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
-
Crypto exchange VALR adds mobile money support across Africa
10:56
-
Nigeria’s PowerLabs raises pre-seed funding to expand AI-driven energy system
10:44
-
Zenith Bank Enters Francophone West Africa With New Branch in Côte d’Ivoire
10:43
-
Tanzania Unveils Government-Backed Fund for Youth-Led Startups
10:39
-
Djibouti Trains 4,000 Youth to Address Labor Market Mismatch
09:10
-
Gabon Ends Online Anonymity with Sweeping Social Media Law
09:09
-
South Africa Private Sector Pushes Digital Skills to Tackle Youth Unemployment
07:50
-
Guinea Launches AI Adoption Programme for 250 Companies With Microsoft
19:17
-
Cameroon palm oil exports rise 17% in 2025 despite supply shortfall
18:17
-
Gulf Transfers to Cameroon Rebound to CFA11.8 Billion but Remain Marginal
21:02
EBID aims to allocate nearly 41% of its commitments to environmentally and socially impactful projec...
Flutterwave secures Nigerian banking license to offer credit and savings License enables direct d...
M-PESA evolves into major financial platform with 35 million users Telecoms, fintechs expan...
Algeria launches bid for two NGSO satellite telecom licenses Move aims to expand broadband ac...
Coca-Cola unit trains 260+ SMEs in Namibia business skills Program targets women, youth, disabled...
Djibouti launched a program to train 4,000 young people in market-relevant skills. Youth unemployment reached 76.32% in 2024, among the highest...
Gabon now requires users to provide verified identity details to access digital platforms. Authorities impose fines up to CFA50 million ($89,415)...
Seseko will host a Digital Skills Summit in August 2026 targeting 1,500 learners in Gauteng. Youth unemployment reached 57% among ages 15–24 in...
Ghana expanded its digital training program nationwide after receiving 94,000 applications in 48 hours. Authorities will deploy the program...
Nosy Iranja is one of the most iconic island destinations in northwestern Madagascar, lying in the Mozambique Channel about an hour and a half by boat...
Sungbo Eredo, located in southwestern Nigeria near the Yoruba town of Ijebu-Ode, stands as one of the most remarkable yet overlooked monuments of...