After the takeover of SAAR Benin, now known as Nobila Assurance, the new player in the Benin insurance market has big dreams. Despite the historically narrow and underpenetrated market, its leaders aim to make it a reference company that meets the challenges of the time, with promising prospects. Exclusive interview.
Interview by Daniel Djagoué
What is Nobila Assurance’s vision today and how does the company intend to strengthen its position in the Beninese market?
With the majority stake acquisition in SAAR Benin, now Nobila Assurances, businessman Salif Ouédraogo envisions turning it into a high-performing citizen company to reposition in the Beninese market. Nobila Assurances is currently in the process of modernizing and strengthening its governance framework, with a focus on compliance and improving operational efficiency.
We are pleased to note that in the non-life insurance segment, Nobila is a leader in additional services and ranked second in terms of agent competency (Satisfaction survey of beneficiaries of insurance companies’ services in Benin 2025). To strengthen this position, Nobila Assurances plans to focus its activities on product development, expanding its agency network, direct network, and brokerage network, as well as developing human capital.
The Beninese insurance market is still relatively underpenetrated. In your opinion, what are the main challenges hindering the sector’s expansion, and how does Nobila Assurance concretely address them?
This market, characterized by its narrowness, has experienced some growth in recent years driven by national economic revitalization focused on infrastructure development and strong digitalization of administrative services.
The challenges slowing down insurance expansion in Benin are common to all African insurance markets. These include:
– Low awareness and trust levels among the population. Many Beninese still do not trust insurance companies and hesitate to take out policies, mainly due to perceived long claims processing times and lack of awareness about the benefits of insurance.
– Non-insurance or refusal to insure without sanctions for mandatory insurance, notably for two and three-wheeled vehicles in automobile insurance.
– Unchecked insurance fraud in health insurance, where coverage is seen as a consumer product and management is considered a Corporate Social Responsibility (CSR) action by insurance companies.
– Underpricing due to competition in a highly regulated and controlled sector. Although I must admit that competition through tenders among companies is a contributing factor.
For our part, Nobila Assurances is committed to regularizing its situation with healthcare providers, transitioning to automated management of its healthcare portfolio, strictly applying pricing rules, and focusing on innovation.
Digitalization is fundamentally transforming financial services. What technological innovations or digital solutions has Nobila Assurance implemented to enhance customer experience and reach a wider clientele?
We are now fully digitally managing health and travel insurance (from quoting to payment by bank transfer or Mobile money of premiums and benefits). We will be launching Mobile-Insurance products in the coming months.
As a major player in the sector, what contribution does Nobila Assurance make to the financing of the national economy and the protection of Beninese households and businesses?
Regarding the financing of the economy, Nobila Assurances’ financial structure is strong and has significantly improved, demonstrating robust financial health and observable growth trajectory to local banking and financial institutions.
In terms of protecting households and businesses, it is worth noting that Nobila Assurances now offers a complete range of risk coverage, including:
– Besides automobile and health insurance, we offer guarantees that allow SMEs to participate in all types of markets.
– Our portfolio of Diverse Risks includes significant coverage of Global Damages; Terrorism and Sabotage; Ship Hulls; War Risk on Ship Hulls; Special risks of maritime piracy; and CEO Liability insurance.
We are the insurer holding pipelines in Benin.
Insurance companies in the CIMA zone must comply with increasingly strict rules, particularly in terms of solvency and governance. How does Nobila Assurances adapt to these requirements and what opportunities do you see in this regulatory harmonization?
We willingly comply with the rules, controls, and directives of both local authorities and the regional CIMA regulator. Nobila Assurances is comfortable in terms of solvency and has a board of directors with a majority of members who are finance and insurance reference personalities. The general management is led by an experienced insurer.
The West African sub-region is facing security instability directly affecting populations and businesses. How does this situation influence the insurance sector, and what is Nobila Assurance’s strategy in response to these new risks?
In principle, as risk managers, this unfortunate situation should be an opportunity for insurers to intensify awareness and education campaigns for insurance coverage. Nobila Assurances has strengthened its presence in all areas of the country through its general agents. We are building strong partnerships with telecommunications operators to support those we already have with brokers and microfinance institutions. We have enhanced our underwriting capabilities in the renewal of our reinsurance treaties to account for these new security realities.
You mentioned the population’s mistrust of insurance companies. What initiatives are you taking to reverse this trend and ensure real proximity with your policyholders?
In Nobila Assurances’ action plan, we prioritize reducing claims processing times, developing accessible online services (client portals, mobile applications, etc.), continuous training of front-line staff and agents in service quality, active listening, and quick resolution of complaints.
For our network of intermediaries, we organize regular meetings to strengthen their role as advisors, provide educational support, and follow up on the subscription and claims process.
What are Nobila Assurance’s priority projects for the coming years, in terms of new products and expansion beyond the Beninese market?
The outlook is based on a solid financial foundation, including strengthening human resources, promoting surety insurance, launching two new Mobile-Insurance products, digitalization, and real estate investments.
Regarding expansion, Nobila Assurances aims to maximize its national market share before considering any extra-local conquest.
Read also: Salif Ouédraogo strengthens his presence in Benin with Nobila Telecom.
