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BMI View: The insurance industry in Côte d'Ivoire is experiencing rapid growth, with both the life and
non-life sectors developing quickly from a low base. Tailwinds for growth include a gradual improvement
in household income rates, the development of a broader range of products being made available to
potential consumers and the expansion of distribution channels which in the past have relied heavily upon
brokers and agents. Structural challenges are significant, however, and include the impact of widespread
poverty, limited formal employment and low life expectancy rates, which all serve to dampen demand.
Despite these challenges, life and non-life premiums are forecast to grow steadily over the forecast period,
reflecting wider economic growth, and Côte d'Ivoire is proving an increasingly attractive frontier market,
particularly when considering the lack of ownership restrictions for foreign investors in the insurance
Key Updates And Forecasts
? Côte d'Ivoire is expected to be a regional outperformer over the coming years, with the BMI Country
Risk team forecasting GDP growth of 8.5% in 2016 followed by 7.9% growth in 2017 and stronger
growth thereafter. The country is undertaking widespread reforms to facilitate investment and is
attracting high levels of foreign direct investment which will spur development. It aims to become an
emerging economy by 2020.
? A positive economic outlook is reflected in our forecasts for the country's life insurance segment, where
we are forecasting steady double-digit growth in premiums written between 2016 and 2020. As a result,
life insurance will increase its share of the market, accounting for 51.7% of premiums written by the end
of the forecast period, up from 47.3% in 2016.