“In 2021, the structure of the insurance market in terms of number of operators and market share remained almost unchanged. Consequently, the concentration of the insurance sector, measured by the Herfindahl-Hirshman (HHI) index, remained at its average level at 0.117 once morest 0.116 a year earlier,” the report said. In Life insurance, concentration has kept its high level with an index which stood at 0.177 (compared to 0.178 in 2020), adds the same source, noting that the reduced number of players active in this segment combined with an asymmetrical distribution of their market share continues to explain this observation.
On this market animated by only nine players, three of them absorb 66.7% of market share. Within the life branch, the analysis of concentration brings out the same observation. Indeed, all the categories of this branch display high levels of concentration which are more marked for the “mixed” and “UC contracts” (unit-linked) categories. However, a downward trend in the concentration of UC contracts is emerging, driven by the growing interest of players in marketing this type of contract, the report reveals. With an HHI of 0.137, non-life insurance (excluding assistance and credit) maintained an average level of concentration.
The number of players on this market remains stable and the shares held by the players have not undergone any significant changes. Compared to 2020, the intra-non-life branch concentration has not changed. The said report indicates that the categories “Automotive”, “General civil liability”, “Fire and natural elements” and “Injuries at work and occupational diseases” show average concentration levels, while the categories “Personal accidents”, “Risks techniques”, “Transport”, surety credit assistance and other non-life operations (hail, livestock mortality, theft, climatic risks) stand out for their high levels of concentration.
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