Burundi is bordered by the Democratic Republic of Congo, Rwanda, and Tanzania. Burundi remains a fragile nation stuck in a post-crisis situation characterized by ethnic tensions. The country is faced with a prolonged economic and political crisis for the longest time. Health care remains a huge source of dismay where the citizens are deprived of hygienic sanitation and clean water. The civil war that lasted thirteen years until 2005 cost the country most of its healthcare infrastructure causing shortages in medical supplies, doctors and physicians.
Burundians haven’t understood the importance of the need of insurance until a loss is suffered by them. This is due to lack of awareness. Another reason observed was the delay in claims by the company which gave a bad reputation, like in the case of an automobile insurance where the claims to be processed require many stakeholders to get involved. Apart from these challenges, it is expected that the sector can see profitability through professionalizing and formalizing various things- developing insurance agents, innovative insurance products to suit local needs, better pricing for a fast and good indemnity process and a guaranteed profitability of investors. However, it continues to face threats of political and civil unrest couples with high street crime. The health insurance market is expected to grow due to the lack of proper healthcare.
The report The Insurance Industry in Burundi, Key Trends and Opportunities to 2022 gives a comprehensive overview of the Burundi economy and demographics and details on the competitive landscape in Burundi. The report gives a detailed analysis of the natural hazards in the market, distribution channels and the regulatory policy prevailing in Burundi. It offers a detailed analysis of the key segments in the Burundi insurance industry, with market forecasts to 2022. It covers an exhaustive list of parameters, including written premium and claims, analyses the various distribution channels in Burundi and profiles the top insurance companies in Burundi, and outlines the key regulations affecting them. The report will help in making strategic business decisions by analyzing demand-side dynamics, market trends, and growth. The report will be detrimental in identifying competitors and regulations governing the market and make sound decisions therein. The key market players in Burundi insurance market are Burundi Insurance Corporation (BICOR), Commercial Insurance and Reinsurance Company (SOCAR), General Insurance And Reinsurance Company (SOGEAR), Insurance Company Of Burundi (SOCABU), Commercial Insurance and Reinsurance Union of Burundi (UCAR), Jubilee Insurance Company Of Burundi and East Africa Global Insurance Company Non-Vie (EGIC NV).
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Ankur Gupta, Head Marketing & Communications