Published at Tuesday, September 19, 2023 1:46 PM on the WODI organization's page
Statistics on the Health Insurance Market and Business Opportunities
According to data from the Insurance and Social Welfare Regulation Authority (ARAPS) of Senegal for 2020, the total turnover of health insurance in the country was approximately 7 billion CFA Francs (around 12.5 million US Dollars) for approximately 10% of the covered population.
Extrapolating, the total market size in Senegal would be around 125 million US Dollars.
As for the "West Africa" market: According to data from the Federation of African National Insurance Companies (FANAF) for 2020, the total turnover of health insurance in the countries of the West African Economic and Monetary Union (WAEMU) was approximately 119 billion CFA Francs (around 215 million US Dollars) for approximately 5% of the covered population.
Extrapolating, this leads to a figure of 4 billion US Dollars.
If we expand to the entire African market, according to a 2019 report from the African Development Bank (AfDB), the insurance market in Africa experienced an annual growth rate of 5.3% between 2013 and 2017, with a total size of 68 billion dollars in 2017. However, health insurance represents only a small part of this overall insurance market in Africa, with a coverage rate of less than 10%.