With total revenue reaching 291 billion FCFA in 2024 and projections of around 310 billion in 2025, the insurance sector in Senegal is showing significant growth. However, according to insurance expert Mamadou Racine Bathily, this performance masks low market penetration and a lack of trust.

“The penetration rate remains at 1 or 1.5% in our country, while others reach up to 7%,” emphasized the guest on the Seneweb Éco program this Sunday, April 26, 2026. According to him, this lag is partly explained by “the lack of mandatory insurance” and a weak culture of long-term savings. “The wisdom of saving for the future is not automatic,” he insisted, noting that a large part of the population remains outside the insurance system.

However, the economic role of insurance remains central for the former Secretary General of the Senegalese Federation of Insurance Companies (FSSA). Indeed, for Mr. Bathily, this sector acts as a lever for stabilizing and financing the economy. "The main role of insurance is to prevent progress made from being jeopardized by an accident," he explains. In other words, it helps to protect the gains of businesses and households against unforeseen events.

Furthermore, Senegalese insurance companies currently hold approximately 650 billion CFA francs in assets invested in the national economy. "Insurers are agents with surplus resources," he explains. These resources, derived from premiums, are then invested in banks, government bonds, and real estate, thus contributing to the financing of public and private needs.

In this respect, "the role of the State remains central" regarding mandatory insurance and regulation. According to the expert, this intervention is all the more necessary given that the sector continues to face internal dysfunctions such as a lack of technical skills, delays in claims payments, and shortcomings in governance. "It is the State's role to ensure the financial health of insurance companies," insists Mr. Bathily, calling for greater rigor in the application of regulations. This mission is partly fulfilled by the Inter-African Conference of Insurance Markets (CIMA), whose decisions are binding on industry stakeholders.