The Senegalese insurance sector generated a turnover of 311.2 billion FCFA in 2025. This represents an average annual increase of 7.7% compared to 2024, El Hadji Amar Kébé, President of the Senegalese Federation of Insurance Companies (FSSA), told the press on Monday.

Property and casualty insurance (P&C), a pillar of the market, contributed 187.5 billion FCFA, while life insurance, which shows a stronger growth dynamic, generated 123.7 billion FCFA.

The sector paid out 133 billion FCFA to its policyholders in 2024 and injected 649.7 billion FCFA into the national economy, including 165.3 billion FCFA in government bonds and securities. Regarding taxation, 27.9 billion FCFA was paid in taxes and duties in 2024.

However, the penetration rate of the Senegalese insurance market is still at 1.43%, while the African average is 3%. To explain this situation, the President of the Senegalese Federation of Insurance Companies (FSSA) cited several factors.

First, there are social reasons: "Because insurance develops when there is no solidarity. And in our African societies, traditionally, there is solidarity, which means that the need for security is not felt so much," he says.

Then, the second reason, he said, is more economic. Because on Maslow's hierarchy of needs, "the satisfaction of basic needs takes precedence before considering insurance," Mr. Kébé explained. Therefore, growth is much more pronounced in sectors where insurance is mandatory.

Despite all these challenges, "the market has demonstrated resilience, not only achieving this surge but also, for the first time, surpassing the 300 billion FCFA mark," notes the President of the FSSA. These figures place Senegal second in the rankings of the African Conference of Insurance Markets (CIMA).

"This also shows, to some extent, the potential we have, by managing to achieve such interesting results in terms of sales figures, despite the economic context," adds Mr. Kébé.