Mali

Axco provides details on the life insurance sector including Malian 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 Mali, 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 Malian 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 Mali 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 

Mali is understood to be business friendly, but its economy is reliant on gold and cotton exports as well as foreign aid to supplement its finances. Cotton and food supply can be impacted by climate change causing variable rainfall and commodity market fluctuations can impact the profitability of the mining industry. The IMF has been supportive of Mali making significant disbursements most recently in 2020 to help the government finances in the wake of COVID-19.

Mali is a small life market with a low level of insurance penetration ....

The state pension system for those working in the private sector covers some 200,000 individuals, and the special regime for civil servants covers a further 40,000, in an economy that is estimated to have five million workers. Pension benefits are low, amounting to about one-third of final salary. This makes private pensions attractive, but few can afford to save to pay for them. The sector is developing, however, as the economic reforms instituted in the last 10 years start to show results. Life insurers now offer a range of policies as an alternative to a pension, aimed at individuals saving ....

Historically, healthcare resources have been lacking in Mali, with city dwellers having more access to health facilities than those who live in rural areas. In 2018 the government has been taking steps to legislate to bring about a universal health insurance scheme which reaches the whole population including the generally under-served informal sector. Media sources have noted that the President intends to implement free healthcare for pregnant women and their children until they reach the age of five, as a means of countering their very high infant mortality rate. ....