To consecrate the vision of “a sovereign, fair and prosperous Senegal”, the government works on the development of a law on economic and social sovereignty.By Dialigué Faye –
In an unfavorable international context marked by multiple exogenous shocks, Senegal is obliged to seek more its local resources to finance its development projects. According to the Director General of the Financial Sector at the Ministry of Finance and Budget, “this objective of economic and social sovereignty is today the pillar of the new repository of our Senegal 2050 public policies”. In this sense, announces Bamba Kâ, “the government is working on the development of a law on economic and social sovereignty to consecrate the vision of a sovereign, fair and prosperous Senegal. Through this new repository, the fundamental objective that is targeted is the mobilization of long savings, knowing that we are in a country where the savings deficit in relation to the funding needs is extremely high and evaluated around 10% of GDP/year. What is enormous, in a context marked by shocks and an increase in guiding rates of the various central banks ”.
Mr. Kâ chaired the 1st edition of the Life Insurance Fair organized by the Senegalese Federation of Insurance Companies (FSSA), placed under the theme: “Life insurance at the heart of economic and social sovereignty: lever for transformation for resilient and inclusive Africa.”
In addition to its role of protection against the vagaries of life, insurance constitutes an important instrument of mobilization of interior savings, in particular through life insurance.
Thus retracing some benchmarks on the insurance market in Senegal, the FSSA listed, in 2024, 27 insurance companies including 18 specializing in damage insurance operations and 9 in life insurance operations. “The turnover achieved by insurance companies in 2024 amounted to 291 billion against 272 billion in 2023, an increase of 7%. The benefits paid amounted to 133 billion in 2024 against 119 billion in 2023, an increase of 11%, “said the president of the FSSA, Oumou Niang Touré. Specifying that “these charges do not take into account the management fees and commissions supported by insurers”. Relative to the investments of insurance companies, the FSSA has “599, 17 billion CFA francs at the end of December 2023 against 509.51 billion CFA francs at the same period of the previous year, a rate of increase of 17, 60%”. This increase, according to Ms. Touré, “is due, in part, to the securities of States and assimilated, to the shares and obligations other than those provided for in article 335-1 1 °) of the CIMA code and to bank deposits, which have respectively increase rates of 39%, 8% and 15% over the same period, representing a global increase of 90 billion CFA francs in absolute value. These investments are dominated by bank deposits, securities, participation securities and deposits, as well as buildings, with respective shares of 42%, 28%, 13%and 8%”.
Compared to employment, informs the co -founder of Askia Assurances, “the sector also plays an important role with more than 3,237 jobs. This figure does not take into account indirect jobs, such as expertise and garage owners. He does not take into account the workforce not exercising their activity directly in an insurance company, but in other decentralized structures.
In Senegal, the contribution of GDP insurance has remained stationary at 1, 45% including 0.53% for life insurance. The average premium per inhabitant, which gives an idea of the culture of insurance, was established at 15,467 CFA francs in 2024 against 14,885 CFA francs in 2023, an increase of 4%”.
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