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Togo, Africa

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Flag of TogoTogo, Africa​ – World Insurance Companies Logos. By clicking on the logo of each insurance company one can get a set of updates of the information that each insurer is offered by the Internet.

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Insurance companies have only one ambition: to achieve 100% coverage of the population. To date, 13 companies share the market with continuous growth, with a turnover of 53 billion CFAF achieved in 2016.
Insurance companies in Togo now share a common dream: to see the entire population, and in every possible detail, covered by insurance.

In an interview with the state-owned media Republicoftogo, Claude Daté Gbikpi, chairman of the Comité des assureurs du Togo (CAT), told the media that the insurance market is doing rather well: “We achieved a turnover of 53 billion CFA francs in 2016. It is still modest compared to other countries. The goal is to double this figure quickly. Relatively few Togolese is insured. This concerns, housing, cars or health. Our challenge is to achieve 100% population coverage,” he said.

According to the CAT president, the Togolese insurance market is also growing and companies must “rise to the occasion”. To back up his claims, Claude Daté Gbikpi highlights the 2015 figures published by the Togolese Ministry of Economy and Finance. It is noted that the insurance sector, all branches combined (life and non-life insurance), achieved during this financial year a turnover of 48 billion CFA francs, 5 billion less than the year before.

A total of 13 direct insurance companies share the market, in addition to two reinsurance companies: the Joint Reinsurance Company of the Member States of the Inter-African Conference of Insurance Markets (CICA-RE) and Saham-RE, a subsidiary of the Moroccan Saham group.

High added value for the economy
The insurance sector, as explained by the CAT president, contributes significantly to the economy of the country: taxes and duties paid by the 13 companies to the state coffers amounted last year to nearly 2 billion CFA francs, against 1 billion at the end of 2015. This growth confirms the vitality of the sector.

Claude Daté Gbikpi also argues that this upturn explains “the arrival of new African and international players attracted by the rapid growth of the middle class and the diversity of demand.

In terms of employment, insurance companies in this nation are showing a significant dynamic, since they currently employ some 400 employees. A contribution put forward by CAT members who also promise to invest more in this area.

From AFT

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Togo, Africa​ – World Insurance Companies Logos

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