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Benin, a former Marxist state has undergone many socio-political changes since its independence. Today, Benin stands as a strong and developing economy, with exports in petroleum, gold, cotton and a flourishing tourism industry. Life expectancy in Benin has increased dramatically. Benin implemented a universal health system due to high spread communicable and non – communicable diseases. Though the healthcare facilities are not of high standards and incomparable to the Western standards, they still are better than other neighboring countries.
According to the report Insurance Industry in Benin, Key Trends and Opportunities to 2022 gives a comprehensive overview of the Benin economy and demographics and details on the competitive landscape in Benin. The report gives a detailed analysis of the natural hazards in the market, distribution channels and the regulatory policy prevailing in Benin. It offers a detailed analysis of the key segments in the Benin insurance industry, with market forecasts to 2022. It covers an exhaustive list of parameters, including written premium and claims, analyses the various distribution channels in Benin and profiles the top insurance companies in Benin, and outlines the key regulations affecting them. The report will help in making strategic business decisions by analyzing demand-side dynamics, market trends, and growth. The report will be detrimental in identifying competitors and regulations governing the market and make sound decisions therein. The key market players in Benin insurance market are L'Africaine des Assurances, Nouvelle Societe Interafricaine d'Assurances, Sunu Assurances Vie Benin, La Federale d'Assurances SA, Saham Assurance vie, Nouvelle Societe Interafricaine d'Assurances Vie, L'Africaine Vie Benin, La Generale des Assurances, Allianz Benin Assurances, and Assurances et Reassurances du Golfe de Guinee.
Insurances in Benin can be classified under War & Terrorism Insurance, Personal Accident Coverage, International Health Insurance, and Group Benefit Plans for Expatriates, Kidnap & Ransom Coverage, Life and Disability Insurance and Travel and Evacuation Coverage. The new Universal Health Insurance Scheme is mandatory that ensures effective risks linked to disease, non – occupational accidents and maternity are covered. But the scheme does not cover work accidents, traffic accidents, and occupational diseases since they are covered by another security scheme. In addition, the law establishing UHIS provides for penalties ranging from a fine of more than two million francs and imprisonment for one to twelve months, particularly for people who commit fraud or misrepresentation in the order to get the payment of benefits which were not due.
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