• Mali to establish national reinsurer, retain premiums locally
• Initiative targets sovereignty, complex risk coverage, sector jobs
• Market expanding, but insurance penetration trails WAEMU average

Mali is moving to create a national reinsurance company. Minister of Economy and Finance Alousséni Sanou presented the project to the Council of Ministers on Wednesday, September 10, 2025. He stated that while Mali's insurance market is growing steadily, a large portion of premiums are transferred abroad because the country lacks a national reinsurer.

According to a summary of the Council of Ministers meeting, the new company would help "strengthen financial sovereignty by reducing dependence on foreign reinsurers" and "retain a portion of the premiums ceded abroad." It would also improve the management of complex risks related to industry, mining, agriculture, and natural disasters. The initiative is expected to contribute to economic development through investments in the banking system, Treasury bills and bonds, and other channels. It could also professionalize local insurers by creating specialized jobs and developing technical skills in risk management.

Mali's Growing Insurance Market

Mali's insurance sector is seeing positive momentum. According to the 2023 report from the Inter-African Conference on Insurance Markets (CICA-Re), non-life insurance premiums reached 3.63 billion CFA franc ($6.5 million) in 2023, up 66% from 2.18 billion CFA franc in 2022. While life insurance premiums declined slightly to 261 million CFA franc in 2023 from 303 million CFA franc in 2022, the non-life segment saw strong growth, driven by automobile and business-related insurance.

An article published by consulting firm Finactu in late 2023 noted that Mali's insurance market density increased by 30% in five years, from 2,448 CFA francs in premiums per capita in 2016 to 3,175 CFA francs in 2021. The sector's penetration rate rose from 0.49% to 0.60% of GDP over the same period. This growth rate significantly outpaced the 6% increase in GDP per capita over those five years.

Despite this progress, Mali still lags behind the West African Economic and Monetary Union (WAEMU) average, where the insurance penetration rate is close to 1%. The creation of a national reinsurance company is therefore seen as a way to accelerate the sector's growth and its contribution to the national economy.

Chamberline Moko