2015年-世界发展银行全球_Mali_Financial_Sector_Assessment_Program___The_Insurance_Sector_40页_1mb

Summary of the Financial Sector Assessment Program - Development Module: Mali's Insurance Sector

I. Introduction and Summary

The insurance sector in Mali is part of the broader Financial Sector Assessment Program (FSAP) conducted in 2015. The main objectives of the review are to evaluate the structure, performance, and outlook of the insurance sector and to explore its potential to support the country's long-term economic growth and development. The note is prepared by Peter Wrede, a Senior Insurance Specialist at the World Bank, and draws on a variety of sources including discussions with insurance industry stakeholders, reports from the insurance association and FANAF, and international regulatory frameworks.

Key Points:

• Insurance's Role: Insurance plays a critical role in financial protection, risk management, and economic development. It helps individuals and businesses recover from unexpected shocks and supports investment and consumption.
• Regulatory Framework: Mali is a member of the Conference Interafricaine des Marchés d'Assurances (CIMA), which provides a regional regulatory and supervisory framework. This reduces the risk of unsustainability and competition but limits Mali's autonomy in regulating the insurance sector.
• Current Challenges: Despite its potential, the insurance market in Mali is currently small, with low penetration and density. The sector's growth is constrained by limited regulatory capacity, high supervision costs, and a lack of local expertise in areas like microinsurance and actuarial science.
• Opportunities: The insurance sector has significant potential to expand, particularly in microinsurance and agriculture insurance. International insurance groups and donor support are helping to drive innovation and improve service delivery.
• Recommendations: The note highlights the need for improved regulatory frameworks, better alignment with international standards like the Insurance Core Principles (ICPs), and the development of microinsurance and agriculture insurance products.

II. The Insurance Market in Mali Today

A. Environment and Framework

Mali is part of CIMA, a regional organization that coordinates insurance regulation and supervision across 14 member countries since 1992. CIMA promotes cooperation, provides training, and helps maintain a stable and healthy insurance sector. However, Mali's regulatory structure differs from other CIMA members in the following ways:

• Supervision Structure: Insurance supervision in Mali is managed by a Division d'Assurances within the Ministry of Finance, rather than a dedicated Directorate. This centralized structure may slow decision-making and reduce operational independence.
• Regulatory Independence: The current setup does not fully comply with ICP 2, which emphasizes the operational independence of insurance supervisors and their ability to act in the public interest.
• Supervision Costs: Mali has higher supervision costs (2% of revenue) compared to other CIMA countries, which typically have lower rates (1.5% for non-life, 1% for life).
• International Presence: Four of Mali’s 11 licensed insurance companies are part of international insurance groups, bringing expertise, economies of scale, and high standards of customer service. These groups include Moroccan, German, Ivorian, and French entities.
• Professional Associations and Reinsurance: FANAF and CCAM are active in advocating for the insurance industry. Mali also benefits from regional and European reinsurance support, which helps manage risks and maintain financial stability.

B. Market Size, Development, Composition and Dynamics

The insurance market in Mali is relatively small, despite the country's economic and population size. In 2013, Mali ranked 153rd out of 181 insurance markets in terms of premium volume. Key metrics include:

• Insurance Penetration (Premium to GDP): 0.54% in 2013, significantly lower than in neighboring countries like Benin (1.01%) and Côte d'Ivoire (1.67%).
• Insurance Density (Premium per person): 1,882 FCFA in 2013, also below regional averages.
• Market Shares: The top three non-life insurers in Mali collectively accounted for 67% of the market in 2011, compared to 81% in Benin and 73% in Gabon.
• Sector Composition: Life insurance accounts for 2.1% of the total premium, while non-life insurance accounts for 3.3%. The overall market growth has been affected by political instability, but there are signs of recovery.

The insurance sector is not the only source of risk transfer in Mali. Other entities such as banks, microfinance institutions, and mutual health societies also offer risk transfer services, which could be formalized into the insurance sector to increase its potential.

III. Industry Performance

• Financial Conditions: Insurers in Mali are generally in good financial health.
• Client Value: Insurance payout ratios are low, but are expected to improve with increased competition.
• Premium Growth: Recent premium growth has been affected by political instability, but is anticipated to recover.

IV. Microinsurance

• Potential for Growth: Microinsurance is seen as a key opportunity to expand insurance coverage to low-income populations.
• Regulatory Framework: Microinsurance is regulated at the CIMA level, limiting the ability of individual countries to tailor their frameworks.
• Support from International Bodies: The Global Index Insurance Facility (GIIF) and other international consultants have supported the development of microinsurance products, particularly for smallholder farmers and low-income households.

V. Agriculture Insurance

• Importance in Economy: Agriculture contributes 42% to Mali’s GDP and provides 65%–70% of employment.
• Risk Exposure: Most agricultural activities are rain-fed, making them highly vulnerable to climate variations.
• Pilot Programs: Climate-related insurance is being piloted in Mali, but on a small scale.
• Index-Based Insurance: Index-based weather insurance is being explored as a solution, offering faster and more transparent claim processes compared to traditional methods.
• Comparison with Traditional Insurance: Index-based insurance has lower administrative costs and faster claim processing, making it more attractive for small-scale farmers.

VI. Recommendations

• Improve Regulatory Framework: Mali should align its insurance regulations with the ICPs to ensure operational independence and better risk management.
• Enhance Supervisory Capacity: Strengthen the capacity of the insurance supervisory body to ensure effective oversight and timely interventions.
• Promote Microinsurance: Develop and implement microinsurance products to reach previously unserved populations, especially in agriculture and health.
• Support Agriculture Insurance: Expand the use of index-based weather insurance to improve resilience in the agricultural sector.
• Strengthen Reinsurance Arrangements: Ensure that reinsurance arrangements are robust and that risks are retained within the country to maintain financial stability.
• Increase Public Awareness: Promote insurance literacy and awareness campaigns to build trust and understanding among the general population.
• Encourage Innovation: Support the development of new insurance products and services that meet the needs of diverse segments of the population.

VII. Conclusion

The insurance sector in Mali is currently underdeveloped, but has a promising outlook. With the support of international players, donor organizations, and regional cooperation through CIMA, the sector has the potential to grow significantly. However, to realize this potential, Mali needs to strengthen its regulatory framework, improve supervisory independence, and promote microinsurance and agriculture insurance to reach more people.