AfricaInvest enters Burkina Faso’s non-life insurance market
Wednesday, 13 October 2021 16:09
A week after it acquired a minority stake in Nigeria’s non-life insurer Royal Exchange General Insurance, AfricInvest announced a new investment. This time, the beneficiary is Raynal Assurances IARD, Burkina Faso’s third-largest non-life insurer with over 13% of the market share.
The operation is made through the investor’s FIVE vehicles dedicated to African financial institutions, for an undisclosed amount. AfricInvest acquired the shares held by SUNU insurance group, which co-founded Raynal Assurances IARD with Burkinabe businessmen in 2005. Omar Bekkali, a partner at AfricInvest, said AfricInvest is committed to "consolidating Raynal's position in the Burkinabe insurance market and to actively support its development strategy.”
The insurance sector in Burkina Faso has 17 companies, including 8 in the non-life branch. According to provisional data for 2020, non-life insurance premiums increased by 14% compared to 2019 to reach CFA61.9 billion. The provisional turnover of the country's insurance companies is estimated at CFA108 billion in 2020, up 15%.
Chamberline Moko
Live News
-
Nigeria Writes Off $5.27B in State Oil Company’s Debt
21:30
-
Djibouti, Egypt Sign Agreements to Secure Power Supply for Ports
20:10
-
Algeria Breaks Ground on $207M Tire Plant, Steps Up Local Production
19:11
-
Nigeria’s Tax Overhaul Set to Take Effect Amid Fury Over ‘Illegal’ Changes
19:07
-
Gédéon Dossou Tackles Prescription Management Gaps With Pharmatrack
18:32
-
Joshua Raphael Automates High-Traffic Parking Management With Parket
17:39
-
Sodecoton Awards Bercotech Contract for 110 kVa Solar Plant at Touboro
12:24
-
Aissata Diallo Bah Widens Access to Financial and Legal Data on African Companies
12:11
-
Mauritania Rolls Out AI System to Detect Traffic Violations Nationwide
12:04
-
After Lomé Launch, Togo Expands Cash Transfers Nationwide
11:53
The BCID-AES launches with 500B CFA to fund Sahel infrastructure, asserting sovereignty from the B...
NALA has secured PSP and PSO licenses from the Bank of Uganda, adding to its 2024 Money Remittance...
Silver hit a record $74.8 an ounce in late December 2025 Analysts see prices ranging from&nb...
US strikes in Sokoto test Nigeria's financial stability, causing Eurobond yields to surge and inve...
Nomba brings Apple Pay to 300k Nigerian shops. Following Paystack, this "second row" move enables ...
Tinubu approves partial write-off of NNPC debts to Nigerian government Decision cancels $1.42 billion and 5.57 trillion naira obligations Move...
Djibouti, Egypt sign port, logistics and energy cooperation agreements Deals include 23-MW solar plant to power Doraleh port operations Aim is to cut...
Algeria launches $207 million tire factory project in Touggourt Plant targets 5 million annual units, boosting industrial self-sufficiency Move...
Nigeria confirms tax reform takes effect Jan. 1, 2026 despite opposition PDP alleges illegal insertions, urges suspension and investigation Government...
Afrochella, now known as AfroFuture, is a cultural event held annually in Ghana, mainly in Accra, around the Christmas and end-of-year period. Launched in...
Algiers is a coastal capital of around four million inhabitants, located in north-central Algeria. Its urban structure, heritage, and social practices...