The insurance activity in Côte d'Ivoire is primarily regulated by:
- the Insurance Code of the member states of the Inter-African Conference on Insurance Markets (CIMA);
- Law No. 62-232 of June 29, 1962, regulating insurance organizations of all kinds and capitalization, and aimed at organizing the insurance profession.
The insurance market is regulated by the Regional Insurance Control Commission (CRCA) at the CIMA level.
At the national level, the Directorate of Insurance (Public Treasury) is responsible for monitoring the market, studying the licensing applications of companies, and managing activities related to the insurance sector.
The market includes:
- insurance companies, which, following the principle of specialization, are divided between life insurance companies and non-life insurance companies (Fire, Accident, and Miscellaneous Risks (IARD)). The number of insurance companies is relatively stable, with 35 companies in 2023, including 12 specialized in the life branch and 23 in the non-life branch;
- reinsurance companies, which insure insurance companies, are present in the market and number 12;
- insurance intermediaries are subdivided into brokers, general agents, mandated agents, and agents of banks and financial institutions. At the end of the 2023 fiscal year, the sector counts 293 brokerage firms and 2,309 general agents, mandated agents, and other agents;
- specific insurance organizations (05) namely: the Automobile Guarantee Fund (FGA); the co-insurance pool for civil liability of motor vehicles in the field of public passenger transport (Pool TPV); the brown card, a system for managing cross-border claims in ECOWAS; the Professional Training Center for Insurance (CPFA); and the Insurance Mediation; and
- professional associations (03) which are the Association of Insurance Companies of Côte d'Ivoire (ASA-CI); the National Association of Insurance and Reinsurance Brokers of Côte d'Ivoire (ANCARCI); and the Federation of National African Law Insurance Companies (FANAF).
Evolution of Life and Non-life Insurance Companies
BRANCHES | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
Non-life (IARD) | 18 | 18 | 17 | 19 | 19 | 21 | 21 | 20 | 20 | 22 | 23 |
Life | 11 | 11 | 10 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 |
Total | 29 | 29 | 27 | 31 | 31 | 33 | 33 | 32 | 32 | 34 | 35 |
Source: BCEAO, National Credit Council (CNC) report