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Côte d’Ivoire: the insurance market facing inflation

Businesses act to limit inflationary pressures, which create a fall in household income, which generally leads to a fall in demand.

The Russian-Ukrainian crisis has caused inflation that could affect the profitability of the insurance sector and push up the cost of claims, including in insurance for real estate and cars, according to Apanews.

To be resilient to this situation, the company Prudential Life Insurance wants to expand its web in Côte d’Ivoire. With this in mind, it proceeded on Friday, November 25, 2022, to the inauguration of a new agency in the Garahio district of Gagnoa in the western part of the country.

Inflation risks can weigh on insurance companies. The company, which wants to be aware of its profitability, according to its general manager Sébastien N’gameni, has installed this agency in “a social and human vision” and an offer to the populations to fully enjoy the best of life.

This, he will say, requires innovation and digitization of products and services, without leaving out a good popularization of insurance. Through this deployment of agencies, the company wants to raise the insurance penetration rate in Côte d’Ivoire and become one of the leaders in the field in the area.

For the director of business development, Silue Mamery, the quality of the services ensures a better positioning for the company, which shows an increasing progress, that is, 19% in 2021 against 21% in 2022.

“While the Ivorian market is based on savings, we are more focused on insurance. With this choice, we want to offer better customer coverage,” says Silué Mamery. The company has nine agencies, including three in Abidjan, and plans to open three more in Bondoukou, Man and Korhogo.

It also has 13 branches which enable it to be relays for its activity throughout the territory. Mrs. Fatimata Coulibaly, representative of the mayor of Gagnoa, welcomed these efforts aimed at education, retirement and funerals.

Today, the health risks of Covid-19, cybercrime and the geopolitical ones are testing the financial models of insurance companies, weakened by relatively low interest rates and weak growth in countries around the world.

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