Inclusive insurance and risk financing in Senegal. Snapshot and way forward 2024

Inclusive insurance and risk financing in Senegal. Snapshot and way forward 2024

May 13, 2024

This report presents the main findings of UNDP’s inclusive insurance and risk finance country diagnostic for Senegal. It sets out key risks, the current inclusive insurance and disaster risk finance landscape, and recommendations to advance inclusive insurance, risk finance and development.

Senegal’s top risks include floods, drought and epidemics. Government-subsidized agricultural insurance dominates the inclusive insurance market. Senegal has no disaster risk finance strategy, but a number of disaster risk financing mechanisms and instruments are in place.

Recommendations include implementing tax exemptions to promote other microinsurance product lines in addition to agriculture; developing a disaster risk financing strategy; and supporting the development of insurance for public assets and infrastructure.