Insurance in Senegal

Senegal's insurance market uses the French terms assurance, assurance vie, assurance non-vie or IARDT, capitalisation, microassurance, sinistre and réclamation. Private insurers cover risks such as motor liability, property damage, business interruption, transport, personal accidents, life and savings. The Directorate of Insurance within the Ministry of Finance supervises the national market. It reviews licensing, product approvals, solvency, intermediaries, market data and complaints. The regional CIMA framework, overseen by the Conseil des Ministres des Assurances and the Regional Commission for Insurance Control, sets common insurance rules. The Directorate of Insurance lists insurance companies, brokers and other market information; its market material includes 29 insurance companies, SEN RE and the Fonds de Garantie Automobile. Check that a company, agent général or courtier is licensed before paying a premium. An agent général represents an insurer, while a courtier places cover with insurers and should not be confused with the insurer itself. Social protection is divided among different institutions. The Caisse de sécurité sociale, commonly called CSS, is a private-law social welfare institution entrusted with a public service. It provides family benefits and prevention or compensation for workplace accidents and occupational diseases. The Institution de Prévoyance Retraite du Sénégal, known as IPRES, manages retirement arrangements for private-sector workers through a general scheme and a supplementary scheme. The Fonds national de retraite, or FNR, covers civil and military public-sector pensions. Employer registration, employee and salary declarations and regular contributions determine access to these systems. Workers in the informal sector do not have one uniform compulsory employment-based protection arrangement in the sources reviewed; microinsurance and mutual arrangements can provide functional alternatives, although health-focused mutuals belong primarily to the health field. Every vehicle owner or operator covered by the rule must hold third-party motor liability insurance, except the State. The cover protects third parties against bodily injury and property damage caused by the vehicle, including a trailer or semi-trailer. The driver should carry the insurance certificate or attestation. When the responsible vehicle is unidentified or uninsured, the Fonds de Garantie Automobile can cover qualifying bodily injury claims under national limits. Its decisions can be enforced, or the fund can approve a settlement. A policy should identify the parties, the insured person or property, covered risks, start date, duration, insured amount, premium or contribution, payment terms, automatic renewal, policyholder duties, claim-reporting process, payment period, loss assessment and limitation periods. Exclusions and clauses that can reduce or cancel cover should be clearly highlighted. Private premiums have no single public standard price. The amount depends on the risk, scope of cover, insured sum, deductible, duration and payment schedule. Cover generally takes effect only after the premium is paid. For certain high-value risks, an exception can allow payment for up to 60 days, but that exception does not apply to motor, health or transported-goods insurance. Non-payment can end the policy automatically under its terms. Claims must follow the reporting process and evidence requirements in the policy. For a motor accident, reporting within one month can affect applicable deadlines. If someone is injured or killed, a police or gendarmerie report should reach the insurer within three months. A motor third-party liability offer is generally due within 12 months of the accident, or within eight months of the death. After receiving a reasoned claim, the insurer must respond within 30 days. Once the relevant notice period has ended, the agreed amount should be paid within one month; late payment can carry interest of 5% per month. Extra-contractual motor liability claims have a maximum five-year limitation period from the accident. The Fonds de Garantie Automobile may also need to be considered where the responsible vehicle is unknown or uninsured. Non-life policies can generally be cancelled annually after the first year by registered letter sent at least two months before the renewal date. Individual health, construction and certain non-personal risks are among the exceptions, and life policies do not follow this general cancellation rule. Do not cancel existing cover until the new insurer confirms the new policy's effective date and provides the required certificate. Policyholders must describe the risk truthfully, report material changes and multiple insurance, pay premiums on time and document claims. Insurers pay only within the agreed cover and policy period and must follow applicable deadlines. Digital distribution and contract administration, capital rules and anti-money-laundering requirements have also been affected by CIMA changes in 2024 and 2025, so the policy and current regulatory information should be checked for newer requirements.