AISL Executive Summary
Togo obtient un score AISL ajusté de 26.8/100 (hautement restrictif). En 2024, le marché assurantiel local représentait 155 millions $ (1.5% de pénétration du PIB). Une cession obligatoire s'applique aux réassureurs étrangers (CICA-RE 20% + Africa Re 5% (base CIMA)).
Summary written from verified AISL data, not an opinion, a starting point for analysis.
Economy
Capital
Lomé
Population
Not documented
GDP
$10.6 B
Currency
XOF
Insurance market
Market size
$155 M
Penetration
1.5%
Density / capita
Not documented
Growth (GDP proxy)
Not documented
Regulatory framework
Regulatory openness
Highly RestrictiveCompulsory cession
Yes
CICA-RE 20% + Africa Re 5% (base CIMA)
Active friction mechanisms
1 / 7
Reference year
2024
AISL Score
Base score
30.2
Adjusted score (friction)
26.8
Regulatory access
86/100
Methodology breakdown
AISL recommendation: WAIT / DATA REVIEW (V2 provisoire)
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Similar markets
Structurally close profiles to Togo, computed on market size, growth, sector structure, environment and founder judgment.
Market (2024)
Vie : 49%
$75.3M
Non-vie : 51%
$79.8M
Total : $155.1M
Total premiums
$155.1M
Penetration
1.5%
Density / capita
Not documented
Growth
—
Number of insurers
—
International comparison
This market is -76% versus the OECD average (6.2% of GDP, 2024) and -73% 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: Atlas Magazine - African Insurance Market 2024
Macroeconomic context (2024)
GDP
$10.6 B
GDP growth
—
Population
—
Inflation
—
Currency
XOF
Source: IMF WEO DataMapper API
Regulatory mechanisms
CICA-RE 20% + Africa Re 5% (base CIMA)
Source: AISL Score V2 + GRF + Atlas Magazine + Wikipedia (partiel)
What this market requires at entry
1 active regulatory mechanism on this market, with what each one concretely means for entering Togo.
"What If" Simulator
Each active friction mechanism removes 3.4 points from this market's score (base score: 30.2, before regulatory friction). Uncheck a mechanism below to simulate its removal and see how many points this market would regain — using the exact AISL scoring formula.
Simulated score
26.8
1 mechanism active (1 × 3.4 = −3.4 pts)
Market players
11 companies, 2024 premiums in USD millions
Market concentration
ConcentratedHHI 117906
Leader: SAHAM Assurance (17.0%) — 11 companies
HHI = Herfindahl-Hirschman Index, a standard market concentration measure (sum of squared shares). <1500 = competitive, 1500-2500 = moderately concentrated, >2500 = concentrated.
Segment Life (5 companies)
| Company | 2024 premiums (M$) | Market share | Change | 2025(estimated) | 2026(estimated) | 2027(estimated) | 2028(estimated) |
|---|---|---|---|---|---|---|---|
| Sunu Assurances Vie Togo | 24.0 | 15.1% | -0.0% | 23.0 | 22.1 | 21.2 | 20.4 |
| Groupement Togolais D'Assurances Vie | 23.0 | 14.5% | +0.0% | 24.0 | 25.1 | 26.3 | 27.5 |
| NSIA Vie Togo | 15.0 | 9.4% | +0.5% | 22.5 | 33.8 | 50.6 | 75.9 |
| Beneficial Life | 9.4 | 5.9% | — | 9.4 | 9.4 | 9.4 | 9.4 |
| La Citoyenne Vie | 1.3 | 0.8% | +0.1% | 1.4 | 1.5 | 1.7 | 1.8 |
Segment Non-Life (6 companies)
| Company | 2024 premiums (M$) | Market share | Change | 2025(estimated) | 2026(estimated) | 2027(estimated) | 2028(estimated) |
|---|---|---|---|---|---|---|---|
| SAHAM Assurance | 27.0 | 17.0% | — | 27.0 | 27.0 | 27.0 | 27.0 |
| Nouvelle Societe Interafricaine D'Assurances | 18.0 | 11.3% | +0.3% | 23.1 | 29.8 | 38.3 | 49.2 |
| Groupement Togolais D'Assurances | 16.0 | 10.1% | +0.1% | 17.1 | 18.2 | 19.4 | 20.7 |
| Sunu Assurances IARD - TOGO | 13.0 | 8.2% | -0.1% | 11.3 | 9.8 | 8.5 | 7.3 |
| Fidelia Assurances | 6.5 | 4.1% | +0.3% | 8.1 | 10.2 | 12.7 | 15.9 |
| CIF | 5.5 | 3.5% | — | 5.5 | 5.5 | 5.5 | 5.5 |
Market share: official source figure when available, otherwise computed from the companies listed for this segment (not necessarily 100% of the country's total market). The 2025-2028 columns, in italics, are projections: never a blank cell, but the color indicates the reliability of the method used: gray = company-specific growth rate, amber = failing that, the country's market growth, orange = failing that, the country's GDP growth, light red = no growth data available, flat 0% by default.
Active reinsurers
9 reinsurers (national + regional operating in this zone), 2021 revenue in USD millions
| Reinsurer | Scope | Revenue 2021 (M$) | 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 |
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.
AISL Summary
- AISL positioning: 27/100, "Highly Restrictive" market.
- Insurance market: $155M, fiscal year 2024.
- Main entry barrier: compulsory cession (CICA-RE 20% + Africa Re 5% (base CIMA)).
- Sits 6.0 points below the regional average (15 scored markets).
Regional comparison
Average adjusted score in West Africa : 32.8 (out of 15 scored markets)
Togo is 6.0 points below the regional average