Market reliant on compulsory motor and loan covers for growth

While individuals in Benin tend to go directly to insurance companies, corporate entities tend to buy their insurance through brokers, because they understand better the service brokers provide. The result is that a single major broker can generate anywhere up to half of the turnover of an individual company, depending on the profile (corporate or otherwise) of an insurer’s portfolio of business

There were six non-life insurers operating in Benin in mid 2007. The Beninese insurance market has managed to show modest growth despite complaints that the underlying economy is stagnating. Non-life (short-term) business rose to XOF 17.44bn (US$33.30mn) in 2006 from XOF 16.10bn (US$30.52mn) in 2005.