented
Growth
7.5%
Number of insurers
30
International comparison
This market is -76% versus the OECD average (6.2% of GDP, 2024) and -72% versus the average across all reporting jurisdictions (5.4%, 2024).
Source: OECD, Global Insurance Market Trends 2025. These averages cover jurisdictions reporting to the OECD, not an exhaustive global sample.
Source: Fitch Oct 2024; Atlas 2021
Macroeconomic context (2025)
GDP growth, 2015–2024
GDP
$37.1 B
GDP growth
6.1%
Population
18,501,984
Inflation
0.8%
Currency
XOF
Source: IMF WEO DataMapper API
Regulatory mechanisms
SEN-Re + CICA-RE 20% + Africa Re 5%
Source: AISL Methodology V0.3 (founder-reviewed) + GRF Trade Barriers Table mai 2026
What this market requires at entry
1 active regulatory mechanism on this market, with what each one concretely means for entering Senegal.
"What If" Simulator
Each active friction mechanism removes 3.4 points from this market's score (base score: 57.8, before regulatory friction). Uncheck a mechanism below to simulate its removal and see how many points this market would regain — using the exact AISL scoring formula.
Simulated score
54.4
1 mechanism active (1 × 3.4 = −3.4 pts)
Market players
18 companies, 2024 premiums in USD millions
Market concentration
ConcentratedHHI 85788
Leader: SanlamAllianz Senegal (12.4%) — 18 companies
HHI = Herfindahl-Hirschman Index, a standard market concentration measure (sum of squared shares). <1500 = competitive, 1500-2500 = moderately concentrated, >2500 = concentrated.
Segment Life (5 companies)
| Company | 2024 premiums (M$) | Market share | Change | 2025(estimated) | 2026(estimated) | 2027(estimated) | 2028(estimated) |
|---|---|---|---|---|---|---|---|
| Sonam Vie | 43.0 | 11.1% | +0.0% | 45.1 | 47.3 | 49.6 | 52.0 |
| AMSA Assurances Vie | 37.0 | 9.5% | -0.5% | 25.9 | 18.1 | 12.7 | 8.9 |
| Allianz Senegal Assurances Vie | 24.0 | 6.2% | -0.3% | 16.9 | 12.0 | 8.4 | 6.0 |
| NSIA VIE Senegal | 15.0 | 3.9% | -0.1% | 14.1 | 13.2 | 12.4 | 11.6 |
| La Senegalaise de L'Assurance Vie (SENVIE) | 6.7 | 1.7% | +0.2% | 8.3 | 10.3 | 12.8 | 15.9 |
Segment Non-Life (13 companies)
| Company | 2024 premiums (M$) | Market share | Change | 2025(estimated) | 2026(estimated) | 2027(estimated) | 2028(estimated) |
|---|---|---|---|---|---|---|---|
| SanlamAllianz Senegal | 48.0 | 12.4% | — | 51.6 | 55.5 | 59.6 | 64.1 |
| WAFA ASSURANCE SA | 48.0 | 12.4% | +0.5% | 72.0 | 108.0 | 162.0 | 243.0 |
| Axa Assurances | 45.0 | 11.6% | +0.1% | 50.6 | 57.0 | 64.1 | 72.1 |
| Prevoyance Assurances(PA) | 27.0 | 7.0% | +0.0% | 27.0 | 27.0 | 27.0 | 27.0 |
| ASKIA Assurances | 27.0 | 7.0% | +0.2% | 33.1 | 40.7 | 49.9 | 61.3 |
| Finafrica Assurances Senegal | 17.0 | 4.4% | -0.1% | 15.2 | 13.6 | 12.2 | 10.9 |
| SUNU | 14.0 | 3.6% | +0.3% | 17.8 | 22.7 | 28.9 | 36.7 |
| SONAM ASSURANCES MUTUELLES | 13.0 | 3.4% | +0.0% | 13.0 | 13.0 | 13.0 | 13.0 |
| Assurances La Providence | 7.6 | 2.0% | -0.1% | 6.9 | 6.2 | 5.6 | 5.1 |
| Assurances la Securite Senegalaise | 5.9 | 1.5% | — | 6.3 | 6.8 | 7.3 | 7.9 |
| SONAC SA | 5.6 | 1.4% | +0.0% | 5.7 | 5.8 | 5.9 | 6.0 |
| Compagnie Nationale D'Assurance Agricole du Senegal (CNAAS) | 3.2 | 0.8% | — | 3.4 | 3.7 | 4.0 | 4.3 |
| SONAM Mutuelle | 1.5 | 0.4% | +0.1% | 1.6 | 1.7 | 1.8 | 2.0 |
Market share: official source figure when available, otherwise computed from the companies listed for this segment (not necessarily 100% of the country's total market). The 2025-2028 columns, in italics, are projections: never a blank cell, but the color indicates the reliability of the method used: gray = company-specific growth rate, amber = failing that, the country's market growth, orange = failing that, the country's GDP growth, light red = no growth data available, flat 0% by default.
Active reinsurers
10 reinsurers (national + regional operating in this zone), 2021 revenue in USD millions
| Reinsurer | Scope | Revenue 2021 (M$) | Net income (M$) | Observed growth | 2022(est.) | 2023(est.) | 2024(est.) | 2025(est.) | 2026(est.) | 2027(est.) | 2028(est.) |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Ghana Re - Kenya | Regional | — | — | — | — | — | — | — | — | — | — |
| Zep Re - Zimbabwe | Regional | — | — | — | — | — | — | — | — | — | — |
| Zep Re | Regional | — | — | — | — | — | — | — | — | — | — |
| CICA - Re | Regional | — | — | — | — | — | — | — | — | — | — |
| Waica Re - Kenya | Regional | — | — | — | — | — | — | — | — | — | — |
| WAICA Re - Zimbabwe | Regional | — | — | — | — | — | — | — | — | — | — |
| Zep Re (PTA Reinsurance Co) | Regional | 213.0 | 18.1 | +2.3% | 218.0 | 223.0 | 228.0 | 233.2 | 238.6 | 244.0 | 249.6 |
| CICA-RE | Regional | 176.2 | 13.4 | +11.3% | 196.1 | 218.3 | 243.0 | 270.6 | 301.3 | 335.5 | 373.7 |
| WAICA Re | Regional | 153.3 | 19.9 | +49.5% | 229.5 | 343.3 | 513.5 | 768.1 | 1148.9 | 1719.1 | 2572.0 |
| Sen Re | National | 41.5 | 1.6 | +6.4% | 44.2 | 47.0 | 50.0 | 53.2 | 56.6 | 60.3 | 64.1 |
Source: Atlas Magazine, Reinsurance Yearbook 2023. Last real data available: fiscal year 2021 (left-hand columns). The "2028 revenue (estimated)" column, in italic gray, is a projection based solely on the growth rate observed between 2020 and 2021 (capped between -30% and +50%/year); this is not an observed figure and should be treated with caution, particularly for companies with volatile or negative net income.
Market signals for Senegal
UEMOA : croissance regionale en acceleration, inflation quasi nulle (BCEAO)
La BCEAO estime la croissance de la zone UEMOA a 6,9% au T4 2025 (apres 6,6% au T3), portee par le commerce, les services et l'agriculture. L'inflation regionale ressort a -0,2% en decembre 2025, avec une baisse des prix des carburants au Senegal (-7,1% essence, -7,6% gasoil, a partir du 6 decembre 2025).
See sourceAISL Summary
- AISL positioning: 54/100, "Moderate Restrictions" market.
- Insurance market: $504M (+7.5% year-on-year), fiscal year 2024.
- Main entry barrier: compulsory cession (SEN-Re + CICA-RE 20% + Africa Re 5%).
- Sits 23.5 points above the regional average (15 scored markets).
Regional comparison
Average adjusted score in West Africa : 30.9 (out of 15 scored markets)
Senegal is 23.5 points above the regional average