Low insurance penetration rate

The Senegalese insurance penetration rate has been estimated at 1%. This low value is accounted for by several factors: the gloomy situation in which the economy is, the low income reported by a large part of the population and the lack of interest of insurers in microinsurance.

The supply of insurance products designed for disadvantaged people is inadequate. Insurers do not deem it interesting to market products that are simple, low cost and tailored to the needs of the poor. Meanwhile, the traditions anchored on the disadvantaged slow down the development of insurance.