Inclusive Insurance in Senegal

A Significant Opportunity: Paving the Way for a Concrete Path to Successful Inclusive Insurance

Senegal stands as a significant opportunity for insurance - with a relatively young population and sizeable potential for economic growth. The Senegalese economy recently boomed due to the government’s “Emerging Senegal Plan” but was soon stifled, like many others, by the COVID-19 pandemic. The forming of a successful public-private partnership, with the support of development partners led to the creation and development of the National Agriculture Insurance Company of Senegal’s activities. This serves as evidence that there is a concrete path to successful inclusive insurance, especially agricultural insurance, among West African countries.

• Senegal ranks among West Africa’s highest in levels of financial inclusion and is actively developing digital financial services.
• After COVID-19 stalled the economy, an “Economic and Social Resilience Programme”, which supports businesses, individuals, and the healthcare system was implemented.
• Located within the Sahel region, the country is vulnerable to many natural disasters.
• Senegal updated its National Social Protection Strategy to ensure access to the social protection system for the entire population by 2035 - but there are limitations to the system.
• The National Agriculture Insurance Company represents the potential of effective public-private partnerships in building the resilience of the Senegalese population, but more needs to be done to optimise insurance coverage.

A French language version of this report is available on request.