Several Bank Insurance products launched in Ivory Coast

May 03, 2012

The distribution of insurance products via bank networks - or Bank Insurance - is growing in sub-Saharan Africa, especially in the Ivory Coast.

The distribution of insurance products via bank networks - or bank insurance - is growing in sub-Saharan Africa, especially in the Ivory Coast.

On April 11th, SOMAVIE Insurance and the Housing Bank of Ivory Coast signed an agreement related to the distribution of a new insurance product called 'Super Confort', allowing the policyholder to build up a pension savings account through periodic contributions.

Atlantique Assurances Côte d'Ivoire and the Banque Atlantique Côte d'Ivoire have also decided to offer their clientele a unique counter to open a bank account and subscribe an insurance policy.

"Bank insurance is a sector that continues to grow year on year and that has a strong potential. We have partnerships with several banks in Senegal (Ecobank, United Bank for Africa) and even in Ivory Coast," NSIA Senegal Chief Executive Officer Sidy Faye told Jeune Afrique newsaper.

UA-Vie, an insurance company from Ivory Coast, believes 40 percent of its turnover originates from partner banks such as Banque Atlantique and Ecobank.

However, UAE-Vie Chief Executive Officer Mohamed Bah told Jeune Afrique that several obstacles hamper the development of bank insurance, such as banks' lack of interest and a low rate of access to banking in sub-Saharan Africa, where only 10 percent of the population owns a bank account.ADNFCR-2976-ID-801355696-ADNFCR