Sudan – USD 450 million insurance premiums in 2016
Monday, 05 22 2017, Category: Insurance and Reinsurance, Country: Africa
Mr. Mohammed Musa Idris, director of the Insurance Supervisory Authority in Sudan confirmed that the size of the Sudanese insurance market is SDG 4 billion, which is equivalent to approximately USD 450 million indicating that the growth rate of the market ranges between 17% to 25%.
Moreover, he explained that the Sudanese insurance market was transformed into a Takaful market due to a law introduced in year 1992, which stipulates that all traditional insurance companies have to move into the Takaful model. He stressed that the market is small and still promising with a growth potential.
Furthermore, he added that Sudanese insurance sector is composed of 13 Takaful companies of which is publicly owned “Shiekan” and 4 companies only sell personal and capitalization insurance in addition to property as life and non-life are not separated in Sudan. The remaining companies only sell property and liability insurance.
Source: Al Mal News