Burkina Faso

Axco provides details on the life insurance sector including Burkinabé market participants, reinsurance and distribution channels. The reports describe classes of business from both individual and group life such as whole life, endowment, term life and unit-linked.
Information on non-life classes for example critical illness and private medical insurance.

The report describes the public and private healthcare system in Burkina Faso, the scope of cover, accessibility financing and provides an analysis of how the public and private systems complement each other.

Axco reports on the three pillars of Burkinabé pension provision.

• State pension benefits including benefit calculations and eligibility criteria 
• Workplace pension provision; types of schemes calculations eligibility and; tax implications
• Voluntary individual pension provision, type of products and tax implications

The Burkina Faso report provides an in-depth analysis of the regulatory framework governing social security as well as details on financing and eligibility. Information includes but is not limited to

• state pensions,
• permanent disability benefit
• occupational accident and disease
• maternity and paternity payments 

Burkina Faso is a poor country with economic challenges exacerbated by a worsening security situation and the COVID-19 pandemic. Life insurance penetration is low relative to other markets in the region reflecting both a general lack of wealth and lack of understanding about insurance amongst the majority of the population, most of who work in the informal sector. One leading international insurer has withdrawn from the market because it does not believe it offers sufficient growth potential at least in the short term to justify a presence given the CIMA increased capital requirements.

A state pension is available to those employed in the formal sector and civil servants. Self- employed people may also receive a pension if they have voluntarily enrolled onto the scheme run by the National Social Security Fund (CNSS). Yet with a rapidly expanding population and over 90% of the workforce working in the informal sector, much of the population will in reality receive no pension.

The state pensions are funded by employers, employees and the self-employed. ....

PA and healthcare premiums combined rose by 7.6% to XOF 12.89bn (USD 22.01mn) in 2019 with over 90% of this total likely to relate to healthcare alone.

Growing demand for healthcare cover has been driven by the fact that the state has hitherto not provided free healthcare under the social security system. Patients in state-run healthcare facilities ....